<SEC-DOCUMENT>0001213900-20-021164.txt : 20200810
<SEC-HEADER>0001213900-20-021164.hdr.sgml : 20200810
<ACCEPTANCE-DATETIME>20200810161347
ACCESSION NUMBER:		0001213900-20-021164
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20200805
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200810
DATE AS OF CHANGE:		20200810

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Citius Pharmaceuticals, Inc.
		CENTRAL INDEX KEY:			0001506251
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				273425913
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38174
		FILM NUMBER:		201089519

	BUSINESS ADDRESS:	
		STREET 1:		11 COMMERCE DRIVE
		STREET 2:		1ST FLOOR
		CITY:			CRANFORD
		STATE:			NJ
		ZIP:			07016
		BUSINESS PHONE:		(908) 967-6676

	MAIL ADDRESS:	
		STREET 1:		11 COMMERCE DRIVE
		STREET 2:		1ST FLOOR
		CITY:			CRANFORD
		STATE:			NJ
		ZIP:			07016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Trail One, Inc.
		DATE OF NAME CHANGE:	20110314

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TrailOne, Inc.
		DATE OF NAME CHANGE:	20101119
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ea125100-8k_citiuspharma.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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



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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the Securities Exchange Act of 1934</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported)
<U>August 5, 2020</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of incorporation)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">333-206903</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">27-3425913</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">11 Commerce Drive, 1st Floor, Cranford, NJ </FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">07016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code <U>(908) 967-6677</U></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 34%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Title of each class</P></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 33%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 31%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Name of each exchange</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">on which registered</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Common stock, $0.001 par value </FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">CTXR</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">The Nasdaq Capital Market</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Warrants to purchase common stock</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">CTXRW</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">The Nasdaq Capital Market</FONT></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: left">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 1.01.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Entry into a Material Definitive Agreement.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 5, 2020, Citius
Pharmaceuticals, Inc., a Nevada corporation (the &ldquo;Company&rdquo;), entered into an Underwriting Agreement (the
&ldquo;Underwriting Agreement&rdquo;) with H.C. Wainwright &amp; Co., LLC &nbsp;(&ldquo;Wainwright&rdquo;), which was amended
and restated on August 5, 2020 (as amended and restated, the &ldquo;Underwriting Agreement&rdquo;). Pursuant to the
Underwriting Agreement, the Company agreed to sell&nbsp;in a firm commitment offering (the &ldquo;Offering&rdquo;) 7,964,804
shares of common stock at a price to the public of $1.05 per share (the &ldquo;Offering Shares&rdquo;). In addition, the
Company granted Wainwright an option to purchase, at the public offering price per share of common stock, up to an additional
1,194,720 shares of common stock (the &ldquo;Option&rdquo;), exercisable for 30 days from the date of the Underwriting
Agreement (the &ldquo;Option Shares&rdquo;), which Wainwright exercised in full on August 7, 2020.</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">The Underwriting Agreement contains customary
representations, warranties, and covenants of the Company and also provides for customary indemnification by each of the Company
and Wainwright against certain liabilities and customary contribution provisions in respect of those liabilities.</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: 0; text-indent: 0.5in">Wainwright acted as the sole book-running manager
for the offering. The Company paid Wainwright underwriting discounts and commissions equal to 7% of the gross proceeds of the offering,
along with a management fee equal to 1% of the gross proceeds of the offering, and an expense reimbursement of $147,900, which
included legal, clearing, and certain non-accountable expenses. The Company also issued to Wainwright and its designees, as underwriting
compensation, warrants to purchase up to an aggregate of 641,166 shares of common stock, which represents 7% of the aggregate number
of shares sold in the Offering (the &ldquo;Underwriter Warrants&rdquo;). The exercise price of the Underwriter Warrants is $1.3125
per share and they are exercisable for five years from the date of the Underwriting Agreement. The Underwriter Warrants and the
shares issuable upon exercise of the Underwriter Warrants are being issued in reliance on the exemption from registration provided
by Section 4(a)(2) of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) as transactions not involving a
public offering and in reliance on similar exemptions under applicable state laws.</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">The sale of the Offering Shares and Option
Shares and the issuance of the Underwriter Warrants closed on August 10, 2020.</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">The Company intends to use the proceeds
from the Offering for general corporate purposes, including its Phase 3 clinical Mino-Lok trial for the treatment of catheter related
bloodstream infections, development of Mino-Wrap, its Phase 2b trial of Halo-Lido cream for the treatment of hemorrhoids, its other
product development initiatives and working capital and capital expenditures.</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">The Offering Shares and Option Shares
are registered pursuant to the Company&rsquo;s registration statement on Form S-3 (File No. 333-221492), including a
prospectus supplement dated August 5, 2020 to the prospectus contained therein dated December 15, 2017, filed by the Company
with the Securities and Exchange Commission on August 7, 2020, pursuant to Rule&nbsp;424(b)(5)&nbsp;under
the&nbsp;Securities Act.</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">A copy of the opinion of Wyrick Robbins
Yates &amp; Ponton LLP relating to the legality of the issuance and sale of the Common Stock in the offering is attached as Exhibit
5.1 hereto.</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-indent: 0.5in">The foregoing description of the Underwriting
Agreement and the Underwriter Warrants are qualified in their entirety by reference to the Underwriting Agreement and form of Underwriter
Warrant, copies of which are attached hereto as Exhibit 1.1 and Exhibit 4.1, respectively, and incorporated herein by reference.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 8.01.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Other Events.</B></FONT></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-indent: 0.5in">On August 5, 2020, we issued a press
release announcing the pricing of the Offering described in Item 1.01 of this Report. On August 5, 2020, we issued a second
press release announcing the <FONT STYLE="background-color: white">&nbsp;upsizing of the Offering</FONT>. On August 10, 2020,
we issued a press release announcing the closing of the Offering. A copy of each press release is attached as Exhibit 99.1,
Exhibit 99.2 and 99.3, respectively, to this Current Report on Form 8-K and are hereby incorporated by reference herein.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 9.01.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Financial Statements and Exhibits</B></FONT></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">(d) <I>Exhibits.</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 10%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit No.</P></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 89%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Description of Exhibit</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><A HREF="ea125100ex1-1_citius.htm"><FONT STYLE="font-size: 10pt">Amended and Restated Underwriting Agreement between Citius Pharmaceuticals, Inc. and H.C. Wainwright &amp; Co., LLC, dated as of August 5, 2020.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><A HREF="ea125100ex4-1_citius.htm"><FONT STYLE="font-size: 10pt">Form of Underwriter Warrant.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><A HREF="ea125100ex5-1_citius.htm"><FONT STYLE="font-size: 10pt">Opinion of Wyrick Robbins Yates &amp; Ponton, LLP.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><A HREF="ea125100ex5-1_citius.htm"><FONT STYLE="font-size: 10pt">Consent of Wyrick Robbins Yates &amp; Ponton, LLP (included in the opinion filed as Exhibit 5.1).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><A HREF="ea125100ex99-1_citius.htm"><FONT STYLE="font-size: 10pt">Press Release dated August 5, 2020.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><A HREF="ea125100ex99-2_citius.htm"><FONT STYLE="font-size: 10pt">Press Release dated August 5, 2020.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">99.3</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="ea125100ex99-3_citius.htm">Press Release dated August 10, 2020.</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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

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<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Date: <U>August 10, 2020</U></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>CITIUS PHARMACEUTICALS, INC.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="width: 35%; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Myron Holubiak</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Myron Holubiak<BR>
President and Chief Executive Officer</FONT></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">3</P>

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

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

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>ea125100ex1-1_citius.htm
<DESCRIPTION>AMENDED AND RESTATED UNDERWRITING AGREEMENT BETWEEN CITIUS PHARMACEUTICALS, INC. AND H.C. WAINWRIGHT & CO., LLC, DATED AS OF AUGUST 5, 2020
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Citius
Pharmaceuticals, Inc.</B></FONT></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: center"><B><U>AMENDED AND RESTATED UNDERWRITING
AGREEMENT</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">New York, New York<BR>
August 5, 2020</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">H.C. Wainwright &amp; Co., LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">430 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10022</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned, Citius Pharmaceuticals,
Inc., a corporation formed under the laws of the State of Nevada (collectively with its subsidiaries and affiliates, including,
without limitation, all entities disclosed or described in the Registration Statement (as hereinafter defined) as being subsidiaries
or affiliates of Citius Pharmaceuticals, Inc. (the &ldquo;<B>Company</B>&rdquo;)), hereby confirms its agreement (this &ldquo;<B>Agreement</B>&rdquo;)
with H.C. Wainwright &amp; Co., LLC (hereinafter referred to as &ldquo;you&rdquo; (including its correlatives) or the &ldquo;<B>Underwriter</B>&rdquo;)
as follows. This Amended and Restated Underwriting Agreement amends, restates and supersedes in its entirety the underwriting agreement,
dated as of August 5, 2020, between the Company and the Underwriter.</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">1.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Purchase and Sale of Securities</U>.</FONT></TD></TR>
</TABLE>
<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">1.1 <U>Firm Shares</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.1.1 <U>Nature and Purchase of Firm Shares</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i) On the basis of the representations
and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell
to the Underwriter, an aggregate of 7,964,804 shares (&ldquo;<B>Firm Shares</B>&rdquo;) of the Company&rsquo;s common stock, par
value $0.001 per share (the &ldquo;<B>Common Stock</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii) The Underwriter agrees to purchase
from the Company the Firm Shares at a purchase price of $0.9765 per share of Common Stock (93% of the per Firm Share offering price).
The Firm Shares are to be offered initially to the public at the offering price set forth on the cover page of the Prospectus (as
defined in Section 2.1.1 hereof).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.1.2 <U>Securities Payment and Delivery</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i) Delivery and payment for the Firm Shares
shall be made at 10:00 a.m., Eastern time, on the second (2nd) Business Day following the date hereof (or the third (3rd) Business
Day following the date hereof if this Agreement is executed after 4:01 p.m., Eastern time on the date hereof) or at such earlier
time as shall be agreed upon by the Underwriter and the Company, at the offices of Dentons US LLP, 1221 Avenue of the Americas,
New York, New York 10020 (&ldquo;<B>Underwriter Counsel</B>&rdquo;), or at such other place (or remotely by facsimile or other
electronic transmission) as shall be agreed upon by the Underwriter and the Company. The hour and date of delivery and payment
for the Firm Shares is called the &ldquo;<B>Closing Date</B>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii) Payment for the Firm Shares shall be
made on the Closing Date by wire transfer in Federal (same day) funds, payable to the order of the Company upon delivery of the
Firm Shares, of which the Firm Shares shall be delivered via the Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;), for the account
of the Underwriter. The Firm Shares shall be registered in such name or names and in such authorized denominations as the Underwriter
may request in writing at least one (1) full Business Day prior to the Closing Date. The Company shall not be obligated to sell
or deliver the Firm Shares except upon tender of payment by the Underwriter for all of the Firm Shares. The term &ldquo;<B>Business
Day</B>&rdquo; means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions are authorized
or obligated by law to close in New York, New York.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.2 <U>Optional Shares.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.2.1 <U>Optional Shares</U>. In addition,
on the basis of the representations, warranties and agreements herein contained, and upon the terms but subject to the conditions
herein set forth, the Company hereby grants an option (the &ldquo;<B>Option</B>&rdquo;) to the Underwriter to purchase up to an
aggregate of 1,194,720 shares of Common Stock (the &ldquo;<B>Optional Shares</B>&rdquo;) from the Company at the purchase price
per share to be paid by the Underwriter for the Firm Shares. The Firm Shares and the Optional Shares, are hereinafter referred
to together as the &ldquo;<B>Public Shares</B>.&rdquo; The offering and sale of the Public Shares is hereinafter referred to as
the &ldquo;<B>Offering</B>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.2.2 <U>Exercise of Option</U> The
Option granted hereunder may be exercised at any time and from time to time in whole or in part upon notice by the
Underwriter to the Company, which notice may be given at any time within 30 days from the date of this Agreement. Such notice
shall set forth (i) the aggregate number of Optional Shares as to which the Underwriter is exercising the Option and (ii) the
time, date and place at which book-entry entitlements for the Optional Shares will be delivered (which time and date may be
simultaneous with, but not earlier than, the Closing Date; and in the event that such time and date are simultaneous with the
Closing Date, the term &ldquo;<B>Closing Date</B>&rdquo; shall refer to the time and date of delivery of book-entry
entitlements for the Firm Shares and such Optional Shares). Any such time and date of delivery, if subsequent to the Closing
Date, is called an &ldquo;<B>Option Closing Date</B>,&rdquo; shall be determined by the Underwriter and shall not be earlier
than two or later than five full Business Days after delivery of such notice of exercise. If any Optional Shares are to be
purchased, (a) the Underwriter agrees to purchase the Optional Shares and (b) the Company agrees to sell the number of
Optional Shares set forth in Section 1.2.1 of this Agreement. The Underwriter may cancel the Option at any time prior to its
expiration by giving written notice of such cancellation to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.2.3 <U>Payment and Delivery</U>. Payment
for the Optional Shares shall be made on the Option Closing Date by wire transfer in Federal (same day) funds, payable to the order
of the Company upon delivery of the Optional Shares, of which the Optional Shares shall be delivered via DTC, for the account of
the Underwriter. The Optional Shares shall be registered in such name or names and in such authorized denominations as the Underwriter
may request in writing at least one (1) full Business Days prior to the Option Closing Date. The Company shall not be obligated
to sell or deliver the Optional Shares except upon tender of payment by the Underwriter for all of the Optional Shares.</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">1.3 <U>Underwriter&rsquo;s Warrants</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.3.1 <U>Purchase Warrants</U>. The Company
hereby agrees to issue and sell to the Underwriter (and/or its designees) on the Closing Date (and on the Option Closing Date,
if applicable) a warrant (&ldquo;<B>Underwriter&rsquo;s Warrant</B>&rdquo;) for the purchase of an aggregate of 557,536 shares
of Common Stock, representing 7% of the Firm Shares (including the Optional Shares if they are purchased). The Underwriter&rsquo;s
Warrant agreement (the &ldquo;<B>Underwriter&rsquo;s Warrant Agreement</B>&rdquo;), shall be exercisable, in whole or in part,
commencing on the Closing Date and expiring on the five-year anniversary of the Closing Date at an initial exercise price per share
of Common Stock of $1.3125, which is equal to 125% of the initial public offering price of the Firm Shares. The Underwriter&rsquo;s
Warrant Agreement and the shares of Common Stock issuable upon exercise thereof are hereinafter referred to together as the &ldquo;<B>Underwriter&rsquo;s
Securities</B>.&rdquo; The Underwriter understands and agrees that there are significant restrictions pursuant to FINRA Rule 5110
against transferring the Underwriter&rsquo;s Warrant Agreement and the underlying shares of Common Stock during the one hundred
eighty (180) days after the Closing Date and by its acceptance thereof shall agree that it will not sell, transfer, assign, pledge
or hypothecate the Underwriter&rsquo;s Warrant Agreement, or any portion thereof, or be the subject of any hedging, short sale,
derivative, put or call transaction that would result in the effective economic disposition of such securities for a period of
one hundred eighty (180) days following the Closing Date to anyone other than (i) an Underwriter or a selected dealer in connection
with the Offering, or (ii) a bona fide officer or partner of the Underwriter or of any such Underwriter or selected dealer; and
only if any such transferee agrees to the foregoing lock-up restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.3.2 <U>Delivery</U>. Delivery of the Underwriter&rsquo;s
Warrant Agreement shall be made on the Closing Date (and the Option Closing Date, if applicable) and shall be issued in the name
or names and in such authorized denominations as the Underwriter may request.</P>

<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"></P>

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<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; text-indent: 0.5in">1.4 <U>Public Offering</U>. The Underwriter
hereby advises the Company that the Underwriter intends to offer for sale to the public, initially on the terms set forth in the
Registration Statement, the Pricing Disclosure Package and the Prospectus (each as hereinafter defined), the Public Shares as soon
after this Agreement has been executed as the Underwriter, in its sole judgment, has determined is advisable and practicable.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">2.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Representations and Warranties of the Company</U>. The Company represents and warrants to the Underwriter as of the date hereof, as of the Closing Date and as of the Option Closing Date, if any, as follows:</FONT></TD></TR>
</TABLE>
<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">2.1 <U>Filing of Registration Statement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.1.1 <U>Pursuant to the Securities Act</U>.
The Company has prepared and filed with the U.S. Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) a shelf
registration statement on Form S-3, File No. 333-221492, including a base prospectus (the &ldquo;<B>Base Prospectus</B>&rdquo;)
to be used in connection with the public offering and sale of the Public Shares. Such registration statement, as amended, including
the financial statements, exhibits and schedules thereto, in the form in which it became effective under the U.S. Securities Act
of 1933, as amended (the <B>&ldquo;Securities Act</B>&rdquo;), and the rules and regulations promulgated thereunder (collectively,
the &ldquo;<B>Securities Act Regulations</B>&rdquo;), including all documents incorporated or deemed to be incorporated by reference
therein and any information deemed to be a part thereof at the time of effectiveness pursuant to Rule 430A or Rule 430B under the
Securities Act, is called the &ldquo;<B>Registration Statement.</B>&rdquo; Any registration statement filed by the Company pursuant
to Rule 462(b) under the Securities Act in connection with the offer and sale of the Public Shares is called the &ldquo;<B>Rule
462(b) Registration Statement</B>,&rdquo; and from and after the date and time of filing of any such Rule 462(b) Registration Statement
the term &ldquo;<B>Registration Statement</B>&rdquo; shall include the Rule 462(b) Registration Statement. The preliminary prospectus
supplement, dated August 5, 2020, describing the Public Shares and the offering thereof (the &ldquo;<B>Preliminary Prospectus Supplement</B>&rdquo;),
together with the Base Prospectus, is called the &ldquo;<B>Preliminary Prospectus</B>,&rdquo; and the Preliminary Prospectus Supplement
and any other prospectus supplement to the Base Prospectus in preliminary form that describes the Public Shares and the Offering
thereof and is used prior to the filing of the Prospectus (as defined below), together with the Base Prospectus, is called a &ldquo;<B>preliminary
prospectus</B>.&rdquo; As used herein, the term &ldquo;<B>Prospectus</B>&rdquo; shall mean the final prospectus supplement to the
Base Prospectus that describes the Public Shares and the Offering thereof, together with the Base Prospectus, in the form first
used by the Underwriter to confirm sales of the Public Shares or in the form first made available to the Underwriter by the Company
to meet requests of purchasers pursuant to Rule 173 under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All references in this Agreement to the
Registration Statement, the Rule 462(b) Registration Statement, any Preliminary Prospectus or the Prospectus, or any amendments
or supplements to any of the foregoing shall be deemed to include any copy thereof filed with the Commission pursuant to its Electronic
Data Gathering, Analysis and Retrieval System (&ldquo;<B>EDGAR</B>&rdquo;) and the Prospectus shall be deemed to include any &ldquo;electronic
Prospectus&rdquo; provided for use in connection with the offering of the Public Shares.</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-indent: 1in">&ldquo;<B>Applicable Time</B>&rdquo; means
8:15 p.m., Eastern Time, on the date of this Agreement and &ldquo;<B>Pricing Disclosure Package</B>&rdquo; means the Preliminary
Prospectus, as amended or supplemented immediately prior to the Applicable Time, together with the Issuer Free Writing Prospectuses,
if any, identified on <U>Schedule 1-B</U> hereto and the pricing information set forth on <U>Schedule 1-A</U> hereto. As used herein,
&ldquo;<B>Road Show</B>&rdquo; means a &ldquo;road show&rdquo; (as defined in Rule 433 under the Securities Act) relating to the
offering of the Public Shares contemplated hereby that is a &ldquo;written communication&rdquo; (as defined in Rule 405 under the
Securities Act)..</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B>Issuer Free Writing Prospectus</B>&rdquo;
means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 of the Securities Act Regulations (&ldquo;<B>Rule
433</B>&rdquo;), including without limitation any &ldquo;free writing prospectus&rdquo; (as defined in Rule 405 of the Securities
Act Regulations) relating to the Public Shares that is (i) required to be filed with the Commission by the Company, (ii) a &ldquo;road
show that is a written communication&rdquo; within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the
Commission, or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i) because it contains a description of
the Public Shares or of the Offering that does not reflect the final terms, in each case in the form filed or required to be filed
with the Commission or, if not required to be filed, in the form retained in the Company&rsquo;s records pursuant to Rule 433(g).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B>Issuer General Use Free
Writing Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is intended for general distribution to
prospective investors (other than a &ldquo;<I>bona fide</I> electronic road show,&rdquo; as defined in Rule 433 (the
&ldquo;<B>Bona Fide Electronic Road Show</B>&rdquo;)), as evidenced by its being specified in <U>Schedule 1-B</U> hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B>Issuer Limited Use Free Writing
Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All references in this Agreement to financial
statements and schedules and other information which are &ldquo;contained,&rdquo; &ldquo;included&rdquo; or &ldquo;stated&rdquo;
in, or &ldquo;part of&rdquo; the Registration Statement, the Rule 462(b) Registration Statement, the Preliminary Prospectus, any
preliminary prospectus, the Base Prospectus, the Pricing Disclosure Package or the Prospectus, and all other references of like
import, shall be deemed to mean and include all such financial statements and schedules and other information which is or is deemed
to be incorporated by reference in the Registration Statement, the Rule 462(b) Registration Statement, the Preliminary Prospectus,
any preliminary prospectus, the Base Prospectus, the Pricing Disclosure Package or the Prospectus, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All references in this Agreement to amendments
or supplements to the Registration Statement, the Preliminary Prospectus, any preliminary prospectus, the Base Prospectus, the
Pricing Disclosure Package or the Prospectus shall be deemed to mean and include the filing of any document under the U.S. Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the &ldquo;<B>Exchange Act</B>&rdquo;)
that is or is deemed to be incorporated by reference in the Registration Statement, the Preliminary Prospectus, any preliminary
prospectus, the Base Prospectus, the Pricing Disclosure Package or the Prospectus, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.1.2 <U>Pursuant to the Exchange Act</U>.
The shares of Common Stock and a class of the Company&rsquo;s warrants are registered pursuant to Section 12(b) under the Exchange
Act. The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the shares of
Common Stock or warrants under the Exchange Act, nor has the Company received any notification that the Commission is contemplating
terminating such registration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.1.3 <U>Form S-3</U>. The Company and the
transactions contemplated by this Agreement meet the requirements for, and comply with the conditions for the use of, Form S-3
under the Securities Act. The Company is subject to and in compliance in all material respects with the reporting requirements
of Section 13 or Section 15(d) of the Exchange Act. The proposed offering of the Public Shares may be made pursuant to General
Instruction I.B.6. of Form S-3. Without limiting the generality of the foregoing, the aggregate market value of securities sold
by or on behalf of the Company pursuant to General Instruction I.B.6 of Form S-3 during the 12-month period immediately prior to,
and including, the sale of Public Shares pursuant to this Agreement is no more than one-third of the aggregate market value of
the voting and non-voting common equity held by non-affiliates of the Company, as determined pursuant to General Instruction I.B.6
of Form S-3. The Company is not a shell company (as defined in Rule 405 of the Securities Act) and has not been a shell company
for at least twelve (12) calendar months previously and if it has been a shell company at any time previously, has filed current
Form 10 information (as defined in Instruction I.B.6 of Form S-3) with the Commission at least twelve (12) calendar months previously
reflecting its status as an entity that is not a shell company. The Registration Statement meets the requirements set forth in
Rule 415(a)(1)(x) under the Securities Act and complies with said Rule, and the Prospectus will meet the requirements set forth
in Rule 424(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.2 <U>Stock Exchange Listing</U>. The shares
of Common Stock and a class of the Company&rsquo;s warrants are listed on The Nasdaq Capital Market (the &ldquo;<B>Exchange</B>&rdquo;),
and the Company has taken no action designed to, or likely to have the effect of, delisting the shares of Common Stock or warrants
from the Exchange, nor has the Company received any notification that the Exchange is contemplating terminating such listing except
as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus. The Company has submitted the Listing
of Additional Shares Notification Form with the Exchange with respect to the Offering of the Public Shares.</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">2.3 <U>No Stop Orders, etc</U>. Neither
the Commission nor, to the Company&rsquo;s knowledge, any state regulatory authority has issued any order preventing or suspending
the use of the Registration Statement, any Preliminary Prospectus or the Prospectus or has instituted or, to the Company&rsquo;s
knowledge, threatened to institute, any proceedings with respect to such an order. The Company has complied with each request (if
any) from the Commission for additional information.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.4 <U>Disclosures in Registration Statement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.4.1 <U>Compliance with Securities Act and
10b-5 Representation. </U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i) Each of the Registration Statement and
any post-effective amendment thereto, at the time it became effective, complied in all material respects with the requirements
of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus, including the prospectus filed as part of
the Registration Statement as originally filed or as part of any amendment or supplement thereto, and the Prospectus, at the time
each was or will be filed with the Commission, complied or will comply in all material respects with the requirements of the Securities
Act and the Securities Act Regulations. Each Preliminary Prospectus delivered to the Underwriter for use in connection with the
Offering and the Prospectus was or will be identical to the electronically transmitted copies thereof filed with the Commission
pursuant to EDGAR, except to the extent permitted by Regulation S-T.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii) Neither the Registration Statement
nor any amendment thereto, at its effective time, as of the Applicable Time, at the Closing Date or at the Option Closing Date
(if any), contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii) The Pricing Disclosure Package, as
of the Applicable Time, at the Closing Date or at the Option Closing Date (if any), did not, does not and will not include an untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading; and each Issuer Limited Use Free Writing Prospectus does not conflict
with the information contained in the Registration Statement, any Preliminary Prospectus, or the Prospectus, and each such Issuer
Limited Use Free Writing Prospectus, as of the Applicable Time, did not include an untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading; <I>provided</I>, <I>however</I>, that this representation and warranty shall not apply to statements made
or statements omitted in reliance upon and in conformity with written information furnished to the Company with respect to the
Underwriter expressly for use in the Registration Statement, the Preliminary Prospectus, the Pricing Disclosure Package or the
Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by
or on behalf of any Underwriter consists solely of the following disclosure contained in the &ldquo;Underwriting&rdquo; section
of the Prospectus: (i) the third paragraph under the heading &ldquo;Discounts, Commissions and Expenses&rdquo;; (ii) the paragraph
under the heading &ldquo;Electronic Distribution&rdquo;; and (iii) the paragraphs under the heading &ldquo;Price Stabilization,
Short Positions and Penalty Bids&rdquo; (the &ldquo;<B>Underwriter&rsquo;s Information</B>&rdquo;); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iv) Neither the Prospectus nor any amendment
or supplement thereto (including any prospectus wrapper), as of its issue date, at the time of any filing with the Commission pursuant
to Rule 424(b),at the Closing Date or at any Option Closing Date, included, includes or will include an untrue statement of a material
fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading; <I>provided</I>, <I>however</I>, that this representation and warranty
shall not apply to the Underwriter&rsquo;s Information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(v) The documents incorporated by reference
in the Registration Statement, the Preliminary Prospectus, the Pricing Disclosure Package and the Prospectus, when they became
effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements of the
Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and none of such
documents contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and
any further documents so filed and incorporated by reference in Preliminary Prospectus, the Pricing Disclosure Package and the
Prospectus, when such documents become effective or are, as the case may be, will conform in all material respects to the requirements
of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder, and will
not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.4.2 <U>Disclosure of Agreements</U>. The
agreements and documents described in the Registration Statement, the Pricing Disclosure Package and the Prospectus conform in
all material respects to the descriptions thereof contained or incorporated by reference therein and there are no agreements or
other documents required by the Securities Act and the Securities Act Regulations to be described in the Registration Statement,
the Pricing Disclosure Package and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement
or to be incorporated by reference in the Registration Statement, the Pricing Disclosure Package or the Prospectus, that have not
been so described or filed or incorporated by reference. Each agreement or other instrument (however characterized or described)
to which the Company is a party or by which it is or may be bound or affected and (i) that is referred to or incorporated by reference
in the Registration Statement, the Pricing Disclosure Package and the Prospectus, or (ii) is material to the Company&rsquo;s business,
has been duly authorized and validly executed by the Company, is in full force and effect in all material respects and is enforceable
against the Company and, to the Company&rsquo;s knowledge, the other parties thereto, in accordance with its terms, except (x)
as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo; rights
generally, (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities
laws, and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the
equitable defenses and to the discretion of the court before which any proceeding therefor may be brought. None of such agreements
or instruments has been assigned by the Company, and neither the Company nor, to the Company&rsquo;s knowledge, any other party
is in default thereunder and, to the Company&rsquo;s knowledge, no event has occurred that, with the lapse of time or the giving
of notice, or both, would constitute a default thereunder. To the best of the Company&rsquo;s knowledge, performance by the Company
of the material provisions of such agreements or instruments will not result in a violation of any existing applicable law, rule,
regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company
or any of its assets or businesses (each, a &ldquo;<B>Governmental Entity</B>&rdquo;), including, without limitation, those relating
to environmental laws and regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.4.3 <U>Prior Securities Transactions</U>.
No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons
controlling, controlled by or under common control with the Company, except as disclosed in the Registration Statement, the Pricing
Disclosure Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.4.4 <U>Regulations</U>. The disclosures
in the Registration Statement, the Pricing Disclosure Package and the Prospectus concerning the effects of federal, state, local
and all foreign regulation on the Offering and the Company&rsquo;s business as currently contemplated are correct in all material
respects and no other such regulations are required to be disclosed in the Registration Statement, the Pricing Disclosure Package
and the Prospectus which are not so disclosed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.4.5 <U>No Other Distribution of Offering
Materials</U>. The Company has not, directly or indirectly, distributed and will not distribute any offering material other than
any Preliminary Prospectus, the Pricing Disclosure Package, the Prospectus and other materials, if any, permitted under the Securities
Act and consistent with Section 3.2 below. The Company (i) has not alone engaged in any Testing-the-Waters Communication, and (ii)
has not authorized anyone to engage in Testing-the-Waters Communications. The Company has not distributed any Written Testing-the-Waters
Communications. &ldquo;<B>Testing-the-Waters Communication</B>&rdquo; means any oral or written communication with potential investors
undertaken in reliance on Section 5(d) of the Securities Act. &ldquo;<B>Written Testing-the-Waters Communication</B>&rdquo; means
any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act.</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">2.5 <U>Changes After Dates in Registration
Statement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.5.1 <U>No Material Adverse Change</U>. Since
the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
except as otherwise specifically stated therein: (i) there has been no material adverse change in the financial position or results
of operations of the Company, nor any change or development that, singularly or in the aggregate, would involve a material adverse
change or a prospective material adverse change, in or affecting the condition (financial or otherwise), results of operations,
business, assets or prospects of the Company (a &ldquo;<B>Material Adverse Change</B>&rdquo;); (ii) there have been no material
transactions entered into by the Company, other than as contemplated pursuant to this Agreement; and (iii) no officer or director
of the Company has resigned from any position with the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.5.2 <U>Recent Securities Transactions, etc</U>.
Subsequent to the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package
and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement,
the Pricing Disclosure Package and the Prospectus, the Company has not: (i) issued any securities or incurred any liability or
obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or
in respect to its capital stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.6 <U>Disclosures in Commission Filings</U>.
Since September 12, 2014, (i) none of the Company&rsquo;s filings with the Commission contained any untrue statement of a material
fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; and (ii) the Company has made all filings with the Commission required under the Exchange
Act and the rules and regulations of the Commission promulgated thereunder (the &ldquo;<B>Exchange Act Regulations</B>&rdquo;).</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">2.7 <U>Independent Accountants</U>. To the
knowledge of the Company, Wolf &amp; Company, P.C. (the &ldquo;<B>Auditor</B>&rdquo;), whose report is filed with the Commission
and included or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus, is
an independent registered public accounting firm as required by the Securities Act and the Securities Act Regulations and the Public
Company Accounting Oversight Board. The Auditor<B>&nbsp;</B>has not, during the periods covered by the financial statements included
or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus, provided to the
Company any non-audit services, as such term is used in Section 10A(g) of the Exchange Act.</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">2.8 <U>Financial Statements, etc</U>. The
financial statements, including the notes thereto and supporting schedules included or incorporated by reference in the Registration
Statement, the Pricing Disclosure Package and the Prospectus, fairly present the financial position and the results of operations
of the Company at the dates and for the periods to which they apply; and such financial statements have been prepared in conformity
with U.S. generally accepted accounting principles (&ldquo;<B>GAAP</B>&rdquo;), consistently applied throughout the periods involved
(provided that unaudited interim financial statements are subject to year-end audit adjustments that are not expected to be material
in the aggregate and do not contain all footnotes required by GAAP); and the supporting schedules included or incorporated by reference
in the Registration Statement present fairly the information required to be stated therein. The pro forma financial statements
and the related notes, if any, included or incorporated by reference in the Registration Statement, the Pricing Disclosure Package
and the Prospectus have been properly compiled and prepared in accordance with the applicable requirements of the Securities Act,
the Securities Act Regulations, the Exchange Act and the Exchange Act Regulations and present fairly the information shown therein,
and the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect
to the transactions and circumstances referred to therein. Except as included therein, no historical or pro forma financial statements
are required to be included in the Registration Statement, the Pricing Disclosure Package or the Prospectus under the Securities
Act, the Securities Act Regulations, the Exchange Act or the Exchange Act Regulations. The pro forma and pro forma as adjusted
financial information and the related notes, if any, included or incorporated by reference in the Registration Statement, the Pricing
Disclosure Package and the Prospectus have been properly compiled and prepared in accordance with the applicable requirements of
the Securities Act, the Securities Act Regulations, the Exchange Act or the Exchange Act Regulations and present fairly the information
shown therein, and the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate
to give effect to the transactions and circumstances referred to therein. All disclosures contained in the Registration Statement,
the Pricing Disclosure Package or the Prospectus, or incorporated or deemed incorporated by reference therein, regarding &ldquo;non-GAAP
financial measures&rdquo; (as such term is defined by the rules and regulations of the Commission), if any, comply with Regulation
G of the Exchange Act and Item 10 of Regulation S-K of the Securities Act, to the extent applicable. Each of the Registration Statement,
the Pricing Disclosure Package and the Prospectus discloses all material off-balance sheet transactions, arrangements, obligations
(including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that may
have a material current or future effect on the Company&rsquo;s financial condition, changes in financial condition, results of
operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses. Except as disclosed
in the Registration Statement, the Pricing Disclosure Package and the Prospectus, (a) neither the Company nor any of its direct
and indirect subsidiaries, including each entity disclosed or described in the Registration Statement, the Pricing Disclosure Package
and the Prospectus as being a subsidiary of the Company (each, a &ldquo;<B>Subsidiary</B>&rdquo; and, collectively, the &ldquo;<B>Subsidiaries</B>&rdquo;),
has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than
in the ordinary course of business, (b) the Company has not declared or paid any dividends or made any distribution of any kind
with respect to its capital stock, (c) there has not been any change in the capital stock of the Company or any of its Subsidiaries,
or, other than in the course of business or any grants under any stock compensation plan, and (d) there has not been any Material
Adverse Change in the Company&rsquo;s long-term or short-term debt.</P>

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<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">2.9 <U>Authorized Capital; Options, etc</U>.
The Company had, at the date or dates indicated in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
the duly authorized, issued and outstanding capitalization as set forth therein. Based on the assumptions stated in the Registration
Statement, the Pricing Disclosure Package and the Prospectus, the Company will have on the Closing Date, the adjusted stock capitalization
set forth therein. Except as set forth in, or contemplated by, the Registration Statement, the Pricing Disclosure Package and the
Prospectus, on the date hereof, as of the Applicable Time and on the Closing Date and any Option Closing Date, there will be no
stock options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued shares of Common Stock of
the Company or any security convertible or exercisable into shares of Common Stock of the Company, or any contracts or commitments
to issue or sell shares of Common Stock or any such options, warrants, rights or convertible securities.</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">2.10 <U>Valid Issuance of Securities, etc.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.10.1 <U>Outstanding Securities</U>. All
issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have been duly
authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission with respect
thereto, and are not subject to personal liability by reason of being such holders; and none of such securities were issued in
violation of the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company.
The authorized shares of Common Stock conform in all material respects to all statements relating thereto contained in the Registration
Statement, the Pricing Disclosure Package and the Prospectus. The offers and sales of the outstanding shares of Common Stock were
at all relevant times either registered under the Securities Act and the applicable state securities or &ldquo;blue sky&rdquo;
laws or, based in part on the representations and warranties of the purchasers of such Shares, exempt from such registration requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.10.2 <U>Securities Sold Pursuant to this
Agreement</U>. The Public Shares and Underwriter&rsquo;s Securities have been duly authorized for issuance and sale and, when issued
and paid for, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal
liability by reason of being such holders; the Public Shares and Underwriter&rsquo;s Securities are not and will not be subject
to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and
all corporate action required to be taken for the authorization, issuance and sale of the Public Shares and Underwriter&rsquo;s
Securities has been duly and validly taken. The Public Shares and Underwriter&rsquo;s Securities conform in all material respects
to all statements with respect thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus.
All corporate action required to be taken for the authorization, issuance and sale of the Underwriter&rsquo;s Warrant have been
duly and validly taken; the shares of Common Stock issuable upon exercise of the Underwriter&rsquo;s Warrant have been duly authorized
and reserved for issuance by all necessary corporate action on the part of the Company and when paid for and issued in accordance
with the Underwriter&rsquo;s Warrant Agreement, respectively, such shares of Common Stock will be validly issued, fully paid and
non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders; and
such shares of Common Stock are not and will not be subject to the preemptive rights of any holders of any security of the Company
or similar contractual rights granted by the Company.</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">2.11 <U>Registration Rights of Third Parties</U>.
Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no holders of any securities
of the Company or any rights exercisable for or convertible or exchangeable into securities of the Company have the right to require
the Company to register any such securities of the Company under the Securities Act or to include any such securities in a registration
statement to be filed by the Company.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.12 <U>Validity and Binding Effect of Agreements</U>.
This Agreement and the Underwriter&rsquo;s Warrant Agreement have been duly and validly authorized by the Company, and, when executed
and delivered, will constitute, the valid and binding agreements of the Company, enforceable against the Company in accordance
with their respective terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar
laws affecting creditors&rsquo; rights generally; (ii) as enforceability of any indemnification or contribution provision may be
limited under the federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other
forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding
therefor may be brought.</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">2.13 <U>No Conflicts, etc</U>. The execution,
delivery and performance by the Company of this Agreement, the Underwriter&rsquo;s Warrant Agreement and all ancillary documents,
the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the
terms hereof and thereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in
a material breach of, or conflict with any of the terms and provisions of, or constitute a material default under, or result in
the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company
pursuant to the terms of any agreement or instrument to which the Company is a party; (ii) result in any violation of the provisions
of the Company&rsquo;s Certificate of Incorporation (as the same may be amended or restated from time to time, the &ldquo;<B>Charter</B>&rdquo;)
or the by-laws of the Company; or (iii) violate any existing applicable law, rule, regulation, judgment, order or decree of any
Governmental Entity as of the date hereof including, without limitation, those promulgated by the Food and Drug Administration
of the U.S. Department of Health and Human Services (the &ldquo;<B>FDA</B>&rdquo;) or by any foreign, federal, state or local regulatory
authority performing functions similar to those performed by the FDA.</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">2.14 <U>No Defaults; Violations</U>. No
default exists in the due performance and observance of any term, covenant or condition of any material license, contract, indenture,
mortgage, deed of trust, note, loan or credit agreement, or any other agreement or instrument evidencing an obligation for borrowed
money, or any other material agreement or instrument to which the Company is a party or by which the Company may be bound or to
which any of the properties or assets of the Company is subject. The Company is not in violation of any term or provision of its
Charter or by-laws, or in violation of any franchise, license, permit, applicable law, rule, regulation, judgment or decree of
any Governmental Entity.</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">2.15 <U>Corporate Power; Licenses; Consents</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.15.1 <U>Conduct of Business</U>. Except
as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has all requisite corporate
power and authority, and has all necessary authorizations, approvals, orders, licenses, certificates and permits of and from all
governmental regulatory officials and bodies that it needs as of the date hereof to conduct its business as described in the Registration
Statement, the Pricing Disclosure Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.15.2 <U>Transactions Contemplated Herein</U>.
The Company has all corporate power and authority to enter into this Agreement and to carry out the provisions and conditions hereof,
and all consents, authorizations, approvals and orders required in connection therewith have been obtained. No consent, authorization
or order of, and no filing with, any court, government agency or other body is required for the valid issuance, sale and delivery
of the Public Shares and the consummation of the transactions and agreements contemplated by this Agreement, the Underwriter&rsquo;s
Warrant Agreement and as contemplated by the Registration Statement, the Pricing Disclosure Package and the Prospectus, except
with respect to applicable federal and state securities laws and the rules and regulations of the Financial Industry Regulatory
Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;).</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">2.16 <U>D&amp;O Questionnaires</U>. To the
Company&rsquo;s knowledge, all information contained in the questionnaires (the &ldquo;<B>Questionnaires</B>&rdquo;) completed
by each of the Company&rsquo;s directors and officers immediately prior to the Offering (the &ldquo;<B>Insiders</B>&rdquo;) as
supplemented by all information concerning the Company&rsquo;s directors, officers and principal shareholders as described in or
incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus, as well as in the Lock-Up
Agreement (as defined herein), provided to the Underwriter, is true and correct in all material respects and the Company has not
become aware of any information which would cause the information disclosed in the Questionnaires to become materially inaccurate
and incorrect.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.17 <U>Litigation; Governmental Proceedings</U>.
There is no action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding pending or, to
the Company&rsquo;s knowledge, threatened against, or involving the Company or, to the Company&rsquo;s knowledge, any executive
officer or director which has not been disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus.</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">2.18 <U>Good Standing</U>. The Company has
been duly organized and is validly existing as a corporation and is in good standing under the laws of the State of Nevada as of
the date hereof, and is duly qualified to do business and is in good standing in each other jurisdiction in which its ownership
or lease of property or the conduct of business requires such qualification, except where the failure to qualify, singularly or
in the aggregate, would not have or reasonably be expected to result in a Material Adverse Change.</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">2.19 <U>Insurance</U>. The Company carries
or is entitled to the benefits of insurance, with reputable insurers, in such amounts and covering such risks which the Company
believes are adequate, and all such insurance is in full force and effect. The Company has no reason to believe that it will not
be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from
similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not result
in a Material Adverse Change.</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">2.20 <U>Transactions Affecting Disclosure
to FINRA</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.20.1 <U>Finder&rsquo;s Fees</U>. Except
as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no claims, payments, arrangements,
agreements or understandings relating to the payment of a finder&rsquo;s, consulting or origination fee by the Company or any Insider
with respect to the sale of the Public Shares hereunder or any other arrangements, agreements or understandings of the Company
or, to the Company&rsquo;s knowledge, any of its shareholders that may affect the Underwriter&rsquo;s compensation, as determined
by FINRA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.20.2 <U>Payments Within Twelve (12) Months</U>.
Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has not made
any direct or indirect payments (in cash, securities or otherwise) to: (i) any person, as a finder&rsquo;s fee, consulting fee
or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised
or provided capital to the Company; (ii) any FINRA member; or (iii) any person or entity that has any direct or indirect affiliation
or association with any FINRA member, within the twelve (12) months prior to the Effective Date, other than the payment to the
Underwriter as provided hereunder in connection with the Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.20.3 <U>Use of Proceeds</U>. None of the
net proceeds of the Offering will be paid by the Company to any participating FINRA member or its affiliates, except as specifically
authorized herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.20.4 <U>FINRA Affiliation</U>. There is
no (i) officer or director of the Company, (ii) beneficial owner of 5% or more of any class of the Company&rsquo;s securities or
(iii) beneficial owner of the Company&rsquo;s unregistered equity securities which were acquired during the 180-day period immediately
preceding the filing of the Registration Statement that is an affiliate or associated person of a FINRA member participating in
the Offering (as determined in accordance with the rules and regulations of FINRA).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.20.5 <U>Information</U>. All information
provided by the Company in its FINRA questionnaire to Underwriter Counsel specifically for use by Underwriter Counsel in connection
with its Public Offering System filings (and related disclosure) with FINRA is true, correct and complete in all material respects.</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">2.21 <U>Foreign Corrupt Practices Act</U>.
None of the Company and its Subsidiaries or, to the Company&rsquo;s knowledge, any director, officer, agent, employee or affiliate
of the Company and its Subsidiaries or any other person acting on behalf of the Company and its Subsidiaries, has, directly or
indirectly, given or agreed to give any money, gift or similar benefit (other than legal price concessions to customers in the
ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of
any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate for office
(domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist
it in connection with any actual or proposed transaction) that (i) might subject the Company to any damage or penalty in any civil,
criminal or governmental litigation or proceeding, (ii) if not given in the past, might have had a Material Adverse Change or (iii)
if not continued in the future, might adversely affect the assets, business, operations or prospects of the Company. The Company
has taken reasonable steps to ensure that its accounting controls and procedures are sufficient to cause the Company to comply
in all material respects with the Foreign Corrupt Practices Act of 1977, as amended.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.22 <U>Compliance with OFAC</U>. None of
the Company and its Subsidiaries or, to the Company&rsquo;s knowledge, any director, officer, agent, employee or affiliate of the
Company and its Subsidiaries or any other person acting on behalf of the Company and its Subsidiaries, is currently subject to
any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (&ldquo;<B>OFAC</B>&rdquo;),
and the Company will not, directly or indirectly, use the proceeds of the Offering hereunder, or lend, contribute or otherwise
make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the
activities of any person currently subject to any U.S. sanctions administered by OFAC.</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">2.23 <U>Forward-Looking Statements</U>.
No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained
in either the Registration Statement, Pricing Disclosure Package or Prospectus has been made or reaffirmed without a reasonable
basis or has been disclosed other than in good faith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.24 <U>Money Laundering Laws</U>. The operations
of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping
and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes
of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued,
administered or enforced by any Governmental Entity (collectively, the &ldquo;<B>Money Laundering Laws</B>&rdquo;); and no action,
suit or proceeding by or before any Governmental Entity involving the Company with respect to the Money Laundering Laws is pending
or, to the best knowledge of the Company, threatened.</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">2.25 <U>Officers&rsquo; Certificate</U>.
Any certificate signed by any duly authorized officer of the Company and delivered to you or to Underwriter Counsel shall be deemed
a representation and warranty by the Company to the Underwriter as to the matters covered thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.26 <U>Lock-Up Agreements. Schedule 2</U>
hereto contains a complete and accurate list of the Company&rsquo;s officers and directors (collectively, the &ldquo;<B>Lock-Up
Parties</B>&rdquo;). The Company has caused each of the Lock-Up Parties to deliver to the Underwriter an executed Lock-Up Agreement,
in the form attached hereto as <U>Exhibit A</U> <B>(</B>the<B>&nbsp;</B>&ldquo;<B>Lock-Up Agreement</B>&rdquo;), prior to the execution
of this Agreement.</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">2.27 <U>Subsidiaries</U>. All direct and
indirect Subsidiaries of the Company are duly organized and in good standing under the laws of the place of organization or incorporation,
and each Subsidiary is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of business
requires such qualification, except where the failure to qualify would not result in a Material Adverse Change. The Company&rsquo;s
ownership and control of each Subsidiary is as described in the Registration Statement, the Pricing Disclosure Package and the
Prospectus. The Company&rsquo;s ownership and control of each Subsidiary is as described in the Registration Statement, the Pricing
Disclosure Package and the Prospectus and the securities of the Subsidiaries that it owns are free and clear of any claims, liens,
encumbrances or security interests except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
and all of the securities have been duly authorized and validly issued by the applicable Subsidiary or are not fully paid and non-assessable.</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">2.28 <U>Related Party Transactions</U>.
There are no business relationships or related party transactions involving the Company or any other person required to be described
in the Registration Statement, the Pricing Disclosure Package and the Prospectus that have not been described as required.</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">2.29 <U>Board of Directors</U>. The Board
of Directors of the Company is comprised of the persons set forth under the heading incorporated by reference into the Preliminary
Prospectus and the Prospectus captioned &ldquo;Management.&rdquo; The qualifications of the persons serving as board members and
the overall composition of the board comply with the Exchange Act, the Exchange Act Regulations, the Sarbanes-Oxley Act of 2002
and the rules promulgated thereunder (the &ldquo;<B>Sarbanes-Oxley Act</B>&rdquo;) applicable to the Company and the listing rules
of the Exchange. At least one member of the Audit Committee of the Board of Directors of the Company qualifies as an &ldquo;audit
committee financial expert,&rdquo; as such term is defined under Regulation S-K and the listing rules of the Exchange. In addition,
at least a majority of the persons serving on the Board of Directors qualify as &ldquo;independent,&rdquo; as defined under the
listing rules of the Exchange.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.30 <U>Sarbanes-Oxley Compliance</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.30.1 <U>Disclosure Controls</U>. Except
as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has developed and currently
maintains disclosure controls and procedures that comply with Rule 13a-15 or 15d-15 under the Exchange Act Regulations, and such
controls and procedures are effective to ensure that all material information concerning the Company will be made known on a timely
basis to the individuals responsible for the preparation of the Company&rsquo;s Exchange Act filings and other public disclosure
documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.30.2 <U>Compliance</U>. The Company is,
or at the Applicable Time and on the Closing Date will be, in material compliance with the provisions of the Sarbanes-Oxley Act
applicable to it, and has implemented or will implement such programs and taken reasonable steps to ensure the Company&rsquo;s
future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all of the material provisions
of the Sarbanes-Oxley Act.</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">2.31 <U>Accounting Controls</U>. The Company
and its Subsidiaries maintain systems of &ldquo;internal control over financial reporting&rdquo; (as defined under Rules 13a-15
and 15d-15 under the Exchange Act Regulations) that comply with the requirements of the Exchange Act and have been designed by,
or under the supervision of, their respective principal executive and principal financial officers, or persons performing similar
functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with GAAP, including, but not limited to, internal accounting controls sufficient to provide
reasonable assurance that (i) transactions are executed in accordance with management&rsquo;s general or specific authorizations;
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
asset accountability; (iii) access to assets is permitted only in accordance with management&rsquo;s general or specific authorization;
and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and
the Prospectus, the Company is not aware of any material weaknesses in its internal controls. The Company&rsquo;s auditors and
the Audit Committee of the Board of Directors of the Company have been advised of: (i) all significant deficiencies and material
weaknesses in the design or operation of internal controls over financial reporting which are known to the Company&rsquo;s management
and that have adversely affected or are reasonably likely to adversely affect the Company&rsquo; ability to record, process, summarize
and report financial information; and (ii) any fraud known to the Company&rsquo;s management, whether or not material, that involves
management or other employees who have a significant role in the Company&rsquo;s internal controls over financial reporting.</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">2.32 <U>No Investment Company Status</U>.
The Company is not and, after giving effect to the Offering and the application of the proceeds thereof as described in the Registration
Statement, the Pricing Disclosure Package and the Prospectus, will not be, required to register as an &ldquo;investment company,&rdquo;
as defined in the Investment Company Act of 1940, as amended.</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">2.33 <U>No Labor Disputes</U>. No labor
dispute with the employees of the Company or any of its Subsidiaries exists or, to the knowledge of the Company, is imminent.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.34 <U>Intellectual Property Rights</U>.
The Company and each of its Subsidiaries owns or possesses or has valid rights to use all patents, patent applications, trademarks,
service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets
and similar rights (&ldquo;<B>Intellectual Property Rights</B>&rdquo;) necessary for the conduct of the business of the Company
and its Subsidiaries as currently carried on and as described in or incorporated by reference in the Registration Statement, the
Pricing Disclosure Package and the Prospectus. To the knowledge of the Company, no action or use by the Company or any of its Subsidiaries
necessary for the conduct of its business as currently carried on and as described in the Registration Statement and the Prospectus
will involve or give rise to any infringement of, or license or similar fees for, any Intellectual Property Rights of others. Neither
the Company nor any of its Subsidiaries has received any notice alleging any such infringement, fee or conflict with asserted Intellectual
Property Rights of others. Except as would not reasonably be expected to result, individually or in the aggregate, in a Material
Adverse Change (A) to the knowledge of the Company, there is no infringement, misappropriation or violation by third parties of
any of the Intellectual Property Rights owned by the Company; (B) there is no pending or, to the knowledge of the Company, threatened
action, suit, proceeding or claim by others challenging the rights of the Company in or to any such Intellectual Property Rights,
and the Company is unaware of any facts which would form a reasonable basis for any such claim, that would, individually or in
the aggregate, together with any other claims in this Section 2.34, reasonably be expected to result in a Material Adverse Change;
(C) the Intellectual Property Rights owned by the Company and, to the knowledge of the Company, the Intellectual Property Rights
licensed to the Company have not been adjudged by a court of competent jurisdiction invalid or unenforceable, in whole or in part,
and there is no pending or, to the Company&rsquo;s knowledge, threatened action, suit, proceeding or claim by others challenging
the validity or scope of any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable
basis for any such claim that would, individually or in the aggregate, together with any other claims in this Section 2.34, reasonably
be expected to result in a Material Adverse Change; (D) there is no pending or, to the Company&rsquo;s knowledge, threatened action,
suit, proceeding or claim by others that the Company infringes, misappropriates or otherwise violates any Intellectual Property
Rights or other proprietary rights of others, the Company has not received any written notice of such claim and the Company is
unaware of any other facts which would form a reasonable basis for any such claim that would, individually or in the aggregate,
together with any other claims in this Section 2.34, reasonably be expected to result in a Material Adverse Change; and (E) to
the Company&rsquo;s knowledge, no employee of the Company is in or has ever been in violation of any term of any employment contract,
patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure
agreement or any restrictive covenant to or with a former employer where the basis of such violation relates to such employee&rsquo;s
employment with the Company, or actions undertaken by the employee while employed with the Company and could reasonably be expected
to result, individually or in the aggregate, in a Material Adverse Change. To the Company&rsquo;s knowledge, all material technical
information developed by and belonging to the Company which has not been patented has been kept confidential. The Company is not
a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any other person
or entity that are required to be set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus and
are not described therein. The Registration Statement, the Pricing Disclosure Package and the Prospectus contain in all material
respects the same description of the matters set forth in the preceding sentence. None of the technology employed by the Company
has been obtained or is being used by the Company in violation of any contractual obligation binding on the Company or, to the
Company&rsquo;s knowledge, any of its officers, directors or employees, or otherwise in violation of the rights of any persons.</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">2.35 <U>Taxes</U>. Each of the Company and
its Subsidiaries has filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date
hereof or has duly obtained extensions of time for the filing thereof. Each of the Company and its Subsidiaries has paid all taxes
(as hereinafter defined) shown as due on such returns that were filed and has paid all taxes imposed on or assessed against the
Company or such respective Subsidiary. The provisions for taxes payable, if any, shown on the financial statements filed with or
as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods
to and including the dates of such consolidated financial statements. Except as disclosed in writing to the Underwriter, (i) no
issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted
as due from the Company or its Subsidiaries, and (ii) no waivers of statutes of limitation with respect to the returns or collection
of taxes have been given by or requested from the Company or its Subsidiaries. The term &ldquo;<B>taxes</B>&rdquo; mean all federal,
state, local, foreign and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits,
license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property,
windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatever, together with any interest
and any penalties, additions to tax or additional amounts with respect thereto. The term &ldquo;<B>returns</B>&rdquo; means all
returns, declarations, reports, statements and other documents required to be filed in respect to taxes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.36 <U>ERISA Compliance</U>. The
Company and any &ldquo;employee benefit plan&rdquo; (as defined under the Employee Retirement Income Security Act of 1974, as
amended, and the regulations and published interpretations thereunder (collectively, &ldquo;<B>ERISA</B>&rdquo;)) established
or maintained by the Company or its &ldquo;ERISA Affiliates&rdquo; (as defined below) are in compliance in all material
respects with ERISA. &ldquo;<B>ERISA Affiliate</B>&rdquo; means, with respect to the Company, any member of any group of
organizations described in Sections 414(b), (c), (m) or (o) of the Internal Revenue Code of 1986, as amended, and the
regulations and published interpretations thereunder (the &ldquo;<B>Code</B>&rdquo;) of which the Company is a member. No
&ldquo;reportable event&rdquo; (as defined under ERISA) has occurred or is reasonably expected to occur with respect to any
&ldquo;employee benefit plan&rdquo; established or maintained by the Company or any of its ERISA Affiliates. No
&ldquo;employee benefit plan&rdquo; established or maintained by the Company or any of its ERISA Affiliates, if such
&ldquo;employee benefit plan&rdquo; were terminated, would have any &ldquo;amount of unfunded benefit liabilities&rdquo; (as
defined under ERISA). Neither the Company nor any of its ERISA Affiliates has incurred or reasonably expects to incur any
material liability under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any &ldquo;employee
benefit plan&rdquo; or (ii) Sections 412, 4971, 4975 or 4980B of the Code. Each &ldquo;employee benefit plan&rdquo;
established or maintained by the Company or any of its ERISA Affiliates that is intended to be qualified under Section 401(a)
of the Code is so qualified and, to the knowledge of the Company, nothing has occurred, whether by action or failure to act,
which would cause the loss of such qualification.</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">2.37 <U>Compliance with Laws</U>. The Company:
(A) is and at all times has been in compliance with all statutes, rules, or regulations applicable to the ownership, testing, development,
manufacture, packaging, processing, use, distribution, marketing, labeling, promotion, sale, offer for sale, storage, import, export
or disposal of any product manufactured or distributed by the Company (&ldquo;<B>Applicable Laws</B>&rdquo;), except as could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Change; (B) has not received any FDA Form 483,
notice of adverse finding, warning letter, untitled letter or other correspondence or notice from the U.S. Food and Drug Administration
or any other Governmental Entity alleging or asserting noncompliance with any Applicable Laws or any licenses, certificates, approvals,
clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (&ldquo;<B>Authorizations</B>&rdquo;);
(C) possesses all material Authorizations and such Authorizations are valid and in full force and effect and are not in material
violation of any term of any such Authorizations; (D) has not received notice of any claim, action, suit, proceeding, hearing,
enforcement, investigation, arbitration or other action from any Governmental Entity or third party alleging that any product operation
or activity is in violation of any Applicable Laws or Authorizations and has no knowledge that any such Governmental Entity or
third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding ; (E) has not received
notice that any Governmental Entity has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations
and has no knowledge that any such Governmental Entity is considering such action; (F) has filed, obtained, maintained or submitted
all material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required
by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions
and supplements or amendments were complete and correct on the date filed (or were corrected or supplemented by a subsequent submission);
and (G) has not, either voluntarily or involuntarily, initiated, conducted, or issued or caused to be initiated, conducted or issued,
any recall, market withdrawal or replacement, safety alert, post-sale warning, &ldquo;dear doctor&rdquo; letter, or other notice
or action relating to the alleged lack of safety or efficacy of any product or any alleged product defect or violation and, to
the Company&rsquo;s knowledge, no third party has initiated, conducted or intends to initiate any such notice or action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.38 <U>Ineligible Issuer</U>. At the time
of filing the Registration Statement and any post-effective amendment thereto, at the time of effectiveness of the Registration
Statement and any amendment thereto, at the earliest time thereafter that the Company or another offering participant made a bona
fide offer (within the meaning of Rule 164(h)(2) of the Securities Act Regulations) of the Public Shares and at the date hereof,
the Company was not and is not an &ldquo;ineligible issuer,&rdquo; as defined in Rule 405, without taking account of any determination
by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an ineligible issuer.</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">2.39 <U>Smaller Reporting Company</U>. As
of the time of filing of the Registration Statement and as of the filing of the Company&rsquo;s most recent Annual Report on Form
10-K, the Company was a &ldquo;smaller reporting company,&rdquo; as defined in Rule 12b-2 of the Exchange Act.</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">2.40 <U>Industry Data</U>. The statistical
and market-related data included in or incorporated by reference in each of the Registration Statement, the Pricing Disclosure
Package and the Prospectus are based on or derived from sources that the Company reasonably and in good faith believes are reliable
and accurate or represent the Company&rsquo;s good faith estimates that are made on the basis of data derived from such sources.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.41 <U>Margin Securities</U>. The Company
owns no &ldquo;margin securities&rdquo; as that term is defined in Regulation U of the Board of Governors of the Federal Reserve
System (the &ldquo;<B>Federal Reserve Board</B>&rdquo;), and none of the proceeds of Offering will be used, directly or indirectly,
for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was
originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the shares of Common
Stock to be considered a &ldquo;purpose credit&rdquo; within the meanings of Regulation T, U or X of the Federal Reserve Board.</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">2.42 <U>Exchange Act Reports</U>. The Company
has filed in a timely manner all reports required to be filed pursuant to Sections 13(a), 13(e), 14 and 15(d) of the Exchange Act
during the preceding 12 months (except to the extent that Section 15(d) requires reports to be filed pursuant to Sections 13(d)
and 13(g) of the Exchange Act, which shall be governed by the next clause of this sentence); and the Company has filed in a timely
manner all reports required to be filed pursuant to Sections 13(d) and 13(g) of the Exchange Act since April 22, 2014, except where
the failure to timely file could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Change.</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">2.43 <U>Electronic Road Show</U>. The Company
has made available a Bona Fide Electronic Road Show in compliance with Rule 433(d)(8)(ii) of the Securities Act Regulations such
that no filing of any &ldquo;road show&rdquo; (as defined in Rule 433(h) of the Securities Act Regulations) is required in connection
with the Offering.</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">2.44 <U>Integration</U>. Neither the Company,
nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of
any security or solicited any offers to buy any security, under circumstances that would cause the Offering to be integrated with
prior offerings by the Company for purposes of the Exchange or of the Securities Act that would require the registration of any
such securities under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.45 <U>Title to Real and Personal Property</U>.
The Company owns or leases all such properties as are necessary to the conduct of its business as presently operated and as proposed
to be operated as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus. The Company has good
and marketable title in fee simple to all real property and good and marketable title to all personal property owned by it, in
each case free and clear of any and all Liens except such as are described in the Registration Statement, the Pricing Disclosure
Package and the Prospectus or such as do not (individually or in the aggregate) materially affect the value of such property or
materially interfere with the use made or proposed to be made of such property by the Company; and any real property and buildings
held under lease or sublease by the Company are held by them under valid, subsisting and enforceable leases with such exceptions
as are not material to, and do not materially interfere with, the use made and proposed to be made of such property and buildings
by the Company. The Company has not received any notice of any claim adverse to its ownership of any real or personal property
or of any claim against the continued possession of any real property, whether owned or held under lease or sublease by the Company.</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">2.46 <U>Confidentiality and Non-Competitions</U>.
To the Company&rsquo;s knowledge, no director, officer, key employee or consultant of the Company is subject to any confidentiality,
non-disclosure, non-competition agreement or non-solicitation agreement with any employer or prior employer that could affect his
ability to be and act in his respective capacity of the Company or be expected to result in a Material Adverse Change.</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">2.47 <U>Corporate Records</U>. The minute
books of the Company have been made available to the Underwriter and Underwriter&rsquo;s Counsel, and such books (i) contain minutes
of all material meetings and actions of the board of directors (including each board committee) and stockholders of the Company,
and (ii) reflect all material transactions referred to in such minutes.</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">2.48 <U>No Stabilization</U>. Neither the
Company nor any of its affiliates (within the meaning of Rule 144 under the Securities Act) has taken, directly or indirectly,
any action which constitutes or is designed to cause or result in, or which could reasonably be expected to constitute, cause or
result in, the stabilization or manipulation of the price of any security to facilitate the sale or resale of the Public Shares
or to result in a violation of Regulation M under the Exchange Act.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.49 <U>Environmental Laws</U>. The Company
and its Subsidiaries are in compliance with all foreign, federal, state and local rules, laws and regulations relating to the use,
treatment, storage and disposal of hazardous or toxic substances or waste and protection of health and safety or the environment
which are applicable to their businesses (&ldquo;<B>Environmental Laws</B>&rdquo;), except where the failure to comply would not,
singularly or in the aggregate, result in a Material Adverse Change. There has been no storage, generation, transportation, handling,
treatment, disposal, discharge, emission, or other release of any kind of toxic or other wastes or other hazardous substances by,
due to, or caused by the Company or any of its Subsidiaries (or, to the Company&rsquo;s knowledge, any other entity for whose acts
or omissions the Company or any of its Subsidiaries is or may otherwise be liable) upon any of the property now or previously owned
or leased by the Company or any of its Subsidiaries, or upon any other property, in violation of any law, statute, ordinance, rule,
regulation, order, judgment, decree or permit or which would, under any law, statute, ordinance, rule (including rule of common
law), regulation, order, judgment, decree or permit, give rise to any liability, except for any violation or liability which would
not have, singularly or in the aggregate with all such violations and liabilities, a Material Adverse Change; and there has been
no disposal, discharge, emission or other release of any kind onto such property or into the environment surrounding such property
of any toxic or other wastes or other hazardous substances with respect to which the Company has knowledge, except for any such
disposal, discharge, emission, or other release of any kind which would not have, singularly or in the aggregate with all such
discharges and other releases, a Material Adverse Change.</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">2.50 <U>Regulatory Permits</U>. The Company
and its Subsidiaries have such permits, licenses, clearances, registrations, exemptions, patents, franchises, certificates of need
and other approvals, consents and other authorizations (&ldquo;<B>Permits</B>&rdquo;) issued by the appropriate domestic or foreign
regional, federal, state, or local regulatory agencies or bodies necessary to conduct the business of the Company, including, without
limitation, any Investigational New Drug Application (an &ldquo;<B>IND</B>&rdquo;), Biologics License Application (&ldquo;<B>BLA</B>&rdquo;)
and/or New Drug Application (an &ldquo;<B>NDA</B>&rdquo;), as required by the FDA, the Drug Enforcement Administration (the &ldquo;<B>DEA</B>&rdquo;),
or any other Permits issued by domestic or foreign regional, federal, state, or local agencies or bodies engaged in the regulation
of pharmaceuticals such as those being developed by the Company and its Subsidiaries (collectively, the &ldquo;<B>Regulatory Permits</B>&rdquo;),
except for any of the foregoing that would not reasonably be expected to, individually or in the aggregate, have a Material Adverse
Change; the Company is in compliance in all material respects with the requirements of the Regulatory Permits, and all of such
Regulatory Permits are valid and in full force and effect; the Company has not received any notice of proceedings relating to the
revocation, termination, modification or impairment of rights of any of the Regulatory Permits that, individually or in the aggregate,
if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to result in a Material Adverse Change;
the Company has not failed to submit to the FDA any IND, BLA or NDA necessary to conduct the business of the Company, any such
filings that were required to be made were in material compliance with applicable laws when filed, and no material deficiencies
have been asserted by the FDA with respect to any such filings or submissions that were made.</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">2.51 <U>Regulatory Filings</U>. Neither
the Company nor its Subsidiaries has failed to file with the applicable regulatory authorities (including, without limitation,
the FDA, or any foreign, federal, state, provincial or local governmental or regulatory authority performing functions similar
to those performed by the FDA) any required filing, declaration, listing, registration, report or submission, except for such failures
that, individually or in the aggregate, would not have a Material Adverse Change; except as disclosed in the Registration Statement,
the Pricing Disclosure Package and the Prospectus, all such filings, declarations, listings, registrations, reports or submissions
were in compliance with applicable laws when filed and no deficiencies have been asserted by any applicable regulatory authority
with respect to any such filings, declarations, listings, registrations, reports or submissions, except for any deficiencies that,
individually or in the aggregate, would not have a Material Adverse Change.</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">2.52 <U>Compliance with Health Care Laws</U>.
Each of the Company and its Subsidiaries is, and at all times has been, in compliance in all material respects with all applicable
Health Care Laws, and has not engaged in activities which are, as applicable, cause for false claims liability, civil penalties,
or mandatory or permissive exclusion from Medicare, Medicaid, or any other state or federal health care program. For purposes of
this Agreement, &ldquo;Health Care Laws&rdquo; means: (i) the Federal Food, Drug, and Cosmetic Act (21 U.S.C. &sect;&sect; 301
et seq.), the Public Health Service Act (42 U.S.C. &sect;&sect; 201 et seq.), and the regulations promulgated thereunder; (ii)
all applicable federal, state, local and all applicable foreign health care related fraud and abuse laws, including, without limitation,
the U.S. Anti-Kickback Statute (42 U.S.C. Section 1320a-7b(b)), the U.S. Physician Payment Sunshine Act (42 U.S.C. &sect; 1320a-7h),
the U.S. Civil False Claims Act (31 U.S.C. Section 3729 et seq.), the criminal False Claims Law (42 U.S.C. &sect; 1320a-7b(a)),
all criminal laws relating to health care fraud and abuse, including but not limited to 18 U.S.C. Sections 286 and 287, and the
health care fraud criminal provisions under the U.S. Health Insurance Portability and Accountability Act of 1996 (&ldquo;HIPAA&rdquo;)
(42 U.S.C. Section 1320d et seq.), the exclusion laws (42 U.S.C. &sect; 1320a-7), the civil monetary penalties law (42 U.S.C. &sect;
1320a-7a), HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act (42 U.S.C. Section 17921
et seq.), and the regulations promulgated pursuant to such statutes; (iii) Medicare (Title XVIII of the Social Security Act); (iv)
Medicaid (Title XIX of the Social Security Act); (v) the Controlled Substances Act (21 U.S.C. &sect;&sect; 801 et seq.) and the
regulations promulgated thereunder; and (vi) any and all other applicable health care laws and regulations. Neither the Company
nor, to the knowledge of the Company, any subsidiary has received notice of any claim, action, suit, proceeding, hearing, enforcement,
investigation, arbitration or other action from any court or arbitrator or governmental or regulatory authority or third party
alleging that any product operation or activity is in material violation of any Health Care Laws, and, to the Company&rsquo;s knowledge,
no such claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action is threatened. Neither
the Company nor, to the knowledge of the Company, any Subsidiary is a party to or has any ongoing reporting obligations pursuant
to any corporate integrity agreements, deferred prosecution agreements, monitoring agreements, consent decrees, settlement orders,
plans of correction or similar agreements with or imposed by any governmental or regulatory authority. Additionally, neither the
Company, its Subsidiaries nor any of its respective employees, officers or directors has been excluded, suspended or debarred from
participation in any U.S. federal health care program or human clinical research or, to the knowledge of the Company, is subject
to a governmental inquiry, investigation, proceeding, or other similar action that could reasonably be expected to result in debarment,
suspension, or exclusion.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.53 <U>Studies</U>. The clinical, pre-clinical
and other studies and tests conducted by or on behalf of or sponsored by the Company or its subsidiaries that are described or
referred to in the Registration Statement, the Pricing Disclosure Package and the Prospectus were and, if still pending, are being
conducted in accordance in all material respects with all statutes, laws, rules and regulations, as applicable (including, without
limitation, those administered by the FDA or by any foreign, federal, state or local governmental or regulatory authority performing
functions similar to those performed by the FDA). The descriptions of the results of such studies and tests that are described
or referred to in the Registration Statement, the Pricing Disclosure Package and the Prospectus are accurate and complete in all
material respects and fairly present the published data derived from such studies and tests, and each of the Company and its Subsidiaries
has no knowledge of other studies or tests the results of which are materially inconsistent with or otherwise call into question
the results described or referred to in the Registration Statement, the Pricing Disclosure Package and the Prospectus. Except as
described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, neither the Company nor its Subsidiaries
has received any notices or other correspondence from the FDA or any other foreign, federal, state or local governmental or regulatory
authority performing functions similar to those performed by the FDA with respect to any ongoing clinical or pre-clinical studies
or tests requiring the termination or suspension of such studies or tests. For the avoidance of doubt, the Company makes no representation
or warranty that the results of any studies, tests or preclinical or clinical trials conducted by or on behalf of the Company will
be sufficient to obtain governmental approval from the FDA or any foreign, state or local governmental body exercising comparable
authority.</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">2.54 <U>eXtensible Business Reporting Language</U>.
The interactive data in eXtensible Business Reporting Language included in or incorporated by reference in the Registration Statement
fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&rsquo;s
rules and guidelines applicable thereto.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">3.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Covenants of the Company</U>. The Company covenants and agrees as follows:</FONT></TD></TR>
</TABLE>
<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 0pt 0.5in">3.1 <U>Deliver and Review</U>.</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; text-indent: 1in">3.1.1 <FONT STYLE="background-color: white"><U>Delivery
of Registration Statement, Preliminary Prospectus, Pricing Disclosure Package and Prospectus.</U><I>&nbsp;</I>The Company shall
furnish to you in New York City, without charge, prior to 10:00 a.m. New York City time on the business day next succeeding the
date of this Agreement and during the period when a prospectus relating to the Public Shares is required by the Securities Act
to be delivered (whether physically or through compliance with Rule 172 under the Securities Act or any similar rule) in connection
with sales of the Public Shares, as many copies of the Preliminary Prospectus, the Pricing Disclosure Package, the Prospectus and
any supplements and amendments thereto or to the Registration Statement as you may reasonably request.</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; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.1.2&nbsp; <FONT STYLE="background-color: white"><U>Underwriter&rsquo;s
Review of Proposed Amendments and Supplements.&nbsp;</U>During the period when a prospectus relating to the Public Shares is required
by the Securities Act to be delivered (whether physically or through compliance with Rule 172 under the Securities Act or any similar
rule), the Company (i)&nbsp;will furnish to the Underwriter for review, a reasonable period of time prior to the proposed time
of filing of any proposed amendment or supplement to the Registration Statement, a copy of each such amendment or supplement and
(ii)&nbsp;will not amend or supplement the Registration Statement (including any amendment or supplement through incorporation
of any report filed under the Exchange Act) without the Underwriter&rsquo;s prior written consent, not to be unreasonably withheld,
conditioned or delayed. Prior to amending or supplementing any preliminary prospectus, the Pricing Disclosure Package or the Prospectus
(including any amendment or supplement through incorporation of any report filed under the Exchange Act), the Company shall furnish
to the Underwriter for review, a reasonable amount of time prior to the time of filing or use of the proposed amendment or supplement,
a copy of each such proposed amendment or supplement. The Company shall not file or use any such proposed amendment or supplement
without the Underwriter&rsquo;s prior written consent, not to be unreasonably withheld, conditioned or delayed. The Company shall
file with the Commission within the applicable period specified in Rule 424(b) under the Securities Act any prospectus required
to be filed pursuant to such Rule.</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; text-indent: 0.5in">3.2 <U>Federal Securities Laws</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.2.1 <U>Compliance</U>. The Company, subject
to Section 3.2.2, shall comply with the requirements of Rule 424(b) and Rule 430B of the Securities Act Regulations, and will notify
the Underwriter promptly, and confirm the notice in writing, (i) when any post-effective amendment to the Registration Statement
or any amendment or supplement to any Preliminary Prospectus, the Pricing Disclosure Package or the Prospectus shall have been
filed and when any post-effective amendment to the Registration Statement shall become effective; (ii) of the receipt of any comments
from the Commission; (iii) of any request by the Commission for any amendment to the Registration Statement or any amendment or
supplement to any Preliminary Prospectus, the Pricing Disclosure Package or the Prospectus or for additional information; (iv)
of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective
amendment or of any order preventing or suspending the use of any Preliminary Prospectus, the Pricing Disclosure Package or the
Prospectus, or of the suspension of the qualification of the Public Shares and Underwriter&rsquo;s Securities for offering or sale
in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes or of any examination pursuant
to Section 8(d) or 8(e) of the Securities Act concerning the Registration Statement; and (v) if the Company becomes the subject
of a proceeding under Section 8A of the Securities Act in connection with the Offering of the Public Shares and Underwriter&rsquo;s
Securities. The Company shall effect all filings required under Rule 424(b) of the Securities Act Regulations, in the manner and
within the time period required by Rule 424(b) (without reliance on Rule 424(b)(8)), and shall take such steps as it deems necessary
to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission
and, in the event that it was not, it will promptly file such prospectus. The Company shall use its best efforts to prevent the
issuance of any stop order, prevention or suspension and, if any such order is issued, to obtain the lifting thereof at the earliest
possible moment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.2.2 <U>Continued Compliance</U>. The Company
shall comply with the Securities Act, the Securities Act Regulations, the Exchange Act and the Exchange Act Regulations so as to
permit the completion of the distribution of the Public Shares as contemplated in this Agreement and in the Registration Statement,
the Pricing Disclosure Package and the Prospectus. If at any time when a prospectus relating to the Public Shares is (or, but for
the exception afforded by Rule 172 of the Securities Act Regulations (&ldquo;<B>Rule 172</B>&rdquo;), would be) required by the
Securities Act to be delivered in connection with sales of the Public Shares, any event shall occur or condition shall exist as
a result of which it is necessary, in the opinion of Underwriter&rsquo;s Counsel or counsel for the Company, to (i) amend the Registration
Statement in order that the Registration Statement will not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading; (ii) amend or supplement the Pricing
Disclosure Package or the Prospectus in order that the Pricing Disclosure Package or the Prospectus, as the case may be, will not
include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein
not misleading in the light of the circumstances existing at the time it is delivered to a purchaser or (iii) amend the Registration
Statement or amend or supplement the Pricing Disclosure Package or the Prospectus, as the case may be, in order to comply with
the requirements of the Securities Act or the Securities Act Regulations, the Company will promptly (A) give the Underwriter notice
of such event; (B) prepare any amendment or supplement as may be necessary to correct such statement or omission or to make the
Registration Statement, the Pricing Disclosure Package or the Prospectus comply with such requirements and, a reasonable amount
of time prior to any proposed filing or use, furnish the Underwriter with copies of any such amendment or supplement and (C) file
with the Commission any such amendment or supplement; <I>provided</I> that the Company shall not file or use any such amendment
or supplement to which the Underwriter or Underwriter Counsel shall reasonably object. The Company will furnish to the Underwriter
such number of copies of such amendment or supplement as the Underwriter may reasonably request. The Company has given the Underwriter
notice of any filings made pursuant to the Exchange Act or the Exchange Act Regulations within 48 hours prior to the Applicable
Time. The Company shall give the Underwriter notice of its intention to make any such filing from the Applicable Time until the
later of the Closing Date and the exercise or expiration of the Option specified in Section 1.2 hereof and will furnish the Underwriter
with copies of the related document(s) a reasonable amount of time prior to such proposed filing, as the case may be, and will
not file or use any such document to which the Underwriter or counsel for the Underwriter shall reasonably object.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.2.3 <U>Exchange Act Registration</U>. For
a period of three (3) years after the date of this Agreement, the Company shall use its best efforts to maintain the registration
of the shares of Common Stock under the Exchange Act. The Company shall not deregister the shares of Common Stock under the Exchange
Act without the prior written consent of the Underwriter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.2.4 <U>Free Writing Prospectuses</U>. The
Company agrees that, unless it obtains the prior written consent of the Underwriter, it shall not make any offer relating to the
Public Shares that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a &ldquo;free writing
prospectus,&rdquo; or a portion thereof, required to be filed by the Company with the Commission or retained by the Company under
Rule 433; <I>provided</I> that the Underwriter shall be deemed to have consented to each Issuer General Use Free Writing Prospectus
hereto and any &ldquo;road show that is a written communication&rdquo; within the meaning of Rule 433(d)(8)(i) that has been reviewed
by the Underwriter. The Company represents that it has treated or agrees that it will treat each such free writing prospectus consented
to, or deemed consented to, by the Underwriter as an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433, and
that it has complied and will comply with the applicable requirements of Rule 433 with respect thereto, including timely filing
with the Commission where required, legending and record keeping. If at any time following issuance of an Issuer Free Writing Prospectus
there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict
with the information contained in the Registration Statement or included or would include an untrue statement of a material fact
or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
existing at that subsequent time, not misleading, the Company will promptly notify the Underwriter and will promptly amend or supplement,
at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.2.5 <U>Amendments and Supplements to Pricing
Disclosure Package</U>. If the Pricing Disclosure Package is being used to solicit offers to buy the Public Shares at a time when
the Prospectus is not yet available to prospective purchasers, and any event shall occur or condition exist as a result of which
it is necessary to amend or supplement the Pricing Disclosure Package so that the Pricing Disclosure Package does not include an
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances when delivered to a prospective purchaser, not misleading, or if any event shall occur or condition
exist as a result of which the Pricing Disclosure Package conflicts with the information contained in the Registration Statement,
or if, in the opinion of counsel for the Underwriter, it is necessary to amend or supplement the Pricing Disclosure Package to
comply with applicable law, the Company shall promptly prepare, file with the Commission and furnish, at its own expense, to the
Underwriter and to any dealer upon request, either amendments or supplements to the Pricing Disclosure Package so that the statements
in the Pricing Disclosure Package as so amended or supplemented will not include an untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements therein, in the light of the circumstances when delivered to
a prospective purchaser, not misleading or so that the Pricing Disclosure Package, as amended or supplemented, will no longer conflict
with the information contained in the Registration Statement, or so that the Pricing Disclosure Package, as amended or supplemented,
will comply with applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.3 <U>Reserved</U>.</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">3.4 <U>Delivery to the Underwriter of Prospectuses</U>.
The Company has delivered or made available or will deliver or make available to the Underwriter, without charge, as many copies
of each Preliminary Prospectus as the Underwriter reasonably requested, and the Company hereby consents to the use of such copies
for purposes permitted by the Securities Act. The Company will furnish to the Underwriter, without charge, during the period when
a prospectus relating to the Public Shares is (or, but for the exception afforded by Rule 172, would be) required to be delivered
under the Securities Act, such number of copies of the Prospectus (as amended or supplemented) as the Underwriter may reasonably
request. The Prospectus and any amendments or supplements thereto furnished to the Underwriter will be identical to the electronically
transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.5 <U>Events Requiring Notice to the Underwriter</U>.
The Company shall notify the Underwriter immediately and confirm the notice in writing: (i) of the effectiveness of the Registration
Statement and any amendment thereto; (ii) of the issuance by the Commission of any stop order or of the initiation, or the threatening,
of any proceeding for that purpose; (iii) of the issuance by any state securities commission of any proceedings for the suspension
of the qualification of the Public Shares for offering or sale in any jurisdiction or of the initiation, or the threatening, of
any proceeding for that purpose; (iv) of the mailing and delivery to the Commission for filing of any amendment or supplement to
the Registration Statement or Prospectus; (v) of the receipt of any comments or request for any additional information from the
Commission; and (vi) of the happening of any event during the period described in this Section 3.5 that, in the judgment of the
Company, makes any statement of a material fact made in the Registration Statement, the Pricing Disclosure Package or the Prospectus
untrue or that requires the making of any changes in (a) the Registration Statement in order to make the statements therein not
misleading, or (b) in the Pricing Disclosure Package or the Prospectus in order to make the statements therein, in light of the
circumstances under which they were made, not misleading. If the Commission or any state securities commission shall enter a stop
order or suspend such qualification at any time, the Company shall make every reasonable effort to obtain promptly the lifting
of such order.</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">3.6 <U>Reserved.</U></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">3.7 <U>Listing</U>. The Company shall use
its best efforts to maintain the listing of the shares of Common Stock on the Exchange for at least three (3) years from the date
of this Agreement.</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">3.8 <U>Reserved</U>.</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">3.9 <U>Reserved</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.10 <U>Payment of Expenses</U><B><I>. </I></B>The
Company covenants and agrees with the Underwriter that on the Closing Date the Company will pay or cause to be paid to the Underwriter
(i) a management fee equal to equal to 1% of the gross proceeds of the Offering, (ii) $35,000 for non-accountable expenses, (iii)
$100,000 for fees and expenses of legal counsel and other out-of-pocket expenses, and (iv) for the services of an escrow agent
and any actual out-of-pocket cost of such clearing agent settlement and financing, so long as the cost does not exceed $12,900;
provided, however, that such reimbursement amount in no way shall limit the indemnification and contribution provisions of this
Agreement. The Underwriter may deduct from the net proceeds of the Offering payable to the Company on the Closing Date, or the
Option Closing Date, if any, the expenses set forth herein to be paid by the Company to the Underwriter.</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">3.11 <U>Application of Net Proceeds</U>.
The Company shall apply the net proceeds from the Offering received by it in a manner consistent with the application thereof described
under the caption &ldquo;Use of Proceeds&rdquo; in the Registration Statement, the Pricing Disclosure Package and the Prospectus.</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">3.12 <U>Delivery of Earnings Statements
to Security Holders</U>. The Company shall make generally available to its security holders as soon as practicable, but not later
than the first day of the fifteenth (15<SUP>th</SUP>) full calendar month following the date of this Agreement, an earnings statement
(which need not be certified by independent registered public accounting firm unless required by the Securities Act or the Securities
Act Regulations, but which shall satisfy the provisions of Rule 158(a) under Section 11(a) of the Securities Act) covering a period
of at least twelve (12) consecutive months beginning after the date of this Agreement.</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">3.13 <U>Stabilization</U>. Neither the Company
nor, to its knowledge, any of its employees, directors or shareholders (without the consent of the Underwriter) has taken or shall
take, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to cause or result
in, under Regulation M of the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the Company
to facilitate the sale or resale of the Public Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.14 <U>Internal Controls</U>. Except as
described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company shall maintain a system
of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with
management&rsquo;s general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation
of financial statements in accordance with GAAP and to maintain accountability for assets; (iii) access to assets is permitted
only in accordance with management&rsquo;s general or specific authorization; and (iv) the recorded accountability for assets is
compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.</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">3.15 <U>Accountants</U>. As of the date
of this Agreement, the Company shall retain an independent registered public accounting firm reasonably acceptable to the Underwriter,
and the Company shall continue to retain a nationally recognized independent registered public accounting firm for a period of
at least five (5) years after the date of this Agreement. The Underwriter acknowledges that the Auditor is acceptable to the Underwriter.</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">3.16 <U>FINRA</U>. The Company shall advise
the Underwriter (who shall make an appropriate filing with FINRA) if it is or becomes aware that the Company or any of its affiliates
(within the meaning of FINRA&rsquo;s Conduct Rule 5121(f)(1)) directly or indirectly controls, is controlled by, or is under common
control with, or is an associated person (within the meaning of Article I, Section 1(ee) of the By-laws of FINRA) of, any member
firm of FINRA .</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">3.17 <U>No Fiduciary Duties</U>. The Company
acknowledges and agrees that the Underwriter&rsquo;s responsibility to the Company is solely contractual in nature and that none
of the Underwriter or their affiliates or any selling agent shall be deemed to be acting in a fiduciary capacity, or otherwise
owes any fiduciary duty to the Company or any of its affiliates in connection with the Offering and the other transactions contemplated
by this Agreement.</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">3.18 <U>Company Lock-Up Agreements</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; text-indent: 1in">3.18.1 <U>Restriction on Sales of Capital
Stock</U>. The Company, on behalf of itself and any successor entity, agrees that, without the prior written consent of the Underwriter,
it will not, for a period of thirty (30) days after the date of this Agreement (the &ldquo;<B>Lock-Up Period</B>&rdquo;), (i) offer,
pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of
the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (ii)
file or cause to be filed any registration statement with the Commission relating to the offering of any shares of capital stock
of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; or
(iii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of capital stock of the Company, whether any such transaction described in clause (i), (ii) or (iii) above is to be
settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The restrictions contained in this Section
3.18.1 shall not apply to (i) the shares of Common Stock or Underwriter&rsquo;s Warrants to be sold hereunder, (ii) the issuance
by the Company of shares of Common Stock upon the exercise of a stock option or warrant or the conversion of a security outstanding
on the date hereof, which is disclosed in the Registration Statement, Pricing Disclosure Package and Prospectus, (iii) the issuance
by the Company of stock options or shares of capital stock of the Company to employees, officers and directors of the Company pursuant
to any existing equity compensation plan of the Company, or (iv) shares of capital stock of the Company or securities convertible
into shares of capital stock of the Company that are issued as consideration in an acquisition, merger or similar strategic transaction
approved by a majority of the disinterested directors of the Company, provided that such securities are issued as &ldquo;restricted
securities&rdquo; (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration
statement in connection therewith within ninety (90) days after the date of this Agreement, and provided that any such issuance
shall only be to a person (or to the equity holders of a person) which is, itself or through its subsidiaries, an operating company
or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional
benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities
primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.18.2 <U>Variable Rate Transactions</U>.
From the date hereof until one (1) year following the later of the Closing Date or the Option Closing Date (if any), the Company
shall be prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries
of Common Stock or Common Stock Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. &ldquo;<B>Common
Stock Equivalents</B>&rdquo; means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock. &ldquo;<B>Variable Rate Transaction</B>&rdquo; means a transaction in which the Company (i) issues or sells any debt or
equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional shares
of Common Stock either (A) at a conversion price, exercise price or exchange rate or other price that is based upon and/or varies
with the trading prices of or quotations for the shares of Common Stock at any time after the initial issuance of such debt or
equity securities, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after
the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly
related to the business of the Company or the market for the Common Stock or (ii) enters into, or effects a transaction under,
any agreement, including, but not limited to, an equity line of credit, whereby the Company may issue securities at a future determined
price; provided, however, that the establishment of, and the issuance of shares of Common Stock in, an &ldquo;at the market&rdquo;
offering with the Underwriter as sales agent, thirty (30) days following the date hereof, shall not be deemed a Variable Rate Transaction.
The Underwriter shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall
be in addition to any right to collect damages.</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">3.19 <U>Blue Sky Qualifications</U>. The
Company shall use its best efforts, in cooperation with the Underwriter, if necessary, to qualify the Public Shares for offering
and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Underwriter may
designate and to maintain such qualifications in effect so long as required to complete the distribution of the Public Shares;
<I>provided</I>, <I>however</I>, that the Company shall not be obligated to file any general consent to service of process or to
qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject
itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.</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">3.20 <U>Reporting Requirements</U>. The
Company, during the period when a prospectus relating to the Public Shares is (or, but for the exception afforded by Rule 172,
would be) required to be delivered under the Securities Act, will file all documents required to be filed with the Commission pursuant
to the Exchange Act within the time periods required by the Exchange Act and Exchange Act Regulations. Additionally, the Company
shall report the use of proceeds from the issuance of the Public Shares as may be required under Rule 463 under the Securities
Act Regulations.</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">3.21 <U>Press Releases</U>. Prior to the
earlier of (i) the exercise in full or termination of the Option and (ii) thirty (30) days from the Closing Date, the Company shall
not issue any press release or other communication directly or indirectly or hold any press conference with respect to the Company,
its condition, financial or otherwise, or earnings, business affairs or business prospects (except for routine oral marketing communications
in the ordinary course of business and consistent with the past practices of the Company and of which the Underwriter is notified),
without the prior written consent of the Underwriter, which consent shall not be unreasonably withheld, unless in the judgment
of the Company and its counsel, and after notification to the Underwriter, such press release or communication is required by law.</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">3.22 <U>Sarbanes-Oxley</U>. Except as disclosed
in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company shall at all times comply with all
material applicable provisions of the Sarbanes-Oxley Act in effect from time to time.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">4.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Conditions of Underwriter&rsquo;s Obligations</U>. The obligations of the Underwriter to purchase and pay for the Public Shares, as provided herein, shall be subject to (i) the continuing accuracy of the representations and warranties of the Company as of the date hereof and as of each of the Closing Date and the Option Closing Date, if any; (ii) the accuracy of the statements of officers of the Company made pursuant to the provisions hereof; (iii) the performance by the Company of its obligations hereunder; and (iv) the following conditions:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.1 <U>Regulatory Matters</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.1.1 <U>Effectiveness of Registration Statement;
Rule 430B Information</U>. The Registration Statement has been declared effective by the Commission under the Securities Act and,
at each of the Closing Date and any Option Closing Date, no stop order suspending the effectiveness of the Registration Statement
or any post-effective amendment thereto has been issued under the Securities Act, no order preventing or suspending the use of
any Preliminary Prospectus or the Prospectus has been issued and no proceedings for any of those purposes have been instituted
or are pending or, to the Company&rsquo;s knowledge, contemplated by the Commission. The Company has complied with each request
(if any) from the Commission for additional information. The Prospectus containing the Rule 430B Information shall have been filed
with the Commission in the manner and within the time frame required by Rule 424(b) (without reliance on Rule 424(b)(8)) or a post-effective
amendment providing such information shall have been filed with, and declared effective by, the Commission in accordance with the
requirements of Rule 430B.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.1.2 <U>FINRA Clearance</U>. On or before
the date of this Agreement, the Underwriter shall have received clearance from FINRA as to the amount of compensation allowable
or payable to the Underwriter as described in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.1.3 <U>Exchange<B>&nbsp;</B>Stock Market
Clearance</U>. On or before the Closing Date, the Listing of Additional Shares Notification Form shall have been submitted to the
Exchange with respect to the Public Shares.</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">4.2 <U>Company Counsel Matters</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.2.1 <U>Closing Date Opinion of Counsel</U>.
On the Closing Date, the Underwriter shall have received the favorable opinion of Wyrick Robbins Yates &amp; Ponton LLP, counsel
to the Company, dated the Closing Date and addressed to the Underwriter, in a form reasonably acceptable to the Underwriter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.2.2 <U>Closing Date Opinion of Intellectual
Property Counsel</U>. On the Closing Date, the Underwriter shall have received the favorable opinion of Womble Bond Dickinson (US)
LLP, special intellectual property counsel to the Company dated the Closing Date and addressed to the Underwriter, in a form reasonably
acceptable to the Underwriter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.2.3 <U>Option Closing Date Opinions of Counsel</U>.
On the Option Closing Date, if any, the Underwriter shall have received the favorable opinions of each counsel listed in Sections
4.2.1 and 4.2.2, dated the Option Closing Date, addressed to the Underwriter and in form and substance reasonably satisfactory
to the Underwriter, confirming as of the Option Closing Date, the statements made by such counsels in their respective opinions
delivered on the Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.2.4 <U>Reliance</U>. In rendering such opinions,
such counsel may rely: (i) as to matters involving the application of laws other than the laws of the United States and jurisdictions
in which they are admitted, to the extent such counsel deems proper and to the extent specified in such opinion, if at all, upon
an opinion or opinions (in form and substance reasonably satisfactory to the Underwriter) of other counsel reasonably acceptable
to the Underwriter, familiar with the applicable laws; and (ii) as to matters of fact, to the extent they deem proper, on certificates
or other written statements of officers of the Company and officers of departments of various jurisdictions having custody of documents
respecting the corporate existence or good standing of the Company; <I>provided </I>that copies of any such statements or certificates
shall be delivered to Underwriter Counsel if requested.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.3 <U>Comfort Letters</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.3.1 <U>Cold Comfort Letter</U>. At the time
this Agreement is executed you shall have received a cold comfort letter from the Auditor containing statements and information
of the type customarily included in accountants&rsquo; comfort letters with respect to the financial statements and certain financial
information contained or incorporated or deemed incorporated by reference in the Registration Statement, the Pricing Disclosure
Package and the Prospectus, addressed to the Underwriter and in form and substance satisfactory in all respects to you and to the
Auditor,<B>&nbsp;</B>dated as of the date of this Agreement.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.3.2 <U>Bring-down Comfort Letter</U>. At
each of the Closing Date and the Option Closing Date, if any, the Underwriter shall have received from the Auditor a letter, dated
as of the Closing Date or the Option Closing Date, as applicable, to the effect that the Auditor reaffirms the statements made
in the letter furnished pursuant to Section 4.3.1, except that the specified date referred to shall be a date not more than two
(2) business days prior to the Closing Date or the Option Closing Date, as applicable.</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">4.4 <U>Officers&rsquo; Certificates</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.4.1 <U>Officers&rsquo; Certificate</U>.
The Company shall have furnished to the Underwriter a certificate, dated the Closing Date and any Option Closing Date (if such
date is other than the Closing Date), of its Chief Executive Officer and its Chief Financial Officer stating that (i) such officers
have carefully examined the Registration Statement, the Pricing Disclosure Package, any Issuer Free Writing Prospectus and the
Prospectus and, in their opinion, the Registration Statement and each amendment thereto, as of the Applicable Time and as of the
Closing Date (or any Option Closing Date if such date is other than the Closing Date) did not include any untrue statement of a
material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading, and the Pricing Disclosure Package, as of the Applicable Time and as of the Closing Date (or any Option Closing
Date if such date is other than the Closing Date), any Issuer Free Writing Prospectus as of its date and as of the Closing Date
(or any Option Closing Date if such date is other than the Closing Date), and the Prospectus and each amendment or supplement thereto,
as of the respective date thereof and as of the Closing Date, did not include any untrue statement of a material fact and did not
omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances in which they
were made, not misleading, (ii) since the Applicable Time, no event has occurred which should have been set forth in a supplement
or amendment to the Registration Statement, the Pricing Disclosure Package or the Prospectus, (iii) to the best of their knowledge
after reasonable investigation, as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date),
the representations and warranties of the Company in this Agreement are true and correct and the Company has complied with all
agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date (or
any Option Closing Date if such date is other than the Closing Date), and (iv) there has not been, subsequent to the date of the
most recent audited financial statements included or incorporated by reference in the Pricing Disclosure Package, any material
adverse change in the financial position or results of operations of the Company, or any change or development that, singularly
or in the aggregate, would involve a material adverse change or a prospective material adverse change, in or affecting the condition
(financial or otherwise), results of operations, business, assets or prospects of the Company, except as set forth in the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.4.2 <U>Secretary&rsquo;s Certificate</U>.
At each of the Closing Date and the Option Closing Date, if any, the Underwriter shall have received a certificate of the Company
signed by the Secretary of the Company, dated the Closing Date or the Option Date, as the case may be, respectively, certifying:
(i) that each of the Charter<B>&nbsp;</B>and Bylaws<B>&nbsp;</B>is true and complete, has not been modified and is in full force
and effect; (ii) that the resolutions of the Company&rsquo;s Board of Directors relating to the Offering are in full force and
effect and have not been modified; (iii) as to the accuracy and completeness of all correspondence between the Company or its counsel
and the Commission; and (iv) as to the incumbency of the officers of the Company. The documents referred to in such certificate
shall be attached to such certificate.</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">4.5 <U>No Material Changes</U>. Prior to
and on each of the Closing Date and each Option Closing Date, if any: (i) there shall have been no Material Adverse Change from
the latest dates as of which such condition is set forth in the Registration Statement and no change in the authorized capital
stock or debt of the Company, the Pricing Disclosure Package and the Prospectus; (ii) no action, suit or proceeding, at law or
in equity, shall have been pending or threatened against the Company or any director or officer before or by any court or federal
or state commission, board or other administrative agency wherein an unfavorable decision, ruling or finding may result in a Material
Adverse Change, except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus; (iii) no
stop order shall have been issued under the Securities Act and no proceedings therefor shall have been initiated or threatened
by the Commission; (iv) no action shall have been taken and no law, statute, rule, regulation or order shall have been enacted,
adopted or issued by any Governmental Entity which would prevent the issuance or sale of the Public Shares or could reasonably
be expected to result in a Material Adverse Change; (v) no injunction, restraining order or order of any other nature by any federal
or state court of competent jurisdiction shall have been issued which would prevent the issuance or sale of the Public Shares or
result, or potentially result in a Material Adverse Change; and (vi) the Registration Statement, the Pricing Disclosure Package
and the Prospectus and any amendments or supplements thereto shall contain all material statements which are required to be stated
therein in accordance with the Securities Act and the Securities Act Regulations and shall conform in all material respects to
the requirements of the Securities Act and the Securities Act Regulations, and neither the Registration Statement, the Pricing
Disclosure Package, the Prospectus nor any amendment or supplement thereto shall contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.6 <U>No Material Misstatement or Omission</U>.
The Underwriter shall not have discovered and disclosed to the Company on or prior to the Closing Date and any Option Closing Date
that the Registration Statement or any amendment or supplement thereto contains an untrue statement of a fact which, in the opinion
of Underwriter Counsel, is material or omits to state any fact which, in the opinion of such counsel, is material and is required
to be stated therein or is necessary to make the statements therein not misleading, or that the Registration Statement, Pricing
Disclosure Package or the Prospectus or any amendment or supplement thereto contains an untrue statement of fact which, in the
opinion of such counsel, is material or omits to state any fact which, in the opinion of such counsel, is material and is necessary
in order to make the statements, in the light of the circumstances under which they were made, not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.7 <U>Delivery of Agreements</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.7.1 <U>Lock-Up Agreements</U>. On or before
the date of this Agreement, the Company shall have delivered to the Underwriter executed copies of the Lock-Up Agreements from
each of the persons listed in <U>Schedule 2</U> hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.7.2 <U>Underwriter&rsquo;s Warrant Agreement</U>.
On the Closing Date and each Option Closing Date if applicable, the Company shall have delivered to the Underwriter executed copies
of the Underwriter&rsquo;s Warrant Agreement.</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">4.8 <U>Additional Documents</U>. At the
Closing Date and at each Option Closing Date (if any), Underwriter Counsel shall have been furnished with such documents and opinions
as they may reasonably require for the purpose of enabling Underwriter Counsel to deliver an opinion to the Underwriter, or in
order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein
contained; and all proceedings taken by the Company in connection with the issuance and sale of the Public Shares and the Underwriter&rsquo;s
Securities as herein contemplated shall be satisfactory in form and substance to the Underwriter and Underwriter Counsel.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">5.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Indemnification</U>.</FONT></TD></TR>
</TABLE>
<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">5.1 <U>Indemnification of the Underwriter.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.1.1 <U>General</U>. Subject to the conditions
set forth below, the Company agrees to indemnify and hold harmless the Underwriter, its affiliates and each of its and their respective
directors, officers, members, employees, representatives and agents and each person, if any, who controls any such Underwriter
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the &ldquo;<B>Underwriter
Indemnified Parties</B>,&rdquo; and each an &ldquo;<B>Underwriter Indemnified Party</B>&rdquo;), against any and all loss, liability,
claim, damage and expense whatsoever (including but not limited to any and all legal or other expenses reasonably incurred in investigating,
preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, whether arising out of any action
between any of the Underwriter Indemnified Parties and the Company or between any of the Underwriter Indemnified Parties and any
third party, or otherwise) to which they or any of them may become subject under the Securities Act, the Exchange Act or any other
statute or at common law or otherwise or under the laws of foreign countries, arising out of or based upon any untrue statement
or alleged untrue statement of a material fact contained in (i) the Registration Statement, the Pricing Disclosure Package, the
Preliminary Prospectus, the Prospectus or in any Issuer Free Writing Prospectus (as from time to time each may be amended and supplemented);
(ii) any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing
of the Offering, including any &ldquo;road show&rdquo; or investor presentations made to investors by the Company (whether in person
or electronically); or (iii) any application or other document or written communication (in this Section 5, collectively called
&ldquo;<B>application</B>&rdquo;) executed by the Company or based upon written information furnished by the Company in any jurisdiction
in order to qualify the Public Shares and Underwriter&rsquo;s Securities under the securities laws thereof or filed with the Commission,
any state securities commission or agency, the Exchange or any other national securities exchange; or the omission or alleged omission
therefrom of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, unless such statement or omission was made in reliance upon, and in conformity with,
the Underwriter&rsquo;s Information. With respect to any untrue statement or omission or alleged untrue statement or omission made
in the Pricing Disclosure Package, the indemnity agreement contained in this Section 5.1.1 shall not inure to the benefit of any
Underwriter Indemnified Party to the extent that any loss, liability, claim, damage or expense of such Underwriter Indemnified
Party results from the fact that a copy of the Prospectus was not given or sent to the person asserting any such loss, liability,
claim or damage at or prior to the written confirmation of sale of the Public Shares to such person as required by the Securities
Act and the Securities Act Regulations, and if the untrue statement or omission has been corrected in the Prospectus, unless such
failure to deliver the Prospectus was a result of non-compliance by the Company with its obligations under Section 3.4 hereof.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.1.2 <U>Procedure</U>. If any action is brought
against an Underwriter Indemnified Party in respect of which indemnity may be sought against the Company pursuant to Section 5.1.1,
such Underwriter Indemnified Party shall promptly notify the Company in writing of the institution of such action and the Company
shall assume the defense of such action, including the employment and fees of counsel (subject to the reasonable approval of such
Underwriter Indemnified Party) and payment of actual expenses. Such Underwriter Indemnified Party shall have the right to employ
its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such Underwriter
Indemnified Party unless (i) the employment of such counsel at the expense of the Company shall have been authorized in writing
by the Company in connection with the defense of such action, or (ii) the Company shall not have employed counsel to have charge
of the defense of such action, or (iii) such indemnified party or parties shall have reasonably concluded that there may be defenses
available to it or them which are different from or additional to those available to the Company (in which case the Company shall
not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events
the reasonable fees and expenses of not more than one additional firm of attorneys selected by the Underwriter Indemnified Party
(in addition to local counsel) shall be borne by the Company. Notwithstanding anything to the contrary contained herein, if any
Underwriter Indemnified Party shall assume the defense of such action as provided above, the Company shall have the right to approve
the terms of any settlement of such action, which approval shall not be unreasonably withheld.</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">5.2 <U>Indemnification of the Company</U>.
The Underwriter agrees to indemnify and hold harmless the Company, its directors, its officers who signed the Registration Statement
and persons who control the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against
any and all loss, liability, claim, damage and expense described in the foregoing indemnity from the Company to the Underwriter,
as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions made in the Registration
Statement, any Preliminary Prospectus, the Pricing Disclosure Package or Prospectus or any amendment or supplement thereto or in
any application, in reliance upon, and in strict conformity with, the Underwriter&rsquo;s Information. In case any action shall
be brought against the Company or any other person so indemnified based on any Preliminary Prospectus, the Registration Statement,
the Pricing Disclosure Package or Prospectus or any amendment or supplement thereto or any application, and in respect of which
indemnity may be sought against any Underwriter, such Underwriter shall have the rights and duties given to the Company, and the
Company and each other person so indemnified shall have the rights and duties given to the Underwriter by the provisions of Section
5.1.2. The Company agrees promptly to notify the Underwriter of the commencement of any litigation or proceedings against the Company
or any of its officers, directors or any person, if any, who controls the Company within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act, in connection with the issuance and sale of the Public Shares or in connection with the
Registration Statement, the Pricing Disclosure Package, the Prospectus, or any Issuer Free Writing Prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.3 <U>Contribution</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.3.1 <U>Contribution Rights</U>. If the indemnification
provided for in this Section 5 shall for any reason be unavailable to or insufficient to hold harmless an indemnified party under
Section 5.1 or 5.2 in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then
each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such
indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as
shall be appropriate to reflect the relative benefits received by the Company, on the one hand, and the Underwriter, on the other,
from the Offering of the Public Shares, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law,
in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative
fault of the Company, on the one hand, and the Underwriter, on the other, with respect to the statements or omissions that resulted
in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations.
The relative benefits received by the Company, on the one hand, and the Underwriter, on the other, with respect to such Offering
shall be deemed to be in the same proportion as the total net proceeds from the Offering of the Public Shares purchased under this
Agreement (before deducting expenses) received by the Company, as set forth in the table on the cover page of the Prospectus, on
the one hand, and the total underwriting discounts and commissions received by the Underwriter with respect to the shares of the
Common Stock purchased under this Agreement, as set forth in the table on the cover page of the Prospectus, on the other hand.
The relative fault shall be determined by reference to whether the untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact relates to information supplied by the Company or the Underwriter, the intent of the
parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The
Company and the Underwriter agree that it would not be just and equitable if contributions pursuant to this Section 5.3.1 were
to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations
referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage or liability, or
action in respect thereof, referred to above in this Section 5.3.1 shall be deemed to include, for purposes of this Section 5.3.1,
any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this Section 5.3.1 in no event shall an Underwriter be required to contribute
any amount in excess of the amount by which the total underwriting discounts and commissions received by such Underwriter with
respect to the Offering of the Public Shares exceeds the amount of any damages that such Underwriter has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.3.2 <U>Contribution Procedure</U>. Within
fifteen (15) days after receipt by any party to this Agreement (or its representative) of notice of the commencement of any action,
suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another party (&ldquo;contributing
party&rdquo;), notify the contributing party of the commencement thereof, but the failure to so notify the contributing party will
not relieve it from any liability which it may have to any other party other than for contribution hereunder. In case any such
action, suit or proceeding is brought against any party, and such party notifies a contributing party or its representative of
the commencement thereof within the aforesaid 15 days, the contributing party will be entitled to participate therein with the
notifying party and any other contributing party similarly notified. Any such contributing party shall not be liable to any party
seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution
on account of any settlement of any claim, action or proceeding affected by such party seeking contribution without the written
consent of such contributing party, which consent will not be unreasonably withheld. The contribution provisions contained in this
Section 5.3.2 are intended to supersede, to the extent permitted by law, any right to contribution under the Securities Act, the
Exchange Act or otherwise available.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">6.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Default by the Underwriter</U>.</FONT></TD></TR>
</TABLE>
<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">6.1 <U>[Reserved]</U></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">6.2 <U>Default Exceeding 10% of Firm Shares
or Optional Shares</U>. In the event that the Underwriter shall default in its obligation to purchase the Firm Shares or the Optional
Shares, if the Option is exercised hereunder, with respect to more than 10% of the Firm Shares or Optional Shares, the Underwriter
may in its discretion arrange for it or for another party or parties to purchase such Firm Shares or Optional Shares to which such
default relates on the terms contained herein. If, within one (1) Business Day after such default relating to more than 10% of
the Firm Shares or Optional Shares, the Underwriter does not arrange for the purchase of such Firm Shares or Optional Shares, then
the Company shall be entitled to a further period of one (1) Business Day within which to procure another party or parties satisfactory
to the Underwriter to purchase said Firm Shares or Optional Shares on such terms. In the event that neither the Underwriter nor
the Company arrange for the purchase of the Firm Shares or Optional Shares to which a default relates as provided in this Section
6, this Agreement will automatically be terminated by the Underwriter or the Company without liability on the part of the Company
(except as provided in Sections 3.10 and 5 hereof) or the Underwriter (except as provided in Section 5 hereof); <I>provided, however</I>,
that if such default occurs with respect to the Optional Shares, this Agreement will not terminate as to the Firm Shares.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">6.3 <U>Postponement of Closing Date</U>.
In the event that the Firm Shares or Optional Shares to which the default relates are to be purchased by another party or parties
as aforesaid, the Underwriter or the Company shall have the right to postpone the Closing Date or Option Closing Date for a reasonable
period, but not in any event exceeding five (5) Business Days, in order to effect whatever changes may thereby be made necessary
in the Registration Statement, the Pricing Disclosure Package or the Prospectus or in any other documents and arrangements, and
the Company agrees to file promptly any amendment to the Registration Statement, the Pricing Disclosure Package or the Prospectus
that in the opinion of counsel for the Underwriter may thereby be made necessary. The term &ldquo;<B>Underwriter</B>&rdquo; as
used in this Agreement shall include any party substituted under this Section 6 with like effect as if it had originally been a
party to this Agreement with respect to such shares of Common Stock.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">7.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Reserved</U>.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">8.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Effective Date of this Agreement and Termination Thereof</U>.</FONT></TD></TR>
</TABLE>
<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">8.1 <U>Effective Date</U>. This Agreement
shall become effective when both the Company and the Underwriter have executed the same and delivered counterparts of such signatures
to the other party.</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">8.2 <U>Termination</U>. The Underwriter
shall have the right to terminate this Agreement at any time prior to any Closing Date, (i) if any domestic or international event
or act or occurrence (including escalation of any pandemic or similar global health crisis) has materially disrupted, or in your
opinion will in the immediate future materially disrupt, general securities markets in the United States; or (ii) if trading on
the New York Stock Exchange or the Nasdaq Stock Market LLC shall have been suspended or materially limited, or minimum or maximum
prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required by FINRA or by order
of the Commission or any other government authority having jurisdiction; or (iii) if the United States shall have become involved
in a new war or an increase in major hostilities; or (iv) if a banking moratorium has been declared by a New York State or federal
authority; or (v) if a moratorium on foreign exchange trading has been declared which materially adversely impacts the United States
securities markets; or (vi) if the Company shall have sustained a material loss by fire, flood, accident, hurricane, earthquake,
theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured, will, in the Underwriter&rsquo;s
opinion, make it inadvisable to proceed with the delivery of the Firm Shares or Optional Shares; or (vii) if the Company is in
material breach of any of its representations, warranties or covenants hereunder; or (viii) if the Underwriter shall have become
aware after the date hereof of such a material adverse change in the conditions or prospects of the Company, or such adverse material
change in general market conditions as in the Underwriter&rsquo;s judgment would make it impracticable to proceed with the offering,
sale and/or delivery of the Public Shares or to enforce contracts made by the Underwriter for the sale of the Public Shares.</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">8.3 <U>Expenses</U>. Notwithstanding anything
to the contrary in this Agreement, except in the case of a default by the Underwriter pursuant to Section 6.2 above, in the event
that this Agreement is terminated prior to the Closing Date for any reason whatsoever, within the time specified herein or any
extensions thereof pursuant to the terms herein, the Company shall be obligated to pay to the Underwriter its actual and accountable
out-of-pocket expenses related to the transactions contemplated herein then due and payable (including the fees and disbursements
of Underwriter Counsel) up to $112,900, and upon demand the Company shall pay the full amount thereof to the Underwriter; <I>provided</I>,
<I>however</I>, that such expense cap in no way limits or impairs the indemnification and contribution provisions of this Agreement.
Notwithstanding the foregoing, any advance received by the Underwriter for out-of pocket accountable expenses will be reimbursed
to the Company to the extent not actually incurred in compliance with FINRA Rule 5110(f)(2)(C).</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">8.4 <U>Indemnification</U>. Notwithstanding
any contrary provision contained in this Agreement, any election hereunder or any termination of this Agreement, and whether or
not this Agreement is otherwise carried out, the provisions of Section 5 shall remain in full force and effect and shall not be
in any way affected by, such election or termination or failure to carry out the terms of this Agreement or any part hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8.5 <U>Representations, Warranties, Agreements
to Survive</U>. All representations, warranties and agreements contained in this Agreement or in certificates of officers of the
Company submitted pursuant hereto, shall remain operative and in full force and effect regardless of (i) any investigation made
by or on behalf of any Underwriter or its Affiliates or selling agents, any person controlling any Underwriter, its officers or
directors or any person controlling the Company or (ii) delivery of and payment for the Public Shares.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">9.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Miscellaneous</U>.</FONT></TD></TR>
</TABLE>
<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">9.1 <U>Notices</U>. All communications hereunder,
except as herein otherwise specifically provided, shall be in writing and shall be mailed (registered or certified mail, return
receipt requested), personally delivered, electronically sent via email or sent by facsimile transmission and confirmed and shall
be deemed given when so delivered, emailed or faxed and confirmed or if mailed, two (2) days after such mailing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If to the Underwriter:</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 0pt 0.5in">H.C. Wainwright &amp; Co., LLC<BR>
430 Park Avenue<BR>
New York, New York 10022<BR>
Attention: Head of Investment Banking<BR>
Fax No.: 212-214-0803</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 0pt 0.5in">with a copy (which shall not constitute notice) to:</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 0pt 0.5in">Dentons US LLP<BR>
1221 Avenue of the Americas<BR>
New York, New York 10020<BR>
Attention: Rob Condon, Esq.<BR>
Fax No.: 212-768-6800</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 0pt 0.5in">If to the Company:</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 0pt 0.5in">Citius Pharmaceuticals, Inc.<BR>
11 Commerce Drive, First Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Cranford, New Jersey 07016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Fax No: 908-967-6683</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 0pt 0.5in">with a copy (which shall not constitute notice) to:</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 0pt 0.5in">Wyrick Robbins Yates &amp; Ponton LLP<BR>
4101 Lake Boone Trail, Suite 300<BR>
Raleigh, NC 27607</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Fax No: 919-781-4865</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">9.2 <U>Research Analyst Independence</U>.
The Company acknowledges that the Underwriter&rsquo;s research analysts and research departments are required to be independent
from its investment banking division and are subject to certain regulations and internal policies, and that the Underwriter&rsquo;s
research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect
to the Company and/or the offering that differ from the views of their investment banking division. The Company acknowledges that
the Underwriter is a full service securities firm and as such from time to time, subject to applicable securities may effect transactions
for its own account or the account of its customers and hold long or short positions in debt or equity securities of the Company;
<I>provided</I>, <I>however</I>, that nothing in this Section 9.2 shall relieve the Underwriter of any responsibility or liability
it may otherwise bear in connection with activities in violation of applicable securities laws, rules or regulations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9.3 <U>Headings</U>. The headings contained
herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation
of any of the terms or provisions of this Agreement.</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">9.4 <U>Amendment</U>. This Agreement may
only be amended by a written instrument executed by each of the parties hereto.</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">9.5 <U>Entire Agreement</U>. This Agreement
(together with the other agreements and documents being delivered pursuant to or in connection with this Agreement) constitutes
the entire agreement of the parties hereto with respect to the subject matter hereof and thereof, and supersedes all prior agreements
and understandings of the parties, oral and written, with respect to the subject matter hereof. Except as otherwise contemplated
herein, it is understood and agreed by the parties hereto that all other binding terms and conditions of that certain engagement
letter between the Company and the Underwriter dated August 2, 2020 (the &ldquo;<U>Engagement Letter</U>&rdquo;), shall remain
valid and binding on, and enforceable against, the Company and in accordance with the terms thereof. In the event of any conflict
between the terms of the Engagement Letter and the Agreement, the terms of the Agreement shall prevail.</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">9.6 <U>Binding Effect</U>. This Agreement
shall inure solely to the benefit of and shall be binding upon the Underwriter, the Company and the controlling persons, directors
and officers referred to in Section 5 hereof, and their respective successors, legal representatives, heirs and permitted assigns,
and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or
by virtue of this Agreement or any provisions herein contained.</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">9.7 <U>Governing Law; Consent to Jurisdiction;
Trial by Jury</U>. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New
York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any action, proceeding or claim
against it arising out of, or relating in any way to this Agreement shall be brought and enforced in the New York Supreme Court,
County of New York, or in the United States District Court for the Southern District of New York, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and
that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting
a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth
in Section 9.1 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action,
proceeding or claim. The Company and the Underwriter agrees that the prevailing party(ies) in any such action shall be entitled
to recover from the other party(ies) all of its reasonable attorneys&rsquo; fees and expenses relating to such action or proceeding
and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable
law, on behalf of its stockholders and affiliates) and the Underwriter hereby irrevocably waives, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9.8 <U>Execution in Counterparts</U>. This
Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which
shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become
effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties
hereto. Delivery of a signed counterpart of this Agreement by facsimile or email/pdf transmission shall constitute valid and sufficient
delivery thereof.</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">9.9 <U>Waiver, etc</U>. The failure of any
of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver
of any such provision, nor to in any way effect the validity of this Agreement or any provision hereof or the right of any of the
parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment
of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or
parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment
shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.</P>

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

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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the foregoing correctly sets forth the
understanding between the Underwriter and the Company, please so indicate in the space provided below for that purpose, whereupon
this letter shall constitute a binding agreement between us.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">CITIUS PHARMACEUTICALS, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 41%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 39%; border-bottom: black 1.5pt solid">/s/
    Myron Holubiak&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>Myron Holubiak</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Confirmed as of the date first written above:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">H.C. WAINWRIGHT &amp; CO., LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Edward D. Silvera</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT> Edward D. Silvera</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT> Chief Operating Officer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

<!-- Field: Page; Sequence: 31 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>SCHEDULE
1-A<BR>
</U>Pricing Information</B></FONT></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">Number of Firm Shares: 7,964,804</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">Number of Optional Shares: 1,194,720</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">Public Offering Price per Firm Share: $1.05</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">Proceeds to Company per Firm Share (before expenses): $0.9765</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: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 32 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: center">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Free writing prospectus filed on August 5, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Free writing prospectus filed on August 5, 2020.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 2</U></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Myron Holubiak</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">Leonard Mazur</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">Jaime Bartushak</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">Myron Czuczman</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">Suren Dutia</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">Carol Webb</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">Dr. William Kane</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">Dr. Eugene Holuka</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">Howard Safir</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"></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">____________, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">H.C. Wainwright &amp; Co., LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">430 Park Avenue, 3rd Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10022</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">Re: Citius Pharmaceuticals,
Inc. (the &ldquo;<U>Company</U>&rdquo;) &ndash; Restriction on Stock Sales</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">Ladies and Gentlemen:</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: left; text-indent: 0.5in">This Lock-Up Agreement
is being delivered to you pursuant to the Underwriting Agreement (the &ldquo;<U>Agreement</U>&rdquo;) to be entered into by the
Company, as issuer, and H.C. Wainwright &amp; Co., LLC, as the underwriter (the &ldquo;<U>Underwriter</U>&rdquo;) named therein.
Upon the terms and subject to the conditions of the Agreement, the Underwriter intends to effect a public offering of securities
of the Company (the &ldquo;<U>Offering</U>&rdquo;) pursuant to an effective shelf registration statement on Form S-3, File No.
333-221492 (the &ldquo;<U>Registration Statement</U>&rdquo;). Capitalized terms used and not otherwise defined herein shall have
the meanings given them in the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In order to induce
the Underwriter to enter into the Agreement, the undersigned agrees that, for a period beginning on the date hereof and ending
on, and including, the date that is 90 days after the date of the Agreement (the &ldquo;<U>Lock-Up Period</U>&rdquo;), the undersigned
will not, without the prior written consent of the Underwriter, (i) sell, offer to sell, contract or agree to sell, hypothecate,
pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or file (or participate
in the filing of) a registration statement with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) in
respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning
of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder
(the &ldquo;<U>Exchange Act</U>&rdquo;) with respect to, any Common Stock or any other securities of the Company that are substantially
similar to Common Stock, or any securities convertible into or exchangeable or exercisable for, or any warrants or other rights
to purchase, the foregoing, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of
the economic consequences of ownership of Common Stock or any other securities of the Company that are substantially similar to
Common Stock, or any securities convertible into or exchangeable or exercisable for, or any warrants or other rights to purchase,
the foregoing, whether any such transaction is to be settled by delivery of Common Stock or such other securities, in cash or otherwise
or (iii) publicly announce an intention to effect any transaction specified in clause (i) or (ii).</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: left; text-indent: 0.5in">The foregoing paragraph
shall not apply to (a) the registration of the offer and sale of Common Stock by the Company in the Offering, (b) bona fide gifts,
provided that the recipient thereof agrees in writing with the Underwriter to be bound by the terms of this Lock-Up Agreement,
(c) dispositions to any trust for the direct or indirect benefit of the undersigned and/or the immediate family of the undersigned,
provided that such trust agrees in writing with the Underwriter to be bound by the terms of this Lock-Up Agreement, (d) transfers
of Common Stock or securities convertible into or exchangeable or exercisable for Common Stock on death by will or intestacy, (e)
sales or transfers of Common Stock solely in connection with the &ldquo;cashless&rdquo; exercise of Company stock options outstanding
on the date hereof for the purpose of exercising such stock options (provided that any remaining Common Stock received upon such
exercise will be subject to the restrictions provided for in this Lock-Up Agreement), (f) sales or transfers pursuant to a bona
fide third-party tender offer, merger, consolidation or other similar transaction made to all holders of the Company&rsquo;s securities
involving a change in control of the Company, (g) (A) if the undersigned is a non-natural person, transfers to another corporation,
partnership, limited liability corporation, trust or other business entity that is an affiliate (as defined under Rule 12b-2 of
the Exchange Act) of the undersigned as part of a distribution by the undersigned to its shareholders, current or former partners
(general or limited), members or managers of the undersigned, as applicable, to the estates of any such partners, members or managers,
or other equity holders, or (B) if the undersigned is a trust, transfers to any beneficiary of the undersigned or to the estate
of any such beneficiary, provided that the transferee, in either case (A) or (B), agrees in writing with the Underwriter to be
bound by the terms of this Lock-Up Agreement, or (h) sales or transfers of Common Stock or securities convertible into Common Stock
pursuant to a trading plan entered into prior to the date hereof pursuant to Rule 10b5-1 under the Exchange Act, a copy of which
has been provided to the Underwriter. In addition, the restrictions sets forth herein shall not prevent the undersigned from entering
into a trading plan pursuant to Rule 10b5-1 under the Exchange Act after the date hereof, provided that (i) a copy of such plan
is provided to the Underwriter promptly upon entering into the same and (ii) no sales or transfers may be made under such plan
until the Lock-Up Period ends or this Lock-Up Agreement is terminated in accordance with its terms. For purposes of this paragraph,
&ldquo;immediate family&rdquo; shall mean any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law of such security holder, and any person (other than a tenant or employee)
sharing the household of such security holder. For the purposes for this paragraph, &ldquo;change in control&rdquo; shall mean
the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related
transactions, to a person or group of affiliated persons (other than an Underwriter pursuant to the Offering), of the Company&rsquo;s
voting securities if, after such transfer, such person or group of affiliated persons would hold more than 50% of the outstanding
voting securities of the Company (or the surviving entity).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In addition, the undersigned
hereby waives any rights the undersigned may have to require registration of Common Stock or any securities convertible into or
exercisable or exchangeable for Common Stock in connection with the filing of the Registration Statement relating to the Offering.
The undersigned further agrees that, for the Lock-Up Period, the undersigned will not, without the prior written consent of the
Underwriter, make any demand for, or exercise any right with respect to, the registration of Common Stock or any securities convertible
into or exercisable or exchangeable for Common Stock, or warrants or other rights to purchase Common Stock or any such securities.</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: left; text-indent: 0.5in">The undersigned hereby
confirms that the undersigned has not, directly or indirectly, taken, and hereby covenants that the undersigned will not, directly
or indirectly, take, any action designed, or which has constituted or will constitute or might reasonably be expected to cause
or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of
shares of Common Stock.</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: left; text-indent: 0.5in">If (i) the Company
notifies you in writing that it does not intend to proceed with the Offering, (ii) the Registration Statement filed with the Commission
with respect to the Offering is withdrawn, (iii) the closing of the Offering does not occur prior to ninety (90) days from the
date of this Lock-Up Agreement, or (iv) for any reason the Agreement shall be terminated prior to the closing of the Offering,
this Lock-Up Agreement shall be terminated and the undersigned shall be released from its obligations hereunder.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This Lock-Up Agreement
shall be construed and enforced in accordance with the laws of the State of New York without regard to the principles of conflict
of laws.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 40%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 0.25pt 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(Name - Please Print)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 0.25pt 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(Signature)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 0.25pt 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(Name of Signatory, in the case of entities - Please Print)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 0.25pt 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(Title of Signatory, in the case of entities - Please Print)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 60%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Address: </FONT></TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; padding: 0.25pt 0.25pt 0.75pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 0.25pt 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 0.25pt 0.75pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>ea125100ex4-1_citius.htm
<DESCRIPTION>FORM OF UNDERWRITER WARRANT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.1</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">NEITHER THIS SECURITY NOR THE SECURITIES FOR
WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES
ACT&rdquo;), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNDERWRITER
COMMON STOCK PURCHASE WARRANT</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Citius
Pharmaceuticals, Inc.</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">Warrant Shares: _______</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 49%">Issue Date: August 10, 2020</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Initial Exercise Date: August 10, 2020</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">THIS UNDERWRITER COMMON
STOCK PURCHASE WARRANT (the &ldquo;<U>Warrant</U>&rdquo;) certifies that, for value received, _____________ or its assigns (the
&ldquo;<U>Holder</U>&rdquo;) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date set forth above (the &ldquo;<U>Initial Exercise Date</U>&rdquo;) and on or prior to
5:00 p.m. (New York City time) on August 10, 2025 (the &ldquo;<U>Termination Date</U>&rdquo;) but not thereafter, to subscribe
for and purchase from Citius Pharmaceuticals, Inc., a Nevada corporation (the &ldquo;<U>Company</U>&rdquo;), up to ______ shares
(as subject to adjustment hereunder, the &ldquo;<U>Warrant Shares</U>&rdquo;) of Common Stock, as defined in Section 1. The purchase
price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant
is being issued pursuant to that certain engagement letter, dated as of August 2, 2020, by and between the Company and H.C. Wainwright
&amp; Co., LLC.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><U>Section 1</U>.&nbsp;<U>Definitions</U>.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Business Day</U>&rdquo;
means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which
banking institutions in the State of New York are authorized or required by law or other governmental action to close.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Commission</U>&rdquo;
means the United States Securities and Exchange Commission.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Common Stock</U>&rdquo;
means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities
may hereafter be reclassified or changed.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Common Stock Equivalents</U>&rdquo;
means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock,
including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible
into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&ldquo;<U>Exchange
Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Securities Act</U>&rdquo;
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&ldquo;<U>Trading
Day</U>&rdquo; means a day on which the Common Stock is traded on a Trading Market.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&ldquo;<U>Trading
Market</U>&rdquo; means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or
the New York Stock Exchange (or any successors to any of the foregoing).</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Transfer Agent</U>&rdquo;
means VStock Transfer, LLC, with offices located at 18 Lafayette Place, Woodmere, NY 11598, and any successor transfer agent of
the Company.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Underwriting Agreement</U>&rdquo;
means that certain underwriting agreement entered into by and between H.C. Wainwright &amp; Co., LLC and the Company, dated as
of August 5, 2020.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><U>Section 2</U>.&nbsp;<U>Exercise</U>.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Exercise of Warrant</U>. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part,
at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of
a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed
hereto (the &ldquo;<U>Notice of Exercise</U>&rdquo;). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading
Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid,
the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by
wire transfer or cashier&rsquo;s check drawn on a United States bank unless the cashless exercise procedure specified in Section
2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any
medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has
purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise
is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant
Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in
an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise within one (1) Trading Day of receipt of such notice. <B>The Holder and any assignee, by acceptance of this Warrant, acknowledge
and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder,
the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face
hereof.</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Exercise Price</U>. The exercise price per share of Common Stock under this Warrant shall be <B>$</B>1.3125, subject
to adjustment hereunder (the &ldquo;<U>Exercise Price</U>&rdquo;).</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Cashless Exercise</U>. If at the time of exercise hereof there is no effective registration statement registering, or
the prospectus contained therein is not available for the issuance or resale of the Warrant Shares to or by the Holder, then this
Warrant may also be exercised, in whole or in part, at such time by means of a &ldquo;cashless exercise&rdquo; in which the Holder
shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(A)&nbsp;=&nbsp;</TD><TD STYLE="text-align: justify">as applicable: (i) the VWAP on the Trading Day immediately
preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant
to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on
a Trading Day prior to the opening of &ldquo;regular trading hours&rdquo; (as defined in Rule 600(b)(68) of Regulation NMS promulgated
under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day
immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal
Trading Market as reported by Bloomberg L.P. as of the time of the Holder&rsquo;s execution of the applicable Notice of Exercise
if such Notice of Exercise is executed during &ldquo;regular trading hours&rdquo; on a Trading Day and is delivered within two
(2) hours thereafter (including until two (2) hours after the close of &ldquo;regular trading hours&rdquo; on a Trading Day) pursuant
to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise
is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of
&ldquo;regular trading hours&rdquo; on such Trading Day;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: -0.5in">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(B)&nbsp;=&nbsp;</TD><TD STYLE="text-align: justify">the Exercise Price of this Warrant, as adjusted hereunder;
and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(X)&nbsp;=&nbsp;</TD><TD STYLE="text-align: justify"> the number of Warrant Shares that would be issuable
upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather
than a cashless exercise.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: left; text-indent: -31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="background-color: white"><U>&ldquo;Bid
Price</U>&rdquo; means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on
a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most
recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common
Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Securities
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="background-color: white">&ldquo;<U>VWAP</U>&rdquo;
</FONT>means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is
then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on
a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)&nbsp; if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as
applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock
are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices),
the most recent bid price per share of the Common Stock so reported, or (d)&nbsp;in all other cases, the fair market value of a
share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest
of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the
Company<FONT STYLE="background-color: white">.</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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<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; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="background-color: white">If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period
of the Warrant Shares being issued may be tacked on to the holding period of this Warrant.&nbsp;The Company agrees not to
take any position contrary to this Section 2(c).</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Mechanics of Exercise</U>.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">i.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Delivery of Warrant Shares Upon Exercise</U>. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder&rsquo;s or its designee&rsquo;s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (&ldquo;<U>DWAC</U>&rdquo;) if the Company is
then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant
Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without
volume or manner of sale limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical
delivery of a certificate, registered in the Company&rsquo;s share register in the name of the Holder or its designee, for the
number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the
Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days (ii) the number of days comprising the Standard
Settlement Period, in each case after the delivery to the Company of the Notice of Exercise and (iii) one (1) Trading Day after
delivery of the aggregate Exercise Price to the Company (such date, the &ldquo;<U>Warrant Share Delivery Date</U>&rdquo;). Upon
delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of
the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares,
provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by the Warrant
Share Delivery Date. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise
by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for
each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice
of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin
to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or the Holder rescinds
such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant
remains outstanding and exercisable. As used herein, &ldquo;<U>Standard Settlement Period</U>&rdquo; means the standard settlement
period, expressed in a number of Trading Days, on the Company&rsquo;s primary Trading Market with respect to the Common Stock as
in effect on the date of delivery of the Notice of Exercise.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">ii.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Delivery of New Warrants Upon Exercise</U>. If this Warrant shall have been exercised in part, the Company shall, at
the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver
to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant,
which new Warrant shall in all other respects be identical with this Warrant.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">iii.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Rescission Rights</U>. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares
pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">iv.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</U>. In addition to any other rights
available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance
with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after
such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder&rsquo;s brokerage
firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which
the Holder anticipated receiving upon such exercise (a &ldquo;<U>Buy-In</U>&rdquo;), then the Company shall (A) pay in cash to
the Holder the amount, if any, by which (x) the Holder&rsquo;s total purchase price (including brokerage commissions, if any) for
the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the
Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order
giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the
Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed
rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied
with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price
giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be
required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder
in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder&rsquo;s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company&rsquo;s failure to timely deliver shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">v.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>No Fractional Shares or Scrip</U>. No fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such
exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal
to such fraction multiplied by the Exercise Price or round up to the next whole share.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">vi.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Charges, Taxes and Expenses</U>. Issuance of Warrant Shares shall be made without charge to the Holder for any issue
or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses
shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may
be directed by the Holder; <U>provided</U>, <U>however</U>, that in the event that Warrant Shares are to be issued in a name other
than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto
duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it
for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any
Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar
functions) required for same-day electronic delivery of the Warrant Shares.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">vii.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Closing of Books</U>. The Company will not close its stockholder books or records in any manner which prevents the timely
exercise of this Warrant, pursuant to the terms hereof.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Holder&rsquo;s Exercise Limitations</U>. The Company shall not effect any exercise of this Warrant, and a Holder shall
not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving
effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&rsquo;s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder&rsquo;s Affiliates (such Persons,
&ldquo;<U>Attribution Parties</U>&rdquo;)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below).&nbsp; For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and
its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant
with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable
upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates
or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the
Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous
to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.&nbsp; Except
as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder
that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act
and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation
contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities
owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall
be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder&rsquo;s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and
the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to
any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common
Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company&rsquo;s most recent
periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or
(C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.&nbsp;
Upon the written or oral request of a Holder, the Company shall within one (1) Trading Day confirm orally and in writing to the
Holder the number of shares of Common Stock then outstanding.&nbsp; In any case, the number of outstanding shares of Common Stock
shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by
the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock
was reported. The &ldquo;<U>Beneficial Ownership Limitation</U>&rdquo; shall be 4.99% of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The
Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e),
provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding
immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and
the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective
until the 61<SUP>st</SUP> day after such notice is delivered to the Company. The provisions of this paragraph shall be construed
and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or
any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or
to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in
this paragraph shall apply to a successor holder of this Warrant.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><U>Section 3</U>.&nbsp;<U>Certain
Adjustments</U>.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Stock Dividends and Splits</U>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT></FONT><U>Reserved</U>.&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Subsequent Rights Offerings</U>. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata
to the record holders of any class of shares of Common Stock (the &ldquo;<U>Purchase Rights</U>&rdquo;), then the Holder will be
entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have
acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, to the extent that the Holder&rsquo;s right to participate in any such Purchase Right would result in
the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase
Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent)
and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto
would not result in the Holder exceeding the Beneficial Ownership Limitation).</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT CLASS="DeltaViewInsertion">d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;
</FONT></FONT><U>Pro Rata Distributions</U>. During such time as this Warrant is outstanding, if the Company shall declare or make
any dividend (other than cash) or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common
Stock, by way of return of capital or otherwise (including, without limitation, any distribution of stock or other securities,
property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar
transaction) (a &ldquo;<U>Distribution</U>&rdquo;), at any time after the issuance of this Warrant, then, in each such case, the
Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to
any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date
of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the participation in such Distribution (<U>provided</U>, <U>however</U>, to the extent
that the Holder&rsquo;s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any
shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance
for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation). To the extent that this Warrant has not been partially or completely exercised at the time of such Distribution,
such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Fundamental Transaction</U>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the
outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common
Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or
party to, such stock or share purchase agreement or other business combination) (each a &ldquo;<U>Fundamental Transaction</U>&rdquo;),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock
of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the &ldquo;<U>Alternate Consideration</U>&rdquo;) receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard
to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of
a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder&rsquo;s option, exercisable
at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date
of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder
an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation
of such Fundamental Transaction; <U>provided</U>, <U>however</U>, if the Fundamental Transaction is not within the Company&rsquo;s control,
including not approved by the Company&rsquo;s Board of Directors, the Holder shall only be entitled to receive from the Company or any
Successor Entity, as of the date of consummation of such Fundamental Transaction, the same type or form of consideration (and in
the same proportion), at the Black Scholes Value (as defined below) of the unexercised portion of this Warrant, that is being offered
and paid to the holders of Common Stock of the Company in connection with the Fundamental Transaction, whether that consideration
be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive
from among alternative forms of consideration in connection with the Fundamental Transaction. &ldquo;<U>Black Scholes Value</U>&rdquo;
means the value of this Warrant based on the Black Scholes Option Pricing Model obtained from the &ldquo;OV&rdquo; function on
Bloomberg, L.P. (&ldquo;<U>Bloomberg</U>&rdquo;) determined as of the day of consummation of the applicable Fundamental Transaction
for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to
the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an
expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined
utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement of the applicable
Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the
price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental
Transaction and (ii) the greater of (x) the last VWAP immediately prior to the public announcement of such Fundamental Transaction
and (y) the last VWAP immediately prior to the consummation of such Fundamental Transaction and (D) a remaining option time equal
to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The
payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or by delivery of such other consideration,
as applicable) within five Business Days of the Holder&rsquo;s election (or, if later, on the effective date of the Fundamental
Transaction).&nbsp; The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the &ldquo;<U>Successor Entity</U>&rdquo;) to assume in writing all of the obligations of the Company under this Warrant in accordance
with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder,
deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such
Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this
Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative
value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such
number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the &ldquo;Company&rdquo;
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Calculations</U>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a
share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Notice to Holder</U>.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">i.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Adjustment to Exercise Price</U>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3,
the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">ii.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Notice to Allow Exercise by Holder</U>. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required
in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale
or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock
is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile
or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company,
at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date
on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record
is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the
Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such
notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><U>Section 4</U>.&nbsp;<U>Transfer
of Warrant</U>.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Transferability</U>. Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant Shares issued upon exercise
of this Warrant shall be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative,
put or call transaction that would result in the effective economic disposition of the securities by any person for a period of
180 days immediately following the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant
is being issued, except the transfer of any security:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&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: 1in"></TD><TD STYLE="width: 0.25in">&nbsp;i.</TD><TD STYLE="text-align: left">by operation of law or by reason of reorganization of the Company;</TD></TR>                                                                                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</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: 1in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: left">to any FINRA member firm participating in the offering and the officers and partners thereof, if all
securities so transferred remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period;</TD></TR>                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</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: 1in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: left">if the aggregate amount of securities of the Company held by the underwriter and related persons do
not exceed 1% of the securities being offered;</TD></TR>                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</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: 1in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: left">that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided
that no participating member manages or otherwise directs investments by the fund, and participating members in the aggregate do
not own more than 10% of the equity in the fund; or</TD></TR>                                                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</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: 1in"></TD><TD STYLE="width: 0.25in">v.</TD><TD STYLE="text-align: left">the exercise or conversion of any security, if all securities received remain subject to the lock-up
restriction in this Section 4(a) for the remainder of the time period.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">Subject to
the foregoing restrictions and subject to compliance with any applicable securities laws and the conditions set forth in Section
4(d) hereof, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with
a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. <FONT CLASS="DeltaViewInsertion">Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the
Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3)
Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. </FONT>The
Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without
having a new Warrant issued.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>New Warrants</U>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Issue Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Warrant Register</U>. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose (the &ldquo;<U>Warrant Register</U>&rdquo;), in the name of the record Holder hereof from time to time. The Company may
deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Representation by the Holder</U>. The Holder, by the acceptance hereof, represents and warrants that it is acquiring
this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and
not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act
or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><U>Section 5</U>.&nbsp;<U>Miscellaneous</U>.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>No Rights as Stockholder Until Exercise; No Settlement in Cash</U>. This Warrant does not entitle the Holder to any voting
rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i),
except as expressly set forth in Section 3. Without limiting the rights of a Holder to receive Warrant Shares on a &ldquo;cashless
exercise,&rdquo; and to receive the cash payments contemplated pursuant to Sections 2(d)(i) and 2(d)(iv), in no event will the
Company be required to net cash settle a Warrant exercise.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Loss, Theft, Destruction or Mutilation of Warrant</U>. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to
the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock
certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Saturdays, Sundays, Holidays, etc</U>. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised
on the next succeeding Business Day.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Authorized Shares</U>.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be
listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by
the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such
issue).</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">Except and to
the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale
of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be
necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the
generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor
upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Jurisdiction</U>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to
the principles of conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement
and defense of this Warrant shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan
(the &ldquo;<U>New York Courts</U>&rdquo;). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New
York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that
it is not personally subject to the jurisdiction of such New York Courts, or such New York Courts are improper or inconvenient
venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served
in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce
any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party
for their reasonable attorneys&rsquo; fees and other costs and expenses incurred with the investigation, preparation and prosecution
of such action or proceeding.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Restrictions</U>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not
registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal
securities laws.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Nonwaiver and Expenses</U>. No course of dealing or any delay or failure to exercise any right hereunder on the part
of Holder shall operate as a waiver of such right or otherwise prejudice the Holder&rsquo;s rights, powers or remedies. Without
limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this
Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient
to cover any costs and expenses including, but not limited to, reasonable attorneys&rsquo; fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Notices</U>. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including,
without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a
nationally recognized overnight courier service, addressed to the Company, at the address set forth above Attention: <B>Jaime Bartushak,
CFO</B>, , email address jbartushak@citiuspharma.com, or such other facsimile number, email address or address as the Company may
specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by
the Company hereunder shall be in writing and delivered personally, by facsimile or email, or sent by a nationally recognized overnight
courier service addressed to each Holder at the facsimile number, email address or address of such Holder appearing on the books
of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of
(i) the date of transmission, if such notice or communication is delivered via facsimile or email at the facsimile number or email
address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the date
of transmission, if such notice or communication is delivered via facsimile or email at the facsimile number or email address set
forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii)
the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv)
upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder
constitutes, or contains, material, non-public information regarding the Company or any subsidiaries, the Company shall simultaneously
file such notice with the Commission pursuant to a Current Report on Form 8-K.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Limitation of Liability</U>. No provision hereof, in the absence of any affirmative action by the Holder to exercise
this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to
any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Remedies</U>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Successors and Assigns</U>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors
and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time
of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Amendment</U>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the
Company and the Holder.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT><U>Severability</U>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT><U>Headings</U>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose,
be deemed a part of this Warrant.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>(Signature Page Follows)</I></P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>Citius Pharmaceuticals, Inc.</B></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 60%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 4%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 36%">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 2.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-transform: uppercase">To:&nbsp;Citius
Pharmaceuticals, Inc.</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT>The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT>Payment shall take the form of (check applicable box):</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0in">&#9744; in
lawful money of the United States; or</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0in">&#9744; if
permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in
subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the
cashless exercise procedure set forth in subsection 2(c).</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT>Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Warrant Shares shall be delivered to
the following DWAC Account Number:</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
</FONT>Accredited Investor. The undersigned is an &ldquo;accredited investor&rdquo; as defined in Regulation D promulgated under
the Securities Act of 1933, as amended.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-transform: uppercase">[SIGNATURE
OF HOLDER]</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 8%; font-size: 10pt">Name of Investing Entity:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; width: 92%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 8%; font-size: 10pt; font-style: italic">Signature of Authorized Signatory of Investing Entity:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; width: 92%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 8%; font-size: 10pt">Name of Authorized Signatory:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; width: 92%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 8%; font-size: 10pt">Title of Authorized Signatory:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; width: 92%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="width: 2%; font-size: 10pt">Date:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; width: 98%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 10.5pt"><I>(To assign the foregoing
Warrant, execute this form and supply required information. Do not use this form to purchase shares.)</I></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 10.5pt">FOR VALUE RECEIVED, the
foregoing Warrant and all rights evidenced thereby are hereby assigned to</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 10pt">
    <TD STYLE="width: 50%; text-align: left; font-size: 10pt">Name:</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 40%; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">(Please Print)</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">Address:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">(Please Print)&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT CLASS="DeltaViewInsertion">Phone Number:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT CLASS="DeltaViewInsertion">Email Address: </FONT>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">Dated: _______________
    __, ______</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">Holder&rsquo;s
    Signature:&nbsp;__________________
    </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">Holder&rsquo;s
    Address:&nbsp;___________________
    </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>ea125100ex5-1_citius.htm
<DESCRIPTION>OPINION OF WYRICK ROBBINS YATES & PONTON, LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Wyrick Robbins Yates &amp; Ponton LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4101 Lake Boone Trail, Suite 300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Raleigh, North Carolina 27607-7506</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">August 10, 2020</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">Board of Directors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11 Commerce Drive, First Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cranford, New Jersey 07016</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have acted as counsel to Citius Pharmaceuticals, Inc., a
Nevada corporation (the &ldquo;Company&rdquo;), in connection with the issuance and sale of up to 9,159,524 shares (the &ldquo;<B>Shares</B>&rdquo;)
of common stock, $0.001 par value per share, of the Company (the &ldquo;<B>Common Stock</B>&rdquo;), pursuant to the registration
statement on Form&nbsp;S-3 (File No. 333-221492), filed with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;), and declared effective by the Commission on December
15, 2017 (the registration statement, as it may be amended from time to time, is herein referred to as the &ldquo;<B>Registration
Statement</B>&rdquo;), together with the exhibits to the Registration Statement and the documents incorporated by reference therein
and the related base prospectus which forms a part of and is included in the Registration Statement and the related prospectus
supplement in the form filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Act (together, the &ldquo;<B>Prospectus</B>&rdquo;)
relating to the proposed public offering.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Shares will be sold pursuant to an Amended and Restated
Underwriting Agreement, dated as of August 5, 2020 (the &ldquo;<B>Agreement</B>&rdquo;), between the Company and H.C. Wainwright&nbsp;&amp;
Co., LLC (the &ldquo;<B>Underwriter</B>&rdquo;), and has been filed as an exhibit to the Company&rsquo;s Current Report on Form
8-K filed on August 10, 2020.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with this opinion, we have examined and relied
upon the Registration Statement and the Prospectus, the Company&rsquo;s Amended and Restated Articles of Incorporation, as currently
in effect, the Company&rsquo;s Amended and Restated Bylaws, as currently in effect, the Agreement, and such instruments, documents,
certificates and records that we have deemed relevant and necessary for the basis of our opinion hereinafter expressed. In such
examination, we have assumed: (i) the authenticity of original documents and the genuineness of all signatures; (ii) the conformity
to the originals of all documents submitted to us as copies; (iii) the truth, accuracy and completeness of the information, representations
and warranties contained in the records, documents, instruments and certificates we have reviewed; and (iv) the due execution and
delivery of all documents where due execution and delivery are a prerequisite to the effectiveness thereof.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">Board of Directors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 10, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</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">Based upon, and subject to and limited by the foregoing, we
are of the opinion that the Shares, when issued and sold in accordance with the terms of the Agreement, the Registration Statement
and the Prospectus, will be duly authorized, validly issued, fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion is limited to current federal laws of the United
States and laws of the state of Nevada, including the statutory provisions and reported judicial decisions interpreting these laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the use of our name wherever it appears
in the Registration Statement and the Prospectus, and in any amendment or supplement thereto, and the filing of this opinion as
an exhibit to the Current Report on Form 8-K and the incorporation by reference of this opinion in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In giving this consent, we do not admit that we are within the
category of persons whose consent is required by Section 7 of the Securities Act or the rules and regulations promulgated thereunder
by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">/s/<FONT STYLE="font-variant: small-caps">Wyrick Robbins Yates &amp; Ponton LLP</FONT></FONT></TD>
    <TD>&nbsp;</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">&nbsp;</P>

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

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

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<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>ea125100ex99-1_citius.htm
<DESCRIPTION>PRESS RELEASE DATED AUGUST 5, 2020
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Citius Pharmaceuticals Announces $6.0
Million Bought Deal Offering</B></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">CRANFORD, N.J., August 5, 2020 -- Citius Pharmaceuticals, Inc.
(&ldquo;Citius&rdquo; or the &ldquo;Company&rdquo;) (Nasdaq: CTXR), a specialty pharmaceutical company focused on developing and commercializing
critical care drug products, announced today that it has entered into an underwriting agreement with H.C. Wainwright&nbsp;&amp;
Co., LLC under which the underwriter has agreed to purchase on a firm commitment basis 5,714,286 shares of common stock of the
Company, at a price to the public of $1.05 per share, less underwriting discounts and commissions. The closing of the offering
is expected to occur on or about August 10, 2020, subject to satisfaction of customary closing conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H.C. Wainwright&nbsp;&amp; Co. is acting as the sole book-running
manager for the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company also has granted to the underwriter a 30-day option
to purchase up to an additional 857,142 shares of common stock at the public offering price, less underwriting discounts and commissions.
The gross proceeds to Citius, before deducting underwriting discounts and commissions and offering expenses and assuming no exercise
of the underwriter&rsquo;s option to purchase additional common stock, are expected to be approximately $6.0 million. The Company
intends to use the net proceeds from this offering for general corporate purposes, including its Phase 3 clinical Mino-Lok trial
for the treatment of catheter related bloodstream infections, development of Mino-Wrap, its Phase 2b trial of Halo-Lido cream for
the treatment of hemorrhoids, its other product development initiatives and working capital and capital expenditures. &nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The shares of common stock are being offered by the Company
pursuant to a &ldquo;shelf&rdquo; registration statement on Form S-3 (File No. 333-221492) originally filed with the&nbsp;Securities
and Exchange Commission&nbsp;(the &ldquo;SEC&rdquo;) on&nbsp;November 9, 2017,&nbsp;and declared effective by the&nbsp;SEC&nbsp;on&nbsp;December
15, 2017. The offering of the shares of common stock is made only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. A preliminary prospectus supplement and accompanying prospectus relating
to, and describing the terms of, the offering will be filed with the SEC and will be available on the&nbsp;SEC&rsquo;s&nbsp;website at&nbsp;http://www.sec.gov&nbsp;.&nbsp;
Electronic copies of the preliminary prospectus supplement and accompanying prospectus may also be obtained, when available, by
contacting&nbsp;H.C. Wainwright&nbsp;&amp; Co., LLC at&nbsp;430 Park Avenue, 3rd Floor,&nbsp;New York, NY&nbsp;10022, by telephone
at (646) 975-6996 or e-mail at&nbsp;placements@hcwco.com.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citius is a late-stage specialty pharmaceutical company dedicated
to the development and commercialization of critical care products, with a focus on anti-infectives and cancer care. For more
information, please visit&nbsp;www.citiuspharma.com.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release may contain &ldquo;forward-looking statements&rdquo;
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements
are made based on our expectations and beliefs concerning future events impacting Citius. You can identify these statements by
the fact that they use words such as &ldquo;will,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;should,&rdquo;
and &ldquo;may&rdquo; and other words and terms of similar meaning or use of future dates. Forward-looking statements are based on
management&rsquo;s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating
results, financial condition and stock price and include, among others, statements regarding the completion of the public offering,
the satisfaction of customary closing conditions related to the public offering and the intended use of net proceeds from the public
offering. Factors that could cause actual results to differ materially from those currently anticipated are: market and other conditions;
our ability to attract, integrate, and retain key personnel; our need for substantial additional funds; the risk of successfully
negotiating within the option period a license agreement with Novellus, Inc. for our planned Novecite therapy for ARDS; risks associated
with conducting clinical trials and drug development; the estimated markets for our product candidates and the acceptance thereof
by any market; risks related to our growth strategy; risks relating to the results of research and development activities; uncertainties
relating to preclinical and clinical testing; the early stage of products under development; our ability to obtain, perform under
and maintain financing and strategic agreements and relationships; our ability to identify, acquire, close and integrate product
candidates and companies successfully and on a timely basis; our dependence on third-party suppliers; government regulation; patent
and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any
obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect
any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except
as required by law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(O) 908-967-6677 x105</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ascott@citiuspharma.com</P>

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

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<TYPE>EX-99.2
<SEQUENCE>6
<FILENAME>ea125100ex99-2_citius.htm
<DESCRIPTION>PRESS RELEASE DATED AUGUST 5, 2020
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.2</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Citius Pharmaceuticals
Increases Previously Announced Bought Deal Offering to $8.4 Million</B></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">CRANFORD, N.J., August 5, 2020 -- Citius Pharmaceuticals, Inc.
(&ldquo;Citius&rdquo; or the &ldquo;Company&rdquo;) (Nasdaq: CTXR), a specialty pharmaceutical company focused on developing and commercializing
critical care drug products, announced today that, due to demand, the underwriter has agreed to increase the size of the previously
announced public offering and purchase on a firm commitment basis 7,964,804 shares of common stock of the Company, at a price to
the public of $1.05 per share, less underwriting discounts and commissions. The closing of the offering is expected to occur on
or about August 10, 2020, subject to satisfaction of customary closing conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H.C. Wainwright&nbsp;&amp; Co. is acting as the sole book-running
manager for the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company also has granted to the underwriter a 30-day option
to purchase up to an additional 1,194,720 shares of common stock at the public offering price, less underwriting discounts and
commissions. The gross proceeds to Citius, before deducting underwriting discounts and commissions and offering expenses and assuming
no exercise of the underwriter&rsquo;s option to purchase additional common stock, are expected to be approximately $8.4 million.
The Company intends to use the net proceeds from this offering for general corporate purposes, including its Phase 3 clinical Mino-Lok&reg;
trial for the treatment of catheter related bloodstream infections, development of Mino-Wrap, its Phase 2b trial of Halo-Lido cream
for the treatment of hemorrhoids, its other product development initiatives and working capital and capital expenditures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The shares of common stock are being offered by the Company
pursuant to a &ldquo;shelf&rdquo; registration statement on Form S-3 (File No. 333-221492) originally filed with the&nbsp;Securities
and Exchange Commission&nbsp;(the &ldquo;SEC&rdquo;) on&nbsp;November 9, 2017,&nbsp;and declared effective by the&nbsp;SEC&nbsp;on&nbsp;December
15, 2017. The offering of the shares of common stock is made only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. A preliminary prospectus supplement and accompanying prospectus relating
to, and describing the terms of, the offering have been filed with the SEC and are available on the SEC&rsquo;s website at http://www.sec.gov.
A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and, upon filing,
may be obtained on the SEC&rsquo;s website at http://www.sec.gov or by contacting H.C. Wainwright &amp; Co., LLC at 430 Park Avenue,
3rd Floor, New York, NY 10022, by telephone at (646) 975-6996 or e-mail at placements@hcwco.com.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citius is a late-stage specialty pharmaceutical company dedicated
to the development and commercialization of critical care products, with a focus on anti-infectives and cancer care. For more
information, please visit&nbsp;www.citiuspharma.com.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release may contain &ldquo;forward-looking statements&rdquo;
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements
are made based on our expectations and beliefs concerning future events impacting Citius. You can identify these statements by
the fact that they use words such as &ldquo;will,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;should,&rdquo;
and &ldquo;may&rdquo; and other words and terms of similar meaning or use of future dates. Forward-looking statements are based on
management&rsquo;s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating
results, financial condition and stock price and include, among others, statements regarding the completion of the public offering,
the satisfaction of customary closing conditions related to the public offering and the intended use of net proceeds from the public
offering. Factors that could cause actual results to differ materially from those currently anticipated are: market and other conditions;
our ability to attract, integrate, and retain key personnel; our need for substantial additional funds; the risk of successfully
negotiating within the option period a license agreement with Novellus, Inc. for our planned Novecite therapy for ARDS; risks associated
with conducting clinical trials and drug development; the estimated markets for our product candidates and the acceptance thereof
by any market; risks related to our growth strategy; risks relating to the results of research and development activities; uncertainties
relating to preclinical and clinical testing; the early stage of products under development; our ability to obtain, perform under
and maintain financing and strategic agreements and relationships; our ability to identify, acquire, close and integrate product
candidates and companies successfully and on a timely basis; our dependence on third-party suppliers; government regulation; patent
and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any
obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect
any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except
as required by law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(O) 908-967-6677 x105</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ascott@citiuspharma.com</P>

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

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>7
<FILENAME>ea125100ex99-3_citius.htm
<DESCRIPTION>PRESS RELEASE DATED AUGUST 10, 2020.
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Citius Pharmaceuticals Announces Closing of $9.6 Million Bought
Deal Offering and Full Exercise of Underwriter&rsquo;s Option to Purchase Additional Shares </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">CRANFORD, N.J., August 10, 2020 -- Citius Pharmaceuticals, Inc.
(&quot;Citius&quot; or the &quot;Company&quot;) (Nasdaq: CTXR), a specialty pharmaceutical company focused on developing and commercializing
critical care drug products, announced today the closing of its previously announced underwritten public offering of 9,159,524
shares of common stock of the Company, including the exercise in full by the underwriter of the option to purchase an additional
1,194,720 shares of common stock, at a price to the public of $1.05 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">H.C. Wainwright&nbsp;&amp; Co. acted as the sole book-running manager
for the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The gross proceeds to Citius, before deducting underwriting discounts
and commissions and offering expenses, are approximately $9.6 million. The Company intends to use the net proceeds from this offering
for general corporate purposes, including its Phase 3 clinical Mino-Lok&reg; trial for the treatment of catheter related bloodstream
infections, development of Mino-Wrap, its Phase 2b trial of Halo-Lido cream for the treatment of hemorrhoids, its other product
development initiatives and working capital and capital expenditures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The shares of common stock were offered by the Company pursuant
to a &quot;shelf&quot; registration statement on Form S-3 (File No. 333-221492) originally filed with the&nbsp;Securities and Exchange
Commission&nbsp;(the &quot;SEC&quot;) on&nbsp;November 9, 2017,&nbsp;and declared effective by the&nbsp;SEC&nbsp;on&nbsp;December
15, 2017. The offering of the shares of common stock was made only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the
offering have been filed with the SEC and are available on the SEC's website at http://www.sec.gov and may also be obtained by
contacting H.C. Wainwright &amp; Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (646) 975-6996 or
e-mail at placements@hcwco.com.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Citius is a late-stage specialty pharmaceutical company dedicated
to the development and commercialization of critical care products, with a focus on anti-infectives and cancer care. For more information,
please visit&nbsp;<U>www.citiuspharma.com</U>.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This press release may contain &quot;forward-looking statements&quot;
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements
are made based on our expectations and beliefs concerning future events impacting Citius. You can identify these statements by
the fact that they use words such as &quot;will,&quot; &quot;anticipate,&quot; &quot;estimate,&quot; &quot;expect,&quot; &quot;should,&quot;
and &quot;may&quot; and other words and terms of similar meaning or use of future dates. Forward-looking statements are based on
management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating
results, financial condition and stock price and include, among others, statements regarding the intended use of net proceeds from
the public offering. Factors that could cause actual results to differ materially from those currently anticipated are: market
and other conditions; our ability to attract, integrate, and retain key personnel; our need for substantial additional funds; the
risk of successfully negotiating within the option period a license agreement with Novellus, Inc. for our planned Novecite therapy
for ARDS; risks associated with conducting clinical trials and drug development; the estimated markets for our product candidates
and the acceptance thereof by any market; risks related to our growth strategy; risks relating to the results of research and development
activities; uncertainties relating to preclinical and clinical testing; the early stage of products under development; our ability
to obtain, perform under and maintain financing and strategic agreements and relationships; our ability to identify, acquire, close
and integrate product candidates and companies successfully and on a timely basis; our dependence on third-party suppliers; government
regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly
disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained
herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement
is based, except as required by law.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(O) 908-967-6677 x105</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ascott@citiuspharma.com</P>

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

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

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

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

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

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

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

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

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