<SEC-DOCUMENT>0001144204-14-054739.txt : 20140908
<SEC-HEADER>0001144204-14-054739.hdr.sgml : 20140908
<ACCEPTANCE-DATETIME>20140908133512
ACCESSION NUMBER:		0001144204-14-054739
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20140908
DATE AS OF CHANGE:		20140908

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Alliqua BioMedical, Inc.
		CENTRAL INDEX KEY:			0001054274
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				582349413
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-197844
		FILM NUMBER:		141090190

	BUSINESS ADDRESS:	
		STREET 1:		2150 CABOT BOULEVARD WEST
		CITY:			LANGHORNE
		STATE:			PA
		ZIP:			19047
		BUSINESS PHONE:		215-702-8550

	MAIL ADDRESS:	
		STREET 1:		2150 CABOT BOULEVARD WEST
		CITY:			LANGHORNE
		STATE:			PA
		ZIP:			19047

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Alliqua, Inc.
		DATE OF NAME CHANGE:	20101222

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEPALIFE TECHNOLOGIES INC
		DATE OF NAME CHANGE:	20030529

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZETA CORP
		DATE OF NAME CHANGE:	20030219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Choice Therapeutics Inc
		CENTRAL INDEX KEY:			0001402333
		IRS NUMBER:				205304676
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-197844-01
		FILM NUMBER:		141090191

	BUSINESS ADDRESS:	
		STREET 1:		190 INDUSTRIAL BLVD.
		STREET 2:		SUITE 3
		CITY:			WRENTHAM
		STATE:			MA
		ZIP:			02093
		BUSINESS PHONE:		774-210-3001

	MAIL ADDRESS:	
		STREET 1:		190 INDUSTRIAL BLVD.
		STREET 2:		SUITE 3
		CITY:			WRENTHAM
		STATE:			MA
		ZIP:			02093

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AquaMed Technologies, Inc.
		CENTRAL INDEX KEY:			0001468929
		IRS NUMBER:				264042544
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-197844-02
		FILM NUMBER:		141090192

	BUSINESS ADDRESS:	
		STREET 1:		850 THIRD AVENUE
		STREET 2:		SUITE 1801
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		646-218-1405

	MAIL ADDRESS:	
		STREET 1:		850 THIRD AVENUE
		STREET 2:		SUITE 1801
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3/A
<SEQUENCE>1
<FILENAME>v388414_s3a.htm
<DESCRIPTION>FORM S-3/A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> As filed with the Securities and
Exchange Commission on September 8, 2014 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B> Registration No. 333-197844 </B></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 20%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B> AMENDMENT NO.
1 TO </B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B></P>

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

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 20%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B></B>&nbsp;</P>

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

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

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Alliqua BioMedical, Inc. </B></P>

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

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

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

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 20%; margin-top: 3pt; margin-bottom: 3pt">
<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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <TD STYLE="width: 33%; padding: 0; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0; text-align: center">&nbsp;</td>
    <TD STYLE="width: 32%; padding: 0; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0; text-align: center">&nbsp;</td>
    <TD STYLE="width: 33%; padding: 0; text-align: center">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0"><font style="font-size: 10pt"><b>Delaware</b></font></td>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0"><font style="font-size: 10pt"><b>58-2349413</b></font></td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">incorporation or organization)</P></td>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center; padding: 0">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Identification Number)</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>2150 Cabot Boulevard West<BR>
Langhorne, Pennsylvania 19047</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(215) 702-8550</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address,
including zip code, and telephone number, including area code, of registrant&rsquo;s principal executive offices)<B> </B></FONT></P>

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

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 20%; margin-top: 3pt; margin-bottom: 3pt">
<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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>David I. Johnson<BR>
Chief Executive Officer<BR>
Alliqua BioMedical, Inc.<BR>
2150 Cabot Boulevard West<BR>
Langhorne, Pennsylvania 19047</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(215) 702-8550</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name, address, including
zip code, and telephone number, including area code, of agent for service)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><I>Copies of all communications, including
communications sent to agent for service, should be sent to: </I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>30 Rockefeller Plaza, 26th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>New York, New York 10112</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Tel. (212) 659-7300</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Fax (212) 884-8234</B></P>

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

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

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 20%; margin-top: 3pt; margin-bottom: 3pt">
<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Approximate date of commencement of proposed
sale to the public:</B>&nbsp;From time to time after this Registration Statement becomes effective.</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">If the only securities being registered
on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box: <FONT STYLE="font-family: Wingdings">&uml;</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">If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, other
than securities offered only in connection with dividend or interest reinvestment plans, check the following box:&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"></FONT><FONT STYLE="font-family: Wingdings">&#120;</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">If this Form is filed to register additional
securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</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">If this Form is a post-effective amendment
filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</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>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></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">If this Form is a registration statement
filed pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the
Commission pursuant to Rule 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&uml;</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">If this Form is a post-effective amendment
to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes
of securities pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&uml;</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">Indicate by check mark whether the Registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; 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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td><font style="font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</font></td>
    <td>&nbsp;</td>
    <td><font style="font: 10pt Wingdings">&uml;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Accelerated&nbsp;filer</font></td>
    <td>&nbsp;</td>
    <td><font style="font: 10pt Wingdings">&uml;</font></td></tr>
<tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 10pt">Non-accelerated filer</font></td>
    <td>&nbsp;</td>
    <td><font style="font: 10pt Wingdings">&uml;</font><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;(Do not check if a smaller reporting company)</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</font></td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-family: Wingdings">&#120;</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"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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;&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> &nbsp;&nbsp; </B></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"></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="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> Title of
    each class of <BR>securities to be registered </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> Amount&nbsp;to&nbsp;be
    <BR>registered(1)(2) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> Proposed
    <BR>maximum <BR>offering&nbsp;price <BR>per security(2) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> Proposed
    <BR>maximum <BR>aggregate <BR>offering <BR>
    price (2) </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"> Amount&nbsp;of
    <BR>registration&nbsp;fee </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt"> Primary Offering </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt"> Common Stock, $0.001 par value per share(2) </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt"> Preferred stock, $0.001 par value per share(2) </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt"> Debt securities(2) </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt"> Warrants(2) </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt"> Subscription Rights(2) </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt"> Units </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt"> Total for Primary Offering </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> $ </TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"> 100,000,000 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> $ </TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"> 12,880 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> (3) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt"> Secondary Offering </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt"> Common Stock, $0.001 par value per share </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 6,602,702 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> $ </TD><TD STYLE="font-size: 10pt; text-align: right"> 5.07 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> $ </TD><TD STYLE="font-size: 10pt; text-align: right"> 33,475,699 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> $ </TD><TD STYLE="font-size: 10pt; text-align: right"> 4,312 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt"> Common Stock underlying Warrants </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 1,264,095 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> $ </TD><TD STYLE="font-size: 10pt; text-align: right"> 5.07 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> $ </TD><TD STYLE="font-size: 10pt; text-align: right"> 6,408,962 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> $ </TD><TD STYLE="font-size: 10pt; text-align: right"> 825 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt"> Total for Secondary Offering </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 7,866,797 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> $ </TD><TD STYLE="font-size: 10pt; text-align: right"> 5.07 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> $ </TD><TD STYLE="font-size: 10pt; text-align: right"> 39,884,661 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> $ </TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"> 5,137 </FONT></TD><TD STYLE="font-size: 10pt; text-align: left"> (2) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt"> Total Registration
    Fee </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> $ </TD><TD STYLE="font-size: 10pt; text-align: right"> 18,017 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<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-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: 4%"><font style="font-size: 10pt">(1)</font></td>
    <td><font style="font-size: 10pt">With regard to the securities included in the primary offering made hereby, there are being registered hereunder such indeterminate number of shares of common stock and preferred stock, such indeterminate number of debt securities, such indeterminate number of warrants to purchase common stock or preferred stock, and such indeterminate number of units as shall have an aggregate initial offering price not to exceed $100,000,000, less the aggregate dollar amount of all securities previously sold hereunder. Any securities registered hereunder may be sold separately or as units with the other securities registered hereunder. The proposed maximum offering price per unit will be determined, from time to time, by the registrant in connection with the issuance by the registrant of the securities registered hereunder. The securities registered hereunder also include such indeterminate number of shares of common stock and preferred stock as may be issued upon conversion of or exchange for preferred stock that provide for conversion or exchange, upon exercise of warrants or pursuant to the antidilution provisions of any of such securities. In addition, pursuant to Rule 416 under the Securities Act, the shares being registered hereunder include such indeterminate number of shares of common stock and preferred stock as may be issuable with respect to the shares being registered hereunder as a result of stock splits, stock dividends or similar transactions. &nbsp;&nbsp;In addition, with respect to the secondary offering, there are being registered hereunder 6,602,702 shares of common stock and 1,264,095 shares of common stock issuable upon exercise of warrants that, in each case, the selling shareholders may sell from time to time.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%"><font style="font-size: 10pt">(2)</font></td>
    <td><font style="font-size: 10pt">With regard to the securities included in the primary offering made hereby, the proposed maximum offering price per security will be determined from time to time by the registrant in connection with, and at the time of, the issuance of the securities and is not specified as to each class of security pursuant to General Instruction II.D. of Form S-3, as amended. &nbsp;&nbsp;With regard to the securities included in the secondary offering made hereby, the offering price and registration fee are estimated pursuant to Rule 457(c) under the Securities Act of 1933 based upon the average high and low sale prices for the common stock of Alliqua BioMedical, Inc., on July 30, 2014, as reported by the Nasdaq Capital Market.</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"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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: top">
    <td style="width: 4%"><font style="font-size: 10pt">(3)</font></td>
    <td><font style="font-size: 10pt">With regard to the securities included in the primary offering made hereby, calculated pursuant to Rule 457(o) under the Securities Act based on the proposed maximum aggregate offering price of all securities listed. </font></td></tr>
</table>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt">&nbsp;</DIV>

<DIV STYLE="text-align: left; margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.5pt; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>THE REGISTRANT HEREBY AMENDS THIS REGISTRATION
STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT
WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF
THE SECURITIES ACT OF 1933, AS AMENDED, OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES
AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.</B></P>

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


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>TABLE OF CO-REGISTRANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></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; text-indent: 24.5pt"> Each of the following
subsidiaries of Alliqua BioMedical, Inc.  may become a guarantor of certain of the securities registered hereby and each such
subsidiary is a co-registrant: </P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="width: 37%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="width: 31%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="width: 30%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td nowrap>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Exact Name as Specified</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid"><B>in Charter</B>&nbsp;</P></td>
    <td>&nbsp;</td>
    <td style="border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Jurisdiction of</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Organization</B>&nbsp;</P></td>
    <td>&nbsp;</td>
    <td style="border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>IRS Employer</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Identification Number</B>&nbsp;</P></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 0.75pt; padding-left: 12pt; text-indent: -12pt"><font style="font-size: 10pt">AquaMed Technologies, Inc.</font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt">Delaware</font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt">26-4042544</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 0.75pt; padding-left: 12pt; text-indent: -12pt"><font style="font-size: 10pt">Choice Therapeutics, Inc.</font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt">Delaware</font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center"><font style="font-size: 10pt">20-5304676</font></td></tr>
</table>
<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; text-indent: 24.5pt">The address, including zip code, of each
co-registrant is 2150 Cabot Boulevard West, Langhorne, Pennsylvania 19047, and the telephone number, including area code, is (215)
702-8550. The name and address, including zip code, of the agent for service of process for each of the co-registrants is the same
as for Alliqua BioMedical, Inc.</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #DE1A1E"><B>The information in this prospectus is not
complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange
Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these
securities in any state where the offer or sale is not permitted. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #DE1A1E">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #DE1A1E"><B> SUBJECT TO COMPLETION,
DATED SEPTEMBER 8, 2014 </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"><B>PROSPECTUS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.gif" ALT="Alliqua, Inc." STYLE="height: 79px; width: 249px"></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>Alliqua BioMedical, Inc.</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; text-align: center"><B>$100,000,000</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>_________________</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; text-align: center"><B>6,602,702 Shares of Common Stock </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1,264,095 Shares of Common Stock underlying
Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offered by the Selling Shareholders</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; text-indent: 0.5in">We may offer and sell from time to time,
in one or more series or issuances and on terms that we will determine at the time of the offering, any combination of the securities
described in this prospectus, up to an aggregate amount of $100,000,000. In addition, the selling shareholders identified in this
prospectus, or any of its transferees, donees, pledgees or other successors, may offer and sell from time to time up to 6,602,702
shares of our common stock and up to 1,264,095 shares of our common stock underlying warrants. Unless otherwise provided in a prospectus
supplement, we will not receive any proceeds from the sale of the shares by the selling shareholders. However, we will generate
proceeds in the event of a cash exercise of the warrants by the selling shareholders. We intend to use those proceeds, if any,
for general corporate purposes. We will pay the expenses of registering these shares. We and the selling shareholder may offer
securities at the same time or in separate transactions.</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">Each time we sell securities hereunder,
we will attach a supplement to this prospectus that contain the specific information about the terms of the offering, including
the price at which we are offering the securities to the public. Any prospectus supplement may also add, update, or change information
contained in this prospectus. You should carefully read this prospectus and the applicable prospectus supplement as well as the
documents incorporated or deemed to be incorporated by reference in this prospectus before you purchase any of the securities offered
hereby.</P>

<P 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">These securities may be offered and sold
in the same offering or in separate offerings; to or through underwriters, dealers, and agents; or directly to purchasers. The
names of any underwriters, dealers, or agents involved in the sale of our securities, their compensation and any over-allotment
options held by them will be described in the applicable prospectus supplement. See &ldquo;Plan of Distribution.&rdquo;</P>

<P 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 shares of common stock to be offered
and sold by the selling shareholders, or any of their respective transferees, donees, pledgees or other successors, are being registered
to permit the sale of these shares from time to time, in amounts, at prices and on terms determined at the time of offering. The
shares of common stock being sold by the selling shareholders may be sold through ordinary brokerage transactions, directly to
market makers of our shares or through any other means described in the section of this prospectus entitled &ldquo;Plan of Distribution.&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">Except in the case of offers and sales by
the selling shareholders or any of their respective transferees, donees, pledges or other successors in circumstances described
under &ldquo;Plan of Distribution,&rdquo; this prospectus may not be used to offer or sell securities unless accompanied by a prospectus
supplement.</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"> Our common stock is listed on the Nasdaq
Capital Market under the symbol &ldquo;ALQA.&rdquo; On September 5, 2014, the last reported sale price of our common stock was
$5.19 per share. We recommend that you obtain current market quotations for
our common stock prior to making an investment decision. We will provide information in any applicable prospectus supplement regarding
any listing of securities other than shares of our common stock on any securities exchange. </P>

<P 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>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></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"><B> As of September 4, 2014, the
aggregate market value of our outstanding common stock held by non-affiliates, or the public float, was $68,221,259 which was
calculated based on  12,920,693 shares of our outstanding common stock held by non-affiliates and a price of $5.28 per share,
the last reported sale price for our common stock on September 4, 2014. We have not offered any securities pursuant to
General Instruction I.B.6 of Form S-3 during the 12 calendar months prior to and including the date of this
prospectus. </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"><B>You should carefully read this prospectus,
any prospectus supplement relating to any specific offering of securities, and all information incorporated by reference herein
and therein. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Investing in our securities involves
a high degree of risk. These risks are discussed in this prospectus under &ldquo;Risk Factors&rdquo; beginning on page 5 and in
the documents incorporated by reference into this prospectus.</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; text-indent: 0.5in"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of
this prospectus. Any representation to the contrary is a criminal offense.</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-align: center">The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2014</P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS </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; text-align: right"><B><U> Page </U></B></P>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font-size: 10pt; text-align: left; padding-left: 0in"> ABOUT THIS PROSPECTUS </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"> 2 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in"> PROSPECTUS SUMMARY </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 3 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in"> RISK FACTORS </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 5 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in"> SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 5 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in"> USE OF PROCEEDS </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 6 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in"> DESCRIPTION OF CAPITAL STOCK </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 8 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in"> DESCRIPTION OF DEBT SECURITIES </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 12 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in"> DESCRIPTION OF WARRANTS </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 23 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in"> DESCRIPTION OF SUBSCRIPTION RIGHTS </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 25 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in"> DESCRIPTION OF UNITS </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 26 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in"> SELLING SHAREHOLDERS </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 27 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in"> PLAN OF DISTRIBUTION </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 30 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in"> LEGAL MATTERS </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 34 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in"> EXPERTS </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 34 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in"> WHERE YOU CAN FIND MORE INFORMATION </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 34 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in"> INCORPORATION OF CERTAIN INFORMATION BY REFERENCE </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"> 34 </TD><TD STYLE="font-size: 10pt; text-align: left"> &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>

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

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 20%; margin-top: 3pt; margin-bottom: 3pt">
<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>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus is part of a registration
statement on Form S-3 that we filed with the Securities and Exchange Commission using a &ldquo;shelf&rdquo; registration process.
Under this shelf process, we may, from time to time, sell any combination of the securities described in this prospectus in one
or more offerings up to a total amount of $100,000,000.</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">This prospectus provides you with a general
description of the securities. Each time we offer securities, we will provide a prospectus supplement that will contain specific
information about the terms of that offering. The prospectus supplement may also add to, update or change information contained
in the prospectus and, accordingly, to the extent inconsistent, information in this prospectus is superseded by the information
in the prospectus supplement.</P>

<P 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 prospectus supplement to be attached
to the front of this prospectus may describe, as applicable: the terms of the securities offered; the public offering price; the
price paid for the securities; net proceeds; and the other specific terms related to the offering of the securities.</P>

<P 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"><FONT STYLE="font-size: 10pt">The
selling shareholder also may use the shelf registration statement to sell</FONT> <FONT STYLE="font-size: 10pt">up to an aggregate
of 6,602,702 shares of our common stock and 1,264,095 shares of our common stock underlying warrants from time to time in the public
market. Unless otherwise provided in a prospectus supplement, we will not receive any proceeds from the sale of the shares by the
selling shareholders. However, we will generate proceeds in the event of a cash exercise of the warrants by the selling shareholders.
The selling shareholder may deliver a supplement with this prospectus, if required, to update the information contained in this
prospectus. The selling shareholder may sell its shares of common stock through any means described in the section entitled &ldquo;Plan
of Distribution&rdquo; or in an accompanying prospectus supplement. As used herein, the term &ldquo;selling shareholder&rdquo;
includes the selling shareholder and any of its transferees, donees, pledgees or other successors. </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">You should only rely on the information
contained or incorporated by reference in this prospectus and any prospectus supplement or issuer free writing prospectus relating
to a particular offering. No person has been authorized to give any information or make any representations in connection with
this offering other than those contained or incorporated by reference in this prospectus, any accompanying prospectus supplement
and any related issuer free writing prospectus in connection with the offering described herein and therein, and, if given or made,
such information or representations must not be relied upon as having been authorized by us. Neither this prospectus nor any prospectus
supplement nor any related issuer free writing prospectus shall constitute an offer to sell or a solicitation of an offer to buy
offered securities in any jurisdiction in which it is unlawful for such person to make such an offering or solicitation. This prospectus
does not contain all of the information included in the registration statement. For a more complete understanding of the offering
of the securities, you should refer to the registration statement, including its exhibits.</P>

<P 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">You should read the entire prospectus and
any prospectus supplement and any related issuer free writing prospectus, as well as the documents incorporated by reference into
this prospectus or any prospectus supplement or any related issuer free writing prospectus, before making an investment decision.
Neither the delivery of this prospectus or any prospectus supplement or any issuer free writing prospectus nor any sale made hereunder
shall under any circumstances imply that the information contained or incorporated by reference herein or in any prospectus supplement
or issuer free writing prospectus is correct as of any date subsequent to the date hereof or of such prospectus supplement or issuer
free writing prospectus, as applicable. You should assume that the information appearing in this prospectus, any prospectus supplement
or any document incorporated by reference is accurate only as of the date of the applicable documents, regardless of the time of
delivery of this prospectus or any sale of securities. Our business, financial condition, results of operations and prospects may
have changed since that date.</P>

<P 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">&nbsp;</P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="padding: 0.1in; border: Black 1pt solid; width: 97%">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>The following summary highlights information
contained elsewhere in this prospectus and the information included or incorporated by reference in this prospectus. It may not
contain all the information that may be important to you. You should read this entire prospectus carefully, including the sections
entitled &ldquo;Risk Factors&rdquo; before making an investment decision. In this prospectus, unless the context requires otherwise,
all references to &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; refer to Alliqua BioMedical, Inc., a publicly traded
Delaware corporation, and its direct and indirect subsidiaries.</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; text-indent: 0.5in"><I>Unless otherwise indicated, all information
in this prospectus reflects a 1-for-43.75 reverse stock split of our common stock that occurred on November 18, 2013.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We develop, manufacture and market high
water content, electron beam cross-linked, aqueous polymer hydrogels, or gels, used for wound care, medical diagnostics, transdermal
drug delivery and cosmetics. We supply these gels primarily to the wound care and pain management segments of the healthcare industry.
We believe that we are one of only two known manufacturers of these gels in the world. We specialize in custom gels by capitalizing
on proprietary manufacturing technologies.</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">Our gels can be utilized as delivery mechanisms
for medication to be delivered through the skin into the blood stream, known as transdermal delivery, or to be delivered between
the layers of the skin, known as intradermal delivery. Active ingredients can be added to our gels for use in wound/burn dressings
and to provide for the topical application of non-prescription drugs. Additionally, our gels can also be used as components in
certain medical devices, skin care treatments, cosmetics and other commercial products.</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">Our products are manufactured using proprietary
and non-proprietary mixing, coating and cross-linking technologies. Together, these technologies enable us to produce gels that
can satisfy rigid tolerance specifications with respect to a wide range of physical characteristics (e.g., thickness, water content,
adherence, absorption, vapor transmission, release rates) while maintaining product integrity. Additionally, we have the manufacturing
ability to offer broad choices in selection of liners onto which the gels are coated. Consequently, our customers are able to determine
tolerances in vapor transmission and active ingredient release rates while personalizing color and texture.</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">We operate through the following wholly-owned
subsidiaries: AquaMed Technologies, Inc., HepaLife Biosystems, Inc., and Choice Therapeutics, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Recent Developments</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; text-indent: 0.5in">On May 5, 2014, we acquired Choice Therapeutics,
Inc. for an aggregate cash payment of approximately $2,000,000 and 274,771 total shares of our common stock at a per share purchase
price equal to $7.29. In addition to the cash and common stock consideration, the acquisition agreement allows for contingent consideration,
in aggregate up to $5,000,000 in shares of common stock or cash, to be earned based upon revenues earned by the sale of existing
Choice Therapeutics, Inc. products over the next three twelve month periods ended April 30, 2017. Choice Therapeutics, Inc. develops,
manufactures and commercializes its TheraBond 3D&reg; Antimicrobial Barrier Systems wound dressings, which keeps the wound moist
and transfers excess fluid and exudate (cellular debris) away from the wound into an inexpensive, easily replaced outer dressing.
TheraBond 3D&reg; is used for faster and less painful healing on patients with venous leg ulcers, diabetic foot ulcers, burns and
other wounds.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate and Other Information </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; text-indent: 0.5in">We are a Delaware corporation that was originally
formed in 1997 under the name Zeta Corporation in Florida. On April 17, 2003, we changed our name to Hepalife Technologies, Inc.,
and on December 20, 2010, we changed our name to Alliqua, Inc. On June 6, 2014, pursuant to an Agreement and Plan of Merger, we
merged with and into our wholly-owned Delaware subsidiary, Alliqua BioMedical, Inc. Our principal executive offices are located
at 2150 Cabot Boulevard West, Langhorne, Pennsylvania 19047, our telephone number is (215) 702-8550, and our website is located
at www.alliqua.com. Information on or accessed through our website is not incorporated into this prospectus and is not a part of
this prospectus.</P>

</DIV>

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

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="padding: 0.1in; border: Black 1pt solid; width: 97%">

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>The Securities We May Offer</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> We may offer up to $100,000,000 of common
stock, preferred stock, debt securities, warrants, subscription rights or units in one or more offerings and in any combination.
The selling shareholders may sell up to 6,602,702 shares of common stock and 1,264,095 shares of common stock underlying warrants.
This prospectus provides you with a general description of the securities we may offer. Except in the case of offers and sales
by the selling stockholders or any of their respective transferees, donees, pledges or other successors in circumstances described
under &ldquo;Plan of Distribution,&rdquo; this prospectus may not be used to offer or sell securities unless accompanied by a
prospectus supplement. </P>

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

</DIV>

<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">&nbsp;</P>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An investment in our securities involves
a high degree of risk. The prospectus supplement applicable to each offering of our securities will contain a discussion of the
risks applicable to an investment in our securities. Before deciding whether to invest in our securities, you should carefully
consider the specific factors discussed under the heading &ldquo;Risk Factors&rdquo; in the applicable prospectus supplement, together
with all of the other information contained or incorporated by reference in the prospectus supplement or appearing or incorporated
by reference in this prospectus. You should also consider the risks, uncertainties and assumptions discussed under Item 1A, &ldquo;Risk
Factors,&rdquo; in our Annual Report on Form 10-K, for the fiscal year ended December 31, 2013, filed with the Securities and Exchange
Commission on March 24, 2014, all of which are incorporated herein by reference, as updated or superseded by the risks and uncertainties
described under similar headings in the other documents that are filed after the date hereof and incorporated by reference into
this prospectus and any prospectus supplement related to a particular offering. The risks and uncertainties we have described are
not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may
also affect our operations. Past financial performance may not be a reliable indicator of future performance, and historical trends
should not be used to anticipate results or trends in future periods. If any of these risks actually occurs, our business, business
prospects, financial condition or results of operations could be seriously harmed. This could cause the trading price of our common
stock to decline, resulting in a loss of all or part of your investment. Please also read carefully the section below entitled
&ldquo;Special Note Regarding Forward-Looking Statements.&rdquo;</P>

<P 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-transform: uppercase; text-align: center"><B>SPECIAL NOTE
REGARDING FORWARD-LOOKING STATEMENTS </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus, each prospectus supplement
and the information incorporated by reference in this prospectus and each prospectus supplement contain &ldquo;forward-looking
statements,&rdquo; which include information relating to future events, future financial performance, strategies, expectations,
competitive environment and regulation. Words such as &ldquo;may,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;would,&rdquo;
&ldquo;predicts,&rdquo; &ldquo;potential,&rdquo; &ldquo;continue,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;future,&rdquo;
&ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;believes,&rdquo; &ldquo;estimates,&rdquo; and similar expressions, as well as
statements in future tense, identify forward-looking statements. Forward-looking statements should not be read as a guarantee of
future performance or results and will probably not be accurate indications of when such performance or results will be achieved.
Forward-looking statements are based on information we have when those statements are made or our management&rsquo;s good faith
belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance
or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that
could cause such differences include, but are not limited to: &nbsp;</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: 2%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">The uncertainty regarding the adequacy of our liquidity to pursue our complete business objectives;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 2%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">inadequate capital;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">our ability to obtain reimbursement from third party payers for our products;</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: 2%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">loss or retirement of key executives;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">adverse economic conditions or intense competition;</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: 2%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">loss of a key customer or supplier;</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: 2%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">entry of new competitors and products;</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: 2%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">adverse federal, state and local government regulation;</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: 2%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">technological obsolescence of our products;</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: 2%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">technical problems with our research and products;</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"></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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="width: 2%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">our ability to expand our business through strategic acquisitions;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">our ability to integrate acquisitions and related businesses;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">price increases for supplies and components; and</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: 2%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 96%"><font style="font-size: 10pt">inability to carry out research, development and commercialization plans.</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">These and other factors are more fully discussed
elsewhere herein and in the documents incorporated by reference herein. These and other risks could cause actual results to differ
materially from those implied by forward-looking statements herein and therein.</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">You should keep in mind that any forward-looking
statement made by us herein and in the documents incorporated by reference herein, or elsewhere, speaks only as of the date on
which we make it. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or
how they may affect us. We have no obligation to update any forward-looking statements herein or therein after the date hereof
or thereof, except as required by federal securities 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-transform: uppercase; text-align: center"><B>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless we specify another use in the applicable
prospectus supplement, we will use the net proceeds from the sale of the securities offered by us for general corporate purposes,
which may include, among other things, debt repayment, working capital or 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">We may also use such proceeds to fund acquisitions
of businesses, technologies or product lines that complement our current business. We may set forth additional information on the
use of net proceeds from the sale of the securities we offer under this prospectus in a prospectus supplement related to a specific
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">Investors are cautioned, however, that expenditures
may vary substantially from these uses. Investors will be relying on the judgment of our management, who will have broad discretion
regarding the application of the proceeds of this offering. The amounts and timing of our actual expenditures will depend upon
numerous factors, including the amount of cash generated by our operations, the amount of competition and other operational factors.
We may find it necessary or advisable to use portions of the proceeds from this offering for other purposes.</P>

<P 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">From time to time, we evaluate these and
other factors and we anticipate continuing to make such evaluations to determine if the existing allocation of resources, including
the proceeds of sale of securities offered by us, is being optimized. Circumstances that may give rise to a change in the use of
proceeds include:</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 0.5in; padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">our ability to negotiate definitive agreement with acquisition candidates;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the availability and terms of debt financing to fund a portion of the purchase price(s) for potential acquisitions;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the need or desire on our part to accelerate, increase or eliminate existing initiatives due to, among other things, changing market;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">conditions and competitive developments; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the availability of other sources of cash including cash flow from operations and alternative financing arrangements, if any.</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pending other uses, we intend to invest
the proceeds to us in investment-grade, interest-bearing securities such as money market funds, certificates of deposit, or direct
or guaranteed obligations of the U.S. government, or hold as cash. We cannot predict whether the proceeds invested will yield a
favorable, or any, return.</P>

<P 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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></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">We will not receive any proceeds from the
resale of shares of our common stock by the selling shareholders. However, certain shares of common stock offered by this prospectus
by the selling shareholders are issuable upon the exercise of warrants. As such, if a selling shareholder exercises all or any
portion of its warrants, we will receive the aggregate exercise price paid by such selling shareholder in connection with any such
warrant exercise. We expect to use the proceeds received from the exercise of the warrants, if any, for general working capital
purposes.</P>

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


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><B>DESCRIPTION
OF CAPITAL STOCK</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following description of common stock
and preferred stock summarizes the material terms and provisions of the common stock and preferred stock that we may offer under
this prospectus, but is not complete. For the complete terms of our common stock and preferred stock, please refer to our certificate
of incorporation, as amended, any certificates of designation for our preferred stock, and our bylaws, as may be amended from time
to time. While the terms we have summarized below will apply generally to any future common stock or preferred stock that we may
offer, we will describe the specific terms of any series of preferred stock in more detail in the applicable prospectus supplement.
If we so indicate in a prospectus supplement, the terms of any preferred stock we offer under that prospectus supplement may differ
from the terms we describe below.</P>

<P 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"> We have authorized 46,714,286 shares
of capital stock, par value $0.001 per share, of which 45,714,286 are shares of common stock and 1,000,000 are shares of &ldquo;blank
check&rdquo; preferred stock. On September 4, 2014, there were 16,209,844<B> </B>shares of common stock issued and outstanding
and no shares of preferred stock issued and outstanding. The authorized and unissued shares of common stock and the authorized
and undesignated shares of preferred stock are available for issuance without further action by our shareholders, unless such
action is required by applicable law or the rules of any stock exchange on which our securities may be listed. Unless approval
of our shareholders is so required, our board of directors does not intend to seek shareholder approval for the issuance and sale
of our common stock or preferred stock. </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 discussion below gives effect to the
1-for-43.75 reverse stock split of our common stock that occurred on November 18, 2013.</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>Common Stock</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">The holders of our common stock are entitled
to one vote per share. Our certificate of incorporation does not provide for cumulative voting. The holders of our common stock
are entitled to receive ratably such dividends, if any, as may be declared by our board of directors out of legally available funds;
however, the current policy of our board of directors is to retain earnings, if any, for operations and growth. Upon liquidation,
dissolution or winding-up, the holders of our common stock are entitled to share ratably in all assets that are legally available
for distribution. The holders of our common stock have no preemptive, subscription, redemption or conversion rights. The rights,
preferences and privileges of holders of our common stock are subject to, and may be adversely affected by, the rights of the holders
of any series of preferred stock, which may be designated solely by action of our board of directors and issued in the future.</P>

<P 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 transfer agent and registrar for our
common stock is Action Stock Transfer Corp. The transfer agent&rsquo;s address is 2469 E. Fort Union Blvd., Suite 214, Salt Lake
City, Utah 84121. Our common stock is listed on the Nasdaq Capital Market under the symbol &ldquo;ALQA.&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"><B>Preferred Stock </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">The board of directors is authorized, subject
to any limitations prescribed by law, without further vote or action by the shareholders, to issue from time to time shares of
preferred stock in one or more series. Preferred stock may be convertible into shares of our common stock or other series of preferred
stock. Each such series of preferred stock shall have such number of shares, designations, preferences, voting powers, qualifications,
and special or relative rights or privileges as shall be determined by the board of directors, which may include, among others,
dividend rights, voting rights, liquidation preferences, conversion rights and preemptive rights. Issuance of preferred stock by
our board of directors may result in such shares having dividend or liquidation preferences senior to the rights of the holders
of our common stock and could dilute the voting rights of the holders of our common stock.</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">Prior to the issuance of shares of each
series of preferred stock, the board of directors is required by the Delaware General Corporation Law and our certificate of incorporation
to adopt resolutions and file a certificate of designation with the Secretary of State of the State of Delaware. The certificate
of designation fixes for each class or series the designations, powers, preferences, rights, qualifications, limitations and restrictions,
including, but not limited to, some or all of the following:</P>

<P 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>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></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">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the number of shares constituting that series and the distinctive designation of that series, which number may be increased or decreased (but not below the number of shares then outstanding) from time to time by action of the board of directors;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the dividend rate and the manner and frequency of payment of dividends on the shares of that series, whether dividends will be cumulative, and, if so, from which date;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">whether that series will have voting rights, in addition to any voting rights provided by law, and, if so, the terms of such voting rights;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the terms and conditions of any conversion privilege of the series, including provision for adjustment of the conversion rate in such events as the board of directors may determine;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">whether or not the shares of that series will be redeemable, and, if so, the terms and conditions of such redemption;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">whether that series will have a sinking fund for the redemption or purchase of shares of that series, and, if so, the terms and amount of such sinking fund;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">whether or not the shares of the series will have priority over or be on a parity with or be junior to the shares of any other series or class in any respect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the rights of the shares of that series in the event of voluntary or involuntary liquidation, dissolution or winding up of the corporation, and the relative rights or priority, if any, of payment of shares of that series; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">any other relative rights, preferences and limitations of that series.&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">Once designated by our board of directors,
each series of preferred stock may have specific financial and other terms that will be described in a prospectus supplement. The
description of the preferred stock that is set forth in any prospectus supplement is not complete without reference to the documents
that govern the preferred stock. These include our certificate of incorporation and any certificates of designation that our board
of directors may adopt.</P>

<P 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">All shares of preferred stock offered hereby
will, when issued, be fully paid and nonassessable, including shares of preferred stock issued upon the exercise of preferred stock
warrants or subscription rights, if any.</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">Although our board of directors has no intention
at the present time of doing so, it could authorize the issuance of a series of preferred stock that could, depending on the terms
of such series, impede the completion of a merger, tender offer or other takeover attempt.</P>

<P 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>Registration Rights </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 our stock purchase agreement
with Celgene Corporation, dated November 14, 2013, we granted to Celgene Corporation, in the event that we register any securities
for public sale, subject to certain customary exceptions, the right to include in the registration statement the shares of common
stock and the shares of common stock issuable upon the exercise of the warrants acquired by Celgene Corporation under the stock
purchase agreement. If the registration statement is in connection with an underwritten public offering, the managing underwriter
may limit the number shares being registered on behalf of Celgene Corporation. We are registering the shares of common stock and
the shares of common stock issuable upon the exercise of the warrants acquired by Celgene Corporation under the stock purchase
agreement pursuant to the registration statement of which this prospectus forms a part.</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>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></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"><B>Delaware Anti-Takeover Law and Provisions of our Certificate
of Incorporation and Bylaws </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Delaware Anti-Takeover Law </I></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; text-indent: 0.5in">We are subject to Section 203 of the Delaware
General Corporation Law. Section 203 generally prohibits a public Delaware corporation from engaging in a &ldquo;business combination&rdquo;
with an &ldquo;interested stockholder&rdquo; for a period of three years after the date of the transaction in which the person
became an interested stockholder, unless:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">prior to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding (i) shares owned by persons who are directors and also officers and (ii) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">on or subsequent to the date of the transaction, the business combination is approved by the board and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.25in">Section 203 defines a business combination
to include:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">any merger or consolidation involving the corporation and the interested stockholder;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">any sale, transfer, pledge or other disposition involving the interested stockholder of 10% or more of the assets of the corporation;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In general, Section 203 defines an interested
stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any
entity or person affiliated with, or controlling, or controlled by, the entity or person. The term &ldquo;owner&rdquo; is broadly
defined to include any person that, individually, with or through that person&rsquo;s affiliates or associates, among other things,
beneficially owns the stock, or has the right to acquire the stock, whether or not the right is immediately exercisable, under
any agreement or understanding or upon the exercise of warrants or options or otherwise or has the right to vote the stock under
any agreement or understanding, or has an agreement or understanding with the beneficial owner of the stock for the purpose of
acquiring, holding, voting or disposing of the stock.</P>

<P 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 restrictions in Section 203 do not apply
to corporations that have elected, in the manner provided in Section 203, not to be subject to Section 203 of the Delaware General
Corporation Law or, with certain exceptions, which do not have a class of voting stock that is listed on a national securities
exchange or authorized for quotation on the Nasdaq Stock Market or held of record by more than 2,000 stockholders. Our certificate
of incorporation and bylaws do not opt out of Section 203.</P>

<P 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">Section 203 could delay or prohibit mergers
or other takeover or change in control attempts with respect to us and, accordingly, may discourage attempts to acquire us even
though such a transaction may offer our stockholders the opportunity to sell their stock at a price above the prevailing market
price.</P>

<P 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><I>Certificate of Incorporation and Bylaws </I></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; text-indent: 0.5in">Provisions of our certificate of incorporation
and bylaws may delay or discourage transactions involving an actual or potential change in our control or change in our management,
including transactions in which shareholders might otherwise receive a premium for their shares, or transactions that our shareholders
might otherwise deem to be in their best interests. Therefore, these provisions could adversely affect the price of our common
stock. Among other things, our certificate of incorporation and bylaws:</P>

<P 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>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">permit our board of directors to issue up to 1,000,000 shares of preferred stock, without further action by the shareholders, with any rights, preferences and privileges as they may designate, including the right to approve an acquisition or other change in control;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">provide that the authorized number of directors may be changed only by resolution of the board of directors;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">provide that all vacancies, including newly created directorships, may, except as otherwise required by law, be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">do not provide for cumulative voting rights (therefore allowing the holders of a majority of the shares of common stock entitled to vote in any election of directors to elect all of the directors standing for election, if they should so choose);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">provide that special meetings of our shareholders may be called only by our board of directors; and </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">set forth an advance notice procedure with regard to the nomination, other than by or at the direction of our board of directors, of candidates for election as directors and with regard to business to be brought before a meeting of shareholders.</FONT></TD></TR>
</TABLE>


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

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

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

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

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><B>DESCRIPTION
OF DEBT SECURITIES </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following summary of the terms of the
debt securities describes general terms that apply to the debt securities. The debt securities offered pursuant to this prospectus
will be unsecured obligations and will be either senior debt or subordinated debt. The debt securities may be convertible into
shares of our common stock or shares of our preferred stock. In addition, one or more of our subsidiaries may be guarantors of
our debt securities. The particular terms of any debt securities will be described more specifically in each prospectus supplement
relating to those debt securities. Where any provision in an accompanying prospectus supplement is inconsistent with any provision
in this summary, the prospectus supplement will control.</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; text-indent: 24.5pt">Senior debt securities and subordinated
debt securities will be issued under a debt indenture summarized below. Where we make no distinction in our summary between senior
debt securities and subordinated debt securities, the applicable information refers to any debt securities. Since this is only
a summary, it does not contain all of the information that may be important to you. A form of indenture relating to the debt securities
is an exhibit to the registration statement of which this prospectus is a part. We encourage you to read those documents.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The indenture does not limit the aggregate
principal amount of debt securities we may issue and provides that we may issue debt securities thereunder from time to time in
one or more series. The indenture does not limit the amount of other indebtedness or debt securities which we or our subsidiaries
may issue. Under the indenture, the terms of the debt securities of any series may differ and we, without the consent of the holders
of the debt securities of any series, may reopen a previous series of debt securities and issue additional debt securities of the
series or establish additional terms of the series.</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; text-indent: 24.5pt">Unless otherwise provided in a prospectus
supplement, the senior debt securities will be our unsecured obligations and will rank equally with all of our other unsecured
and senior indebtedness, and the subordinated debt securities will be unsecured obligations of ours and, as set forth below under
&ldquo;&mdash;Subordinated Debt Securities,&rdquo; will be subordinated in right of payment to all of our senior indebtedness.</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; text-indent: 24.5pt">If any of our assets are held in subsidiaries
established in connection with financing transactions, our rights and the rights of our creditors (including the holders of debt
securities) and shareholders to participate in any distribution of assets of any subsidiary upon the subsidiary&rsquo;s liquidation
or reorganization or otherwise would be subject to the prior claims of the subsidiary&rsquo;s creditors, except to the extent that
we may be a creditor with recognized claims against the subsidiary.</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; text-indent: 24.5pt">You should refer to the prospectus supplement
that accompanies this prospectus for a description of the specific series of debt securities we are offering by that prospectus
supplement. The terms may include:</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; text-indent: 24.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the title and specific designation of the debt securities, including whether they are senior debt securities or subordinated debt securities; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">any limit on the aggregate principal amount of the debt securities or the series of which they are a part; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">whether the debt securities are to be issuable as registered securities, as bearer securities or alternatively as bearer securities and registered securities, and if as bearer securities, whether interest on any portion of a bearer security in global form will be paid to any clearing organizations; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the date or dates on which we must pay principal; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the rate or rates at which the debt securities will bear interest or the manner in which interest will be determined, if any interest is payable; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the date or dates from which any interest will accrue, the date or dates on which we must pay interest and the record date for determining who is entitled to any interest payment; </FONT></TD></TR>
</TABLE>


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

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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; text-indent: 24.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the place or places where we must pay the debt securities and where any debt securities issued in registered form may be sent for transfer, conversion or exchange; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the terms and conditions on which we may, or may be required to, redeem the debt securities; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the terms and conditions of any sinking fund; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">if other than denominations of $1,000, the denominations in which we may issue the debt securities; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the terms and conditions upon which debt securities may be convertible into shares of our common stock or shares of our preferred stock, including the conversion price, the conversion period and other conversion provisions; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the amount we will pay if the maturity of the debt securities is accelerated; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">whether we will issue the debt securities in the form of one or more global securities and, if so, the identity of the depositary for the global security or securities; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">any addition to or changes in the events of default or covenants that apply to the debt securities; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">whether the debt securities will be defeasible; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">whether one or more of our subsidiaries will provide guarantees of the debt securities, and the terms of any subordination of such guarantee; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">any other terms of the debt securities and any other deletions from or modifications or additions to the debt indenture in respect of the debt securities, including those relating to the subordination of any debt securities. </FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Unless the applicable prospectus supplement
specifies otherwise, the debt securities will not be listed on any securities exchange.</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; text-indent: 24.5pt">Unless the applicable prospectus supplement
specifies otherwise, we will issue the debt securities in fully registered form without coupons. If we issue debt securities of
any series in bearer form, the applicable prospectus supplement will describe the special restrictions and considerations, including
special offering restrictions and special federal income tax considerations, applicable to those debt securities and to payment
on and transfer and exchange of those debt securities. Debt securities issued in bearer form will be transferable by delivery.</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; text-indent: 24.5pt">Unless otherwise stated in the prospectus
supplement, we will, subject to certain conditions, pay principal, premium, interest and additional amounts, if any, on the debt
securities at the office or agency we maintain for that purpose (initially the corporate trust office of the trustee). We may,
subject to certain conditions, pay interest on debt securities issued in registered form by check mailed to the address of the
persons entitled to the payments or we may pay by transfer to their U.S. bank accounts. Interest on debt securities issued in registered
form will be payable on any interest payment date to the registered owners of the debt securities at the close of business on the
regular record date for the interest payment. We will name in the prospectus supplement all paying agents we initially designate
for the debt securities. We may designate additional paying agents, rescind the designation of any paying agent or approve a change
in the office through which any paying agent acts, but we must maintain a paying agent in each place where payments on the debt
securities are payable.</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; text-indent: 24.5pt"></P>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Unless otherwise stated in the prospectus
supplement, the debt securities may be presented for transfer (duly endorsed or accompanied by a written instrument of transfer,
if we or the security registrar so requires) or exchanged for other debt securities of the same series (containing identical terms
and provisions, in any authorized denominations, and in the same aggregate principal amount) at the office or agency we maintain
for that purpose (initially the corporate trust office of the trustee). There will be no service charge for any transfer or exchange,
but we may require payment sufficient to cover any tax or other governmental charge or expenses payable in connection with the
transfer or exchange. We will not be required to:</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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">issue, register the transfer of, or exchange, debt securities during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of any such debt securities and ending at the close of business on the day of such mailing; or </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">register the transfer of or exchange any debt security selected for redemption in whole or in part, except the unredeemed portion of any debt security being redeemed in part. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We shall appoint the trustee as security
registrar. Any transfer agent (in addition to the security registrar) we initially designate for any debt securities will be named
in the related prospectus supplement. We may designate additional transfer agents, rescind the designation of any transfer agent
or approve a change in the office through which any transfer agent acts, but we must maintain a transfer agent in each place where
any payments on the debt securities are payable.</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; text-indent: 24.5pt">Unless otherwise stated in the prospectus
supplement, we will issue the debt securities only in fully registered form, without coupons, in minimum denominations of $1,000
and integral multiples of $1,000. The debt securities may be represented in whole or in part by one or more global debt securities.
Each global security will be registered in the name of a depositary or its nominee and the global security will bear a legend regarding
the restrictions on exchanges and registration of transfer. Interests in a global security will be shown on records maintained
by the depositary and its participants, and transfers of those interests will be made as described below. Provisions relating to
the use of global securities are more fully described below in the section entitled &ldquo;Use of Global Securities.&rdquo;</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; text-indent: 24.5pt">We may issue the debt securities as original
issue discount securities (bearing no interest or bearing interest at a rate which at the time of issuance is below market rates)
to be sold at a substantial discount below their principal amount. We will describe certain special U.S. federal income tax and
other considerations applicable to any debt securities that are issued as original issue discount securities in the applicable
prospectus supplement.</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; text-indent: 24.5pt">We will comply with Section&nbsp;14(e)
under the Exchange Act, and any other tender offer rules under the Exchange Act that may then be applicable, in connection with
any obligation to purchase debt securities at the option of the holders. Any such obligation applicable to a series of debt securities
will be described in the related prospectus supplement.</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: 24.5pt">Unless otherwise described in a prospectus
supplement relating to any debt securities, the indenture does not limit our ability to incur debt or give holders of debt securities
protection in the event of a sudden and significant decline in our credit quality or a takeover, recapitalization or highly leveraged
or similar transaction involving us. Accordingly, we could in the future enter into transactions that could increase the amount
of indebtedness outstanding at that time or otherwise affect our capital structure or credit quality. You should refer to the prospectus
supplement relating to a particular series of debt securities for information regarding any changes in the events of default described
below or covenants contained in the debt indenture, including any addition of a covenant or other provisions providing event risk
or similar protection.</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"><B>Conversion Rights</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"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">An applicable prospectus supplement may
set forth the terms on which the debt securities of any series are convertible into shares of our common stock or preferred stock.
Those terms will address whether conversion is mandatory, at the option of the holder or at our option. The terms may also provide
that the number of shares of our common stock to be received by the holders of the debt securities will be calculated according
to the market price of our common stock as of a time stated in the prospectus supplement or otherwise.</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; text-indent: 24.5pt"></P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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"><B>Subordinated Debt Securities</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"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Unless otherwise provided in the applicable
prospectus supplement, the following provisions will apply for subordinated debt securities.</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; text-indent: 24.5pt">Before we pay the principal of, premium,
if any and interest on, the subordinated debt securities, we must be current and not in default on payment in full of all of our
senior indebtedness. Senior indebtedness includes all of our indebtedness as described below, except for:</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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">obligations issued or assumed as the deferred purchase price of property; </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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">conditional sale obligations; </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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">obligations arising under any title retention agreements; </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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">indebtedness relating to the applicable subordinated debt securities; </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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">indebtedness owed to any of our subsidiaries; and </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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">indebtedness that, by its terms, is subordinate in right of payment to or equal with the applicable subordinated debt securities. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Generally, indebtedness means:</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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">the principal of, premium, if any, and interest on indebtedness for money borrowed; </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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">the principal of, premium, if any, and interest on indebtedness evidenced by notes, debentures, bonds or other similar instruments; </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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">capitalized lease obligations; </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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">obligations issued or assumed as the deferred purchase price of property, all conditional sale obligations and all obligations arising under any title retention agreements; </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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">obligations for the reimbursement of any obligor on any letter of credit, banker&rsquo;s acceptance or similar credit transaction (other than obligations with respect to certain letters of credit securing obligations entered into in the ordinary course of business); </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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">obligations of the type referred to in the bullet points above assumed for another party and dividends of another party for the payment of which, in either case, one is responsible or liable as obligor, guarantor or otherwise; and </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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">obligations assumed of the types referred to in the bullet points above for another party secured by any lien on any of one&rsquo;s property or assets. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Indebtedness does not include amounts owed
pursuant to trade accounts arising in the ordinary course of business.</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; text-indent: 24.5pt">Generally, we may not pay the principal
of, premium, if any, or interest on the subordinated debt securities if, at the time of payment (or immediately after giving effect
to such payment):</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>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">there exists under any senior indebtedness, or any agreement under which any senior indebtedness is issued, any default, which default results in the full amount of the senior indebtedness being declared due and payable; or </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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">the trustee has received written notice from a holder of senior indebtedness stating that there exists under the senior indebtedness, or any agreement under which the senior indebtedness is issued, a default, which default permits the holders of the senior indebtedness to declare the full amount of the senior indebtedness due and payable, </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">unless, among other things, in either case:</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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">the default has been cured or waived; or </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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 50pt; padding-bottom: 12pt; text-align: center"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">full payment of amounts then due for principal and interest and of all other obligations then due on all senior indebtedness has been made or duly provided for under the terms of any instrument governing senior indebtedness. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Limited subordination periods apply in
the event of non-payment defaults relating to senior indebtedness in situations where there has not been an acceleration of senior
indebtedness.</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; text-indent: 24.5pt">A failure to make any payment on the subordinated
debt securities as a result of the foregoing provisions will not affect our obligations to the holders of the subordinated debt
securities to pay the principal of, premium, if any, and interest on the subordinated debt securities as and when such payment
obligations become due.</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; text-indent: 24.5pt">The holders of senior indebtedness will
be entitled to receive payment in full of all amounts due or to become due on senior indebtedness, or provisions will be made for
such payment, before the holders of the subordinated debt securities are entitled to receive any payment or distribution of any
kind relating to the subordinated debt securities or on account of any purchase or other acquisition of the subordinated debt securities
by us or any of our subsidiaries, in the event of:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; width: 0pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case, relating to us or our assets; </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; width: 0pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">any liquidation, dissolution or other winding up of Alliqua BioMedical, Inc., whether voluntary or involuntary and whether or not involving insolvency or bankruptcy; or </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; width: 0pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">any assignment for the benefit of our creditors or any other marshaling of our assets and liabilities. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, the rights of the holders
of the subordinated debt securities will be subrogated to the rights of the holders of senior indebtedness to receive payments
and distributions of cash, property and securities applicable to the senior indebtedness until the principal of, premium, if any,
and interest on the subordinated debt securities are paid in full.</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; text-indent: 24.5pt">Because of these subordination provisions,
our creditors who hold senior indebtedness or other unsubordinated indebtedness may recover a greater percentage of the debt owed
to them than the holders of the subordinated debt securities.</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; text-indent: 24.5pt">The debt indenture will not limit the aggregate
amount of senior indebtedness that we may issue. If this prospectus is being delivered in connection with the offering of a series
of subordinated debt securities, the accompanying prospectus supplement or the information incorporated in this prospectus by reference
will set forth the approximate amount of senior debt outstanding as of a recent date.</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></B></P>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>Consolidation, Merger and Sale of Assets</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"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We may not consolidate with or merge into
any other person or convey or transfer or lease our properties and assets substantially as an entirety to any person unless:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; width: 0pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">if we consolidate with or merge into another corporation or convey or transfer our properties and assets substantially as an entirety to any person, the successor is organized under the laws of the United States, or any state, and assumes our obligations under the debt securities; </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">immediately after the transaction, no event of default occurs and continues; and </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">we meet certain other conditions specified in the indenture. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Modification and Waiver </B></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; text-indent: 24.5pt">We and the trustee may modify and amend
the debt indenture without the consent of the holders of the outstanding debt securities of each affected series, in order to,
among other things:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">evidence the succession of another corporation to us and the assumption of all of our obligations under the debt securities, any related coupons and our covenants by a successor; </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">add to our covenants for the benefit of holders of debt securities or surrender any of our rights or powers; </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">add additional events of default for any series; </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">add, change or eliminate any provision affecting debt securities that are not yet issued; </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">secure certain debt securities; </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">establish the form or terms of debt securities not yet issued; </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">make provisions with respect to conversion or exchange rights of holders of debt securities; </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">evidence and provide for successor trustees; </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">permit payment in respect of debt securities in bearer form in the United States, if allowed without penalty under applicable laws and regulations; or </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">correct or supplement any inconsistent provisions, cure any ambiguity or mistake, or add any other provisions, on the condition that this action does not adversely affect the interests of any holder of debt securities of any series issued under the indenture in any material respect. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, we and the trustee may modify
and amend the debt indenture with the consent of the holders of at least a majority in aggregate principal amount of the outstanding
debt securities of each affected series. However, without the consent of each holder, we cannot modify or amend the debt indenture
in a way that would:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">change the stated maturity of the principal of, or any premium or installment of interest on, any debt security; </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">reduce the principal or interest on any debt security; </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>

<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">change the place of payment of principal or interest on any debt security; </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">impair the right to sue to enforce any payment on any debt security after it is due; or </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">reduce the percentage in principal amount of outstanding debt securities necessary to modify or amend the debt indenture, to waive compliance with certain provisions of the debt indenture or to waive certain defaults. </font></td></tr>
</table>
<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; text-indent: 24.5pt">The holders of at least a majority in aggregate
principal amount of outstanding debt securities may waive our compliance with certain restrictive covenants of the debt indenture.
The holders of at least a majority in principal amount of the outstanding debt securities of any series may waive any past default
under the debt indenture with respect to outstanding debt securities of that series, which will be binding on all holders of debt
securities of that series, except a default in the payment of principal or interest on any debt security of that series or in respect
of a provision of the debt indenture that cannot be modified or amended without each holder&rsquo;s consent.</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"><B>Events of Default</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"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Each of the following will be an event
of default:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">default for 30 days in the payment of any interest; </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">default in the payment of principal; </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">default in the deposit of any sinking fund payment; </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">default in the performance of any other covenant in the debt indenture for 60 days after written notice; and </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">certain events in bankruptcy, insolvency or reorganization. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We are required to furnish the trustee
annually a statement as to our fulfillment of our obligations under the debt indenture. The trustee may withhold notice of any
default to the holders of debt securities of any series (except for a default on principal or interest payments on debt securities
of that series) if it considers it in the interest of the holders to do so.</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; text-indent: 24.5pt">If an event of default occurs and continues,
either the trustee or the holders of not less than 25% in principal amount of the outstanding debt securities of the series in
default may declare the principal amount immediately due and payable by written notice to us (and to the trustee if given by the
holders). Upon any such declaration, the principal amount will become immediately due and payable. However, the holders of a majority
in principal amount of the outstanding debt securities of that series may, under certain circumstances, rescind and annul the acceleration.</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; text-indent: 24.5pt">Except for certain duties in case of an
event of default, the trustee is not required to exercise any of its rights or powers at the request or direction of any of the
holders, unless the holders offer the trustee reasonable security or indemnity. If the holders provide this security or indemnity,
the holders of a majority in principal amount of the outstanding debt securities of a series may direct the time, method and place
of conducting any proceeding for any remedy available to the trustee, or exercising any trust or powers conferred on the trustee
with respect to the debt securities of that series.</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; text-indent: 24.5pt">No holder of a debt security may bring
any lawsuit or other proceeding with respect to the indenture or for any remedy under the indenture, unless:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">the holder first gives the trustee written notice of a continuing event of default;</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>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">the holders of at least 25% in principal amount of the outstanding debt securities of the series in default give the trustee a written request to bring the proceeding and offer the trustee reasonable security or indemnity; and </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">the trustee fails to institute the proceeding within 60 days of the written request and has not received from holders of a majority in principal amount of the outstanding debt securities of the series in default a direction inconsistent with that request. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">However, the holder of any debt security
has the absolute right to receive payment of the principal of and any interest on the debt security on or after the stated due
dates and to take any action to enforce any such payment.</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>Discharge, Defeasance and Covenant Defeasance </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; text-indent: 24.5pt">We may discharge certain obligations to
holders of any series of debt securities that have not already been delivered to the trustee for cancellation and that either have
become due and payable or will become due and payable within one year (or scheduled for redemption within one year) by depositing
with the trustee, in trust, funds in U.S. dollars an amount sufficient to pay the principal and any premium, interest and additional
amounts on such debt securities to the date of deposit (if the debt securities have become due and payable) or to the maturity
date, as the case may be.</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; text-indent: 24.5pt">Unless a prospectus supplement states that
the following provisions do not apply to the debt securities of that series, we may elect either:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">to defease and be discharged from any and all obligations with respect to such debt securities (except for, among other things, the obligation to pay additional amounts, if any, upon the occurrence of certain events of taxation, assessment or governmental charge with respect to payments on the debt securities and other obligations to provide for the conversion rights of the holders of such debt securities, to register the transfer or exchange of such debt securities, to replace temporary or mutilated, destroyed, lost or stolen debt securities, to maintain an office or agency with respect to such debt securities and to hold moneys for payment in trust), such an action a &ldquo;defeasance,&rdquo; or </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">to be released from our obligations under the indenture with respect to the debt securities as may be further described in any prospectus supplement, and our failure to comply with these obligations will not constitute an event of default with respect to such debt securities, such an action a &ldquo;covenant defeasance&rdquo;. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Defeasance or covenant defeasance is conditioned
on our irrevocable deposit with the trustee, in trust, of an amount in cash or government securities, or both, sufficient to pay
the principal of, any premium and interest on, and any additional amounts with respect to, the debt securities on the scheduled
due dates. Additional conditions to defeasance or covenant defeasance require that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">the applicable defeasance or covenant defeasance does not result in a breach or violation of, or constitute a default under, the debt indenture or any other material agreement or instrument to which we are a party or by which we are bound, </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">no event of default has occurred and continues on the date the trust is established and, with respect to defeasance only, at any time during the period ending on the 123rd day after that date, and </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">we have delivered to the trustee an opinion of counsel to the effect that the holders of such debt securities will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the defeasance or covenant defeasance and will be subject to U.S. federal income tax for the same amounts, in the same manner and at the same times as would have been the case if the defeasance or covenant defeasance had not occurred. This opinion, in the case of defeasance, must refer to and be based upon a letter ruling we have received from the Internal Revenue Service, a Revenue Ruling published by the Internal Revenue Service, or a change in applicable U.S. federal income tax law occurring after the date of the debt indenture. </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>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></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">If we accomplish covenant defeasance on
debt securities of certain holders, those holders can still look to us for repayment of their debt securities in the event of any
shortfall in the trust deposit. If one of the remaining events of default occurred, such as our bankruptcy, and the debt securities
became immediately due and payable, there may be a shortfall. Depending on the event causing the default, such holders may not
be able to obtain payment of the shortfall.</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; text-indent: 0.5in">In the case of subordinated debt securities,
the subordination provisions described under &ldquo;&mdash;Subordinated Debt Securities&rdquo; above are made subject to the provisions
for defeasance and covenant defeasance. In other words, if we accomplish defeasance or covenant defeasance on any subordinated
debt securities, such securities would cease to be so subordinated.</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>Guarantee</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; text-indent: 0.5in">One or more subsidiary guarantors may fully
and unconditionally guarantee on an unsecured basis the full and prompt payment of the principal of and any premium and interest
on the debt securities when and as the payment becomes due and payable, whether at maturity or otherwise. The guarantee provides
that in the event of a default in the payment of principal of or any premium or interest on a debt security, the holder of that
debt security may institute legal proceedings directly against the applicable subsidiary guarantor to enforce the guarantee without
first proceeding against Alliqua BioMedical, Inc. If senior debt securities are so guaranteed, the guarantee will rank equally
with all of the subsidiary guarantor&rsquo;s other unsecured and unsubordinated debt from time to time outstanding and senior to
any subordinated debt of the subsidiary guarantor. If subordinated debt securities are so guaranteed, the guarantee will be subordinated
to all of the subsidiary guarantor&rsquo;s other unsecured and unsubordinated debt from time to time outstanding.</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 obligations of any subsidiary guarantor
under the guarantee will be limited to the maximum amount that will not result in the obligations of the subsidiary guarantor under
the guarantee constituting a fraudulent conveyance or fraudulent transfer under federal or state law, after giving effect to any
other contingent and fixed liabilities of the subsidiary guarantor.</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"> No guarantor shall consolidate with
or merge into any other person or sell, convey or transfer all or substantially all its properties and assets to any person, unless: </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)&nbsp;in case such guarantor shall consolidate
with or merge into another person or sell, convey, transfer or lease all or substantially all its properties and assets to any
person, the person formed by such transaction shall be a corporation, partnership or trust, shall be organized and validly existing
under the laws of the United States, any state thereof or the District of Columbia and shall expressly assume the performance or
observance of every covenant of the indenture and any guarantees on the part of such guarantor to be performed or observed;</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)&nbsp;immediately after giving effect
to such transaction no event of default, and no event which, after notice or lapse of time or both, would become an event of default,
shall have happened and be continuing; and</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)&nbsp;the transaction meets certain other
criteria described in the indenture.</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 guarantee may be released under certain
circumstances. If Alliqua BioMedical, Inc. exercises its legal or covenant defeasance option with respect to debt securities of
a particular series as described above in &ldquo;&mdash;Discharge, Defeasance and Covenant Defeasance,&rdquo; then any subsidiary
guarantor will be released with respect to that series. Further, if no default has occurred and is continuing under the indentures,
and to the extent not otherwise prohibited by the indentures, any subsidiary guarantor will be unconditionally released and discharged
from the guarantee:</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: 48px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">automatically upon any sale, exchange or transfer, whether by way of merger or otherwise, to any person that is not an affiliate of Alliqua BioMedical, Inc., of all of Alliqua BioMedical, Inc.&rsquo;s equity interests in the subsidiary guarantor;</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>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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: 48px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">automatically upon the merger of the subsidiary guarantor into Alliqua BioMedical, Inc. or the liquidation and dissolution of the subsidiary guarantor; or</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: 48px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">following delivery of a written notice by Alliqua BioMedical, Inc. to the trustee, upon the release of all guarantees by the subsidiary guarantor of any debt of Alliqua BioMedical, Inc.&rsquo;s for borrowed money, except for any series of debt securities.</font></td></tr>
</table>
<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>Governing Law</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"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The debt indentures and the debt securities
will be governed by and interpreted under the laws of the State of New York.</P>

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

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


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B></B></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; text-indent: 24.5pt">The debt securities of any series may be
issued in whole or in part in the form of one or more global debt securities that will be deposited with a depositary or its nominee
identified in the series prospectus supplement.</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; text-indent: 24.5pt">The specific terms of the depositary arrangement
covering debt securities will be described in the prospectus supplement relating to that series. We anticipate that the following
provisions or similar provisions will apply to depositary arrangements relating to debt securities, although to the extent the
terms of any arrangement differs from those described in this section, the terms of the arrangement shall supersede those in this
section as ultimately described in the applicable indenture and related documents.</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; text-indent: 24.5pt">Upon the issuance of a global security,
the depositary for the global security or its nominee will credit, to accounts in its book-entry registration and transfer system,
the principal amounts of the debt securities represented by the global security. These accounts will be designated by the underwriters
or agents with respect to such debt securities or by us if such debt securities are offered and sold directly by us. Only institutions
that have accounts with the depositary or its nominee, and persons who hold beneficial interests through those participants, may
own beneficial interests in a global security. Ownership of beneficial interests in a global security will be shown only on, and
the transfer of those ownership interests will be effected only through, records maintained by the depositary, its nominee or any
such participants. The laws of some states require that certain purchasers of securities take physical delivery of such securities
in definitive form. These laws may prevent you from transferring your beneficial interest in a global security.</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; text-indent: 24.5pt">As long as the depositary or its nominee
is the registered owner of a global security, the depositary or nominee will be considered the sole owner or holder of the debt
securities represented by the global security. Except as described below, owners of beneficial interests in a global security will
not be entitled to have debt securities registered in their names and will not be entitled to receive physical delivery of the
debt securities in definitive form.</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; text-indent: 24.5pt">We will make all payments of principal
of, any premium and interest on, and any additional amounts with respect to, debt securities issued as global securities to the
depositary or its nominee. Neither we nor the trustee, any paying agent or the security registrar assumes any responsibility or
liability for any aspect of the depositary&rsquo;s or any participant&rsquo;s records relating to, or for payments made on account
of, beneficial interests in a global security.</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; text-indent: 24.5pt">We expect that the depositary for a series
of debt securities or its nominee, upon receipt of any payment with respect to such debt securities, will credit immediately participants&rsquo;
accounts with payments in amounts proportionate to their respective beneficial interest in the principal amount of the global security
for such debt securities as shown on the records of such depositary or its nominee. We also expect that payments by participants
to owners of beneficial interests in such global security held through such participants will be governed by standing instructions
and customary practices, as is now the case with securities held for the accounts of customers registered in &ldquo;street name,&rdquo;
and will be the responsibility of such participants.</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; text-indent: 24.5pt">The applicable indenture provides that
if:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; width: 0pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">the depositary notifies us that it is unwilling or unable to continue as depositary for a series of debt securities, or if the depositary is no longer legally qualified to serve in that capacity, and we have not appointed a successor depositary within 90 days of written notice; </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; width: 0pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">we determine that a series of debt securities will no longer be represented by global securities and we execute and deliver an order to that effect to the trustee; or </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 25pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 25pt; padding-bottom: 12pt"><font style="font-size: 10pt">&bull;</font></td>
    <TD STYLE="vertical-align: top; width: 0pt; padding-bottom: 12pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><font style="font-size: 10pt">an event of default with respect to a series of debt securities occurs and continues; </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the global securities for that series will be exchanged for
registered debt securities in definitive form. The definitive debt securities will be registered in the name or names the depositary
instructs the trustee. We expect that these instructions may be based upon directions the depositary receives from participants
with respect to ownership of beneficial interests in global securities.</P>


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> As of September 4, 2014, there were
2,675,121 shares of common stock that may be issued upon exercise of outstanding warrants, of which 2,218,976 shares of common
stock underlying warrants that are presently exercisable and 456,145 shares of common stock underlying warrants that become exercisable
between October 15, 2014 and November 12, 2014. </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">We may issue warrants for the purchase of
common stock or preferred stock in one or more series. We may issue warrants independently or together with common stock or preferred
stock, and the warrants may be attached to or separate from these 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">We will evidence each series of warrants
by warrant certificates that we may issue under a separate agreement. We may enter into a warrant agreement with a warrant agent.
Each warrant agent may be a bank that we select which has its principal office in the U.S. We may also choose to act as our own
warrant agent. We will indicate the name and address of any such warrant agent in the applicable prospectus supplement relating
to a particular series of warrants.</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">We will describe in the applicable prospectus
supplement the terms of the series of warrants, including:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the offering price and aggregate number of warrants offered;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">if applicable, the date on and after which the warrants and the related securities will be separately transferable;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">in the case of warrants to purchase common stock or preferred stock, the number or amount of shares of common stock or preferred stock, as the case may be, purchasable upon the exercise of one warrant and the price at which and currency in which these shares may be purchased upon such exercise;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the manner of exercise of the warrants, including any cashless exercise rights;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the warrant agreement under which the warrants will be issued;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the effect of any merger, consolidation, sale or other disposition of our business on the warrant agreement and the warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">anti-dilution provisions of the warrants, if any;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the terms of any rights to redeem or call the warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">any provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the dates on which the right to exercise the warrants will commence and expire or, if the warrants are not continuously exercisable during that period, the specific date or dates on which the warrants will be exercisable;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the manner in which the warrant agreement and warrants may be modified;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the identities of the warrant agent and any calculation or other agent for the warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">federal income tax consequences of holding or exercising the warrants;</FONT></TD></TR>
</TABLE>


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

<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the terms of the securities issuable upon exercise of the warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">any securities exchange or quotation system on which the warrants or any securities deliverable upon exercise of the warrants may be listed or quoted; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">any other specific terms, preferences, rights or limitations of or restrictions on the warrants.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">Before exercising their warrants, holders
of warrants will not have any of the rights of holders of the securities purchasable upon such exercise, including, in the case
of warrants to purchase common stock or preferred stock, the right to receive dividends, if any, or, payments upon our liquidation,
dissolution or winding up or to exercise voting rights, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exercise of Warrants </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; text-indent: 0.5in">Each warrant will entitle the holder to
purchase the securities that we specify in the applicable prospectus supplement at the exercise price that we describe in the applicable
prospectus supplement. Unless we otherwise specify in the applicable prospectus supplement, holders of the warrants may exercise
the warrants at any time up to 5:00 P.M. eastern time, the close of business, on the expiration date that we set forth in the applicable
prospectus supplement. After the close of business on the expiration date, unexercised warrants will become void.</P>

<P 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">Holders of the warrants may exercise the
warrants by delivering the warrant certificate representing the warrants to be exercised together with specified information, and
paying the required exercise price by the methods provided in the applicable prospectus supplement. We will set forth on the reverse
side of the warrant certificate, and in the applicable prospectus supplement, the information that the holder of the warrant will
be required to deliver to the warrant agent.</P>

<P 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">Upon receipt of the required payment and
the warrant certificate properly completed and duly executed at the corporate trust office of the warrant agent or any other office
indicated in the applicable prospectus supplement, we will issue and deliver the securities purchasable upon such exercise. If
fewer than all of the warrants represented by the warrant certificate are exercised, then we will issue a new warrant certificate
for the remaining amount of warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Enforceability of Rights By Holders of Warrants </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; text-indent: 0.5in">Any warrant agent will act solely as our
agent under the applicable warrant agreement and will not assume any obligation or relationship of agency or trust with any holder
of any warrant. A single bank or trust company may act as warrant agent for more than one issue of warrants. A warrant agent will
have no duty or responsibility in case of any default by us under the applicable warrant agreement or warrant, including any duty
or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a warrant may,
without the consent of the related warrant agent or the holder of any other warrant, enforce by appropriate legal action the holder&rsquo;s
right to exercise, and receive the securities purchasable upon exercise of, its warrants in accordance with their terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Warrant Agreement Will Not Be Qualified Under Trust Indenture
Act </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; text-indent: 0.5in">No warrant agreement will be qualified as
an indenture, and no warrant agent will be required to qualify as a trustee, under the Trust Indenture Act. Therefore, holders
of warrants issued under a warrant agreement will not have the protection of the Trust Indenture Act with respect to their warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Governing Law </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; text-indent: 0.5in">Each warrant agreement and any warrants
issued under the warrant agreements will be governed by New York 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"></P>

<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The following is a general description
of the terms of the subscription rights we may issue from time to time.&nbsp; Particular terms of any subscription rights we offer
will be described in the prospectus supplement relating to such subscription rights, and may differ from the terms described herein. </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"> We may issue subscription rights to
purchase common stock, preferred stock, debt securities or other securities offered hereby.&nbsp; These subscription rights
may be issued independently or together with any other security offered hereby and may or may not be transferable by the stockholder
receiving the subscription rights in such offering. In connection with any offering of subscription rights, we may enter into
a standby arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or other purchasers
may be required to purchase any securities remaining unsubscribed for after such 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"> The applicable prospectus supplement
will describe the specific terms of any offering of subscription rights for which this prospectus is being delivered, including
the following: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD STYLE="text-align: justify"> whether common stock, preferred stock, debt securities
or other securities will be offered under the stockholder subscription rights; </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD STYLE="text-align: justify"> the price, if any, for the subscription rights; </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD STYLE="text-align: justify"> the exercise price payable for each security upon
the exercise of the subscription rights; </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD STYLE="text-align: justify"> the number of subscription rights issued to each
stockholder; </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD STYLE="text-align: justify"> the number and terms of the securities which may
be purchased per each subscription right; </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD STYLE="text-align: justify"> the extent to which the subscription rights are
transferable; </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD STYLE="text-align: justify"> any other terms of the subscription rights, including
the terms, procedures and limitations relating to the exchange and exercise of the subscription rights; </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD STYLE="text-align: justify"> the date on which the right to exercise the subscription
rights shall commence, and the date on which the subscription rights shall expire; </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD STYLE="text-align: justify"> the extent to which the subscription rights may
include an over-subscription privilege with respect to unsubscribed securities; </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD STYLE="text-align: justify"> if appropriate, a discussion of material U.S. federal
income tax considerations; and </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD STYLE="text-align: justify"> if applicable, the material terms of any standby
underwriting or purchase arrangement entered into by us in connection with the offering of subscription rights. </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The description in the applicable
prospectus supplement of any subscription rights we offer will not necessarily be complete and will be qualified in its
entirety by reference to the applicable subscription rights certificate or subscription rights agreement, which will be filed
with the Securities and Exchange Commission if we offer subscription rights. </P>

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

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

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

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT><BR CLEAR="ALL">
<B>DESCRIPTION OF UNITS</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may issue units comprised of one or more
of the other securities described in this prospectus or any prospectus supplement in any combination. Each unit will be issued
so that the holder of the unit is also the holder, with the rights and obligations of a holder, of each security included in the
unit. The unit agreement under which a unit is issued may provide that the securities included in the unit may not be held or transferred
separately, at any time or at any times before a specified date or upon the occurrence of a specified event or occurrence.</P>

<P 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 applicable prospectus supplement will
describe:</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">the designation and the terms of the units and of the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">any unit agreement under which the units will be issued;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">whether the units will be issued in fully registered or global form.</FONT></TD></TR>
</TABLE>


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


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling shareholders named in the table
below may from time to time offer and sell pursuant to this prospectus and any applicable prospectus supplement up to 7,866,797
shares of our common stock. When we refer to &ldquo;selling shareholders&rdquo; in this prospectus, we mean those persons listed
in the table below, as well as their transferees, pledgees or donees or their successors. The selling shareholders may sell all,
a portion or none of their shares at any time. The information regarding shares beneficially owned after the offering assumes the
sale of all shares offered by the selling shareholders. Except as otherwise indicated, each selling shareholder has sole voting
and dispositive power with respect to such 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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center; padding: 0; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Maximum</B></P>


</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD COLSPAN="5" STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Shares
                                         Beneficially</B></P>

</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center; padding: 0; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Number
                                         of</B></P>


</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD COLSPAN="5" STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Owned
                                         After the</B></P>

</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center; padding: 0; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Shares
                                         that</B></P>


</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD COLSPAN="5" STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Offering</B></P>

</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center; padding: 0; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD NOWRAP STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>Shares
                                         Beneficially</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>May
                                         be<BR></B></P>


</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center; padding: 0; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Owned
                                         Before the</B></P>


</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Sold</B></P>


</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD COLSPAN="5" STYLE="padding: 0; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; padding: 0; text-indent: 0"><B>Name of Selling Shareholder</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><BR>
                                         Offering</B></P>


</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Hereunder</B></P>


</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Shares</B></P>


</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding: 0; text-align: center; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; text-indent: 0"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>%</B></P>


</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Celgene Corporation</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; padding-bottom: 1pt; font-size: 10pt; text-align: right">3,222,997</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; padding-bottom: 1pt; font-size: 10pt; text-align: right">3,365,854</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">(1)</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Alere Financial LLC(2)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">10,453</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">10,453</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Alere Financial Partners LLC</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">6,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">4,285</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(3)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">2,429</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Frank A Bonsal, Jr.</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">28,049</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">29,478</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(4)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Boodell Value Capital Master Fund LP</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">426,491</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">294,774</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(5)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">146,003</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Broadfin Healthcare Master Fund, LTD</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">1,545,296</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">1,645,296</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(6)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">LCI Capital LLC</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">154,007</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">34,285</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(7)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">125,436</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">David M. Knott&#9;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">209,059</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">209,059</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Neal Goldman</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">104,529</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">104,529</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Perceptive Advisors LLC(8)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">836,237</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">836,237</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">David B. Musket</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">161,670</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">173,098</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(9)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">ProMed Partners, L.P.</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">56,103</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">58,961</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(10)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Sio Partners, LP</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">199,365</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">215,179</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(11)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Sio Partners QP, LP</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">34,604</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">37,335</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(12)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Sio Partners Offshore, LTD</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">117,947</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">127,973</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(13)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">ADA Partners, LP</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">214,285</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">257,142</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(14)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Perceptive Life Sciences Master Fund LTD</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">231,071</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">277,285</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(15)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Titan Perc, Ltd.</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">54,643</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">65,572</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(16)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Steve Lau</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">7,143</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">8,572</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(17)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Michael Emmerman</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">14,286</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">17,143</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(18)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">J. Goldman Master Fund</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">894,916</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">85,715</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(19)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">823,487</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">5.1</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Kenneth M. Kahn</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">7,143</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">8,572</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(20)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">--</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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



<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: 4%; padding-bottom: 12pt"><font style="font-size: 10pt">*</font></td>
    <td style="padding-bottom: 12pt"><font style="font-size: 10pt">Less than 1% </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 4%; padding-bottom: 12pt"><font style="font-size: 10pt">(1)</font></td>
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">Comprised of 2,386,760 shares of common stock, warrants to purchase 836,237 shares of common stock and warrants to purchase 142,857 shares of common stock that become exercisable on October 15, 2014.&nbsp;&nbsp;Celgene Corporation is a publicly traded corporation listed on the Nasdaq Stock Market.</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">(2)</font></td>
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">Adam Levy, as a member of Alere Financial LLC, has voting and investment control over the shares of common stock beneficially owned by Alere Financial LLC.</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">(3)</font></td>
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">Comprised of 3,571 shares of common stock and warrants to purchase 714 shares of common stock that become exercisable on October 15, 2014.&nbsp;&nbsp;Adam Levy and William Odenthal, as members of Alere Financial Partners, LLC, have voting and investment control over the shares of common stock beneficially owned by Alere Financial Partners, LLC.</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">(4)</font></td>
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">Comprised of 28,049 shares of common stock and warrants to purchase 1,429 shares of common stock that become exercisable on October 15, 2014.</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">(5)</font></td>
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">Comprised of 280,488 shares of common stock and warrants to purchase 14,286 shares of common stock that become exercisable on October 15, 2014.&nbsp;&nbsp;Boodell &amp; Company GP LLC is the general partner of Boodell Value Capital Master Fund LP.&nbsp;&nbsp;Peter T. Boodell, as a managing member of Boodell &amp; Company GP LLC, has voting and investment control over the shares of common stock beneficially owned by Boodell Value Capital Master Fund LP.&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">(6)</font></td>
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">Comprised of 1,545,296 shares of common stock and warrants to purchase 100,000 shares of common stock that become exercisable on October 15, 2014.&nbsp;&nbsp;Broadfin Capital, LLC is the investment adviser to Broadfin Healthcare Master Fund, LTD.&nbsp;&nbsp;Kevin Kotler is the managing member of Broadfin Capital, LLC and has investment and voting control over the shares of common stock beneficially owned by Broadfin Healthcare Master Fund LTD.&nbsp;&nbsp;&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">(7)</font></td>
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">Comprised of 28,571 shares of common stock, warrants to purchase 5,714 shares of common stock that become exercisable on October 15, 2014.&nbsp;&nbsp;&nbsp;Mark Chen, as managing member, has voting and investment control over the shares of common stock beneficially owned by LCI Capital LLC.</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">(8)</font></td>
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">Joseph Edelman, as managing member of Perceptive Advisors LLC, has voting and investment control over the shares of common stock beneficially owned by Perceptive Advisors LLC.&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">(9)</font></td>
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">Comprised of 161,670 shares of common stock and warrants to purchase 11,428 shares of common stock that become exercisable on October 15, 2014.</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">(10)</font></td>
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">Comprised of 56,103 shares of common stock and warrants to purchase 2,858 shares of common stock that become exercisable on October 15, 2014.&nbsp;&nbsp;David B. Musket, as general partner, had voting and investment control over the shares of common stock beneficially owned by ProMed Partners, LP.&nbsp;&nbsp;</font></td></tr>
</TABLE>

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

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

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

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 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: top">
    <TD STYLE="padding-bottom: 12pt; width: 4%"><font style="font-size: 10pt">(11)</font></td>
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">Comprised of 199,365 shares of common stock and warrants to purchase 15,814 shares of common stock that become exercisable on October 15, 2014.&nbsp;&nbsp;Sio GP, LLC is the general partner of Sio Partners, LP.&nbsp;&nbsp;Michael Castor, as portfolio manager of Sio GP, LLC, has voting and investment control over the shares of common stock beneficially owned by Sio Partners, LP.&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">(12)</font></td>
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">Comprised of 34,604 shares of common stock and warrants to purchase 2,731 shares of common stock that become exercisable on October 15, 2014.&nbsp;&nbsp;Sio GP, LLC is the general partner of Sio Partners QP, LP..&nbsp;&nbsp;Michael Castor, as portfolio manager of Sio GP, LLC, has voting and investment control over the shares of common stock beneficially owned by Sio Partners QP, LP.</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">(13)</font></td>
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">Comprised of 117,947 shares of common stock and warrants to purchase 10,026 shares of common stock that become exercisable on October 15, 2014.&nbsp;&nbsp;Michael Castor, as managing member, has voting and investment control over the shares of common stock beneficially owned by Sio Partners Offshore, LTD.&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">(14)</font></td>
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">Comprised of 214,285 shares of common stock and warrants to purchase 42,857 shares of common stock that become exercisable on October 15, 2014.&nbsp;&nbsp;ADA Partners GP, LLC is the general partner of ADA Partners, LP.&nbsp;&nbsp;Andrew Africk, as managing member of ADA Partners GP, LLC, has voting and investment control over the shares of common stock beneficially owned by ADA Partners, LP.&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">(15)</font></td>
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">Comprised of 231,071 shares of common stock and warrants to purchase 46,214 shares of common stock that become exercisable on October 15, 2014.&nbsp;&nbsp;Joseph Edelman, as Chief Executive Director, has voting and investment control over the shares of common stock beneficially owned by Perceptive Life Sciences Master Fund LTD .</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">(16)</font></td>
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">Comprised of 54,643 shares of common stock and warrants to purchase 10,929 shares of common stock that become exercisable on October 15, 2014.&nbsp;&nbsp;Joseph Edelman has voting and investment control over the shares of common stock beneficially owned by Titan Perc, Ltd. under the Investment Management Agreement entered into on May 23, 2013.</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">(17)</font></td>
    <TD STYLE="padding-bottom: 12pt"><font style="font-size: 10pt">Comprised of 7,143 shares of common stock and warrants to purchase 1,429 shares of common stock that become exercisable on October 15, 2014.</font></td></tr>
</table>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 4%; text-align: left">(18)</TD><TD STYLE="text-align: justify">Comprised of 14,286 shares of common stock and warrants
to purchase 2,857 shares of common stock that become exercisable on October 15, 2014.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 4%; text-align: left">(19)</TD><TD STYLE="text-align: justify">Comprised of 71,429 shares of common stock and warrants
to purchase 14,286 shares of common stock that become exercisable on October 15, 2014. J. Goldman &amp; Co., L.P. is the investment
manager of J. Goldman Master Fund L.P. Jay G. Goldman, as president of J. Goldman &amp; Co. L.P., has voting and investment control
over the shares of common stock beneficially owned by J. Goldman Master Fund L.P.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 4%; text-align: left">(20)</TD><TD STYLE="text-align: justify">Comprised of 7,143 shares of common stock and warrants
to purchase 1,429 shares of common stock that become exercisable on October 15, 2014.</TD>
</TR></TABLE>

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


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></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-transform: uppercase; text-align: center"><B>PLAN OF DISTRIBUTION
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We or the selling shareholders may offer
and sell the securities in any one or more of the following ways:</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">to or through underwriters, brokers or dealers (acting as agent or principal);</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">directly to one or more other purchasers;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">upon the exercise of rights distributed or issued to our security holders;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">through a block trade in which the broker or dealer engaged to handle the block trade will attempt to sell the securities as agent, but may position and resell a portion of the block as principal to facilitate the transaction;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">in &ldquo;at the market&rdquo; offerings within the meanings of Rule 415(a)(4) under the Securities Act of 1933 or through a market maker or into an existing market, on an exchange, or otherwise;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">directly to purchasers, through a specific bidding or auction process, on a negotiated basis or otherwise;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">through agents on a best-efforts basis;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">through any other method permitted pursuant to applicable law;&nbsp;or</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">otherwise through a combination of any of the above methods of sale.</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">In addition, we or the selling shareholders
may enter into option, share lending or other types of transactions that require us or such selling shareholders, as applicable,
to deliver shares of common stock to an underwriter, broker or dealer, who will then resell or transfer the shares of common stock
under this prospectus. We or the selling shareholders may also enter into hedging transactions with respect to our securities or
the securities of such selling shareholders, as applicable. For example, we or the selling shareholders may:</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">enter into transactions involving short sales of the shares of common stock by underwriters, brokers or dealers;</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">sell shares of common stock short and deliver the shares to close out short positions;</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">enter into option or other types of transactions that require us or the selling shareholders, as applicable, to deliver shares of common stock to an underwriter, broker or dealer, who will then resell or transfer the shares of common stock under this prospectus; or</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">loan or pledge the shares of common stock to an underwriter, broker or dealer, who may sell the loaned shares or, in the event of default, sell the pledged shares.</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">Any selling shareholder will act independently
of us in making decisions with respect to the timing, manner and size of each sale of shares of common stock covered by this 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">We or the selling shareholders may enter
into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately
negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties
may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions.
If so, the third party may use securities pledged by us or such selling shareholders, as applicable, or borrowed from us, such
selling shareholders or others to settle those sales or to close out any related open borrowings of stock, and may use securities
received from us or selling shareholders in settlement of those derivatives to close out any related open borrowings of stock.
The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be identified
in the applicable prospectus supplement (or a post-effective amendment). In addition, we or the selling shareholders may otherwise
loan or pledge securities to a financial institution or other third party that in turn may sell the securities short using this
prospectus. Such financial institution or other third party may transfer its economic short position to investors in our securities
or the securities of such selling shareholders, as applicable, or in connection with a concurrent offering of other 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"></P>

<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></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">Shares of common stock may also be exchanged
for satisfaction of the selling shareholders&rsquo; obligations or other liabilities to their creditors. Such transactions may
or may not involve brokers or dealers.</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">If we or the selling shareholders use any
underwriter, we will provide a prospectus supplement that will name any underwriter involved in the offer and sale of the securities.
The prospectus supplement will also set forth the terms of the offering, including:</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">the purchase price of the securities and the proceeds we or such selling shareholders, as applicable, will receive from the sale of the securities;</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">any underwriting discounts and other items constituting underwriters&rsquo; compensation;</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">any public offering or purchase price and any discounts or commissions allowed or re-allowed or paid to dealers;</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">any commissions allowed or paid to agents;</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">any securities exchanges on which the securities may be listed;</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">the method of distribution of the securities;</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">the terms of any agreement, arrangement or understanding entered into with the underwriters, brokers or dealers;&nbsp;and</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">any other information we think is important.</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">If underwriters or dealers are used in the
sale, the securities will be acquired by the underwriters or dealers for their own account. The securities may be sold from time
to time by us or the selling shareholders in one or more transactions:</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">at a fixed price or prices, which may be changed;</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">at market prices prevailing at the time of sale;</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">at prices related to such prevailing market prices;</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">at varying prices determined at the time of sale;&nbsp;or</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">at negotiated prices.</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">Such sales may be effected:</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">in transactions on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">in transactions in the over-the-counter market;</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">in block transactions in which the broker or dealer so engaged will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction, or in crosses, in which the same broker acts as an agent on both sides of the trade;</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>

<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">through the writing of options;&nbsp;or</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">through other types of transactions.</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">The securities may be offered to the public
either through underwriting syndicates represented by one or more managing underwriters or directly by one or more of such firms.
Unless otherwise set forth in the prospectus supplement, the obligations of underwriters or dealers to purchase the securities
offered will be subject to certain conditions precedent and the underwriters or dealers will be obligated to purchase all the
offered securities if any are purchased. Any public offering price and any discount or concession allowed or reallowed or paid
by underwriters or dealers to other dealers may be changed from time to time.</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"> We may also make direct sales through
subscription rights distributed to our existing stockholders on a pro rata basis, which may or may not be transferable. In any
distribution of subscription rights to our stockholders, if all of the underlying securities are not subscribed for, we may then
sell the unsubscribed securities directly to third parties or may engage the services of one or more underwriters, dealers or
agents, including standby underwriters, to sell the unsubscribed securities to third parties. In addition, whether or not all
of the underlying securities are subscribed for, we may concurrently offer additional securities to third parties directly or
through underwriters, dealers or agents. </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 selling shareholders might not sell
any shares of common stock under this prospectus. In addition, any shares of common stock covered by this prospectus that qualify
for sale pursuant to Rule 144 under the Securities Act of 1933 may be sold under Rule 144 rather than pursuant to this 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">The securities may be sold directly by us
or the selling shareholders or through agents designated by us or such selling shareholders, as applicable, from time to time.
Any agent involved in the offer or sale of the securities in respect of which this prospectus is delivered will be named, and any
commissions payable by us or such selling shareholders, as applicable, to such agent will be set forth in, the prospectus supplement.
Unless otherwise indicated in the prospectus supplement, any such agent will be acting on a best efforts basis for the period of
its appointment.</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">Offers to purchase the securities offered
by this prospectus may be solicited, and sales of the securities may be made by us or by selling shareholders directly to institutional
investors or others, who may be deemed to be underwriters within the meaning of the Securities Act of 1933 with respect to any
resale of the securities. The terms of any offer made in this manner will be included in the prospectus supplement relating to
the offer.</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">If indicated in the applicable prospectus
supplement, underwriters, dealers or agents will be authorized to solicit offers by certain institutional investors to purchase
securities from us pursuant to contracts providing for payment and delivery at a future date. Institutional investors with which
these contracts may be made include, among others:</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">commercial and savings banks;</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">insurance companies;</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">pension funds;</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">investment companies;&nbsp;and</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: 4%">&nbsp;</td>
    <td style="width: 2%"><font style="font: 10pt Symbol">&middot;</font></td>
    <td style="width: 94%"><font style="font-size: 10pt">educational and charitable institutions.</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">In all cases, these purchasers must be approved
by us or the selling shareholders, as applicable. Unless otherwise set forth in the applicable prospectus supplement, the obligations
of any purchaser under any of these contracts will not be subject to any conditions except that (a)&nbsp;the purchase of the securities
must not at the time of delivery be prohibited under the laws of any jurisdiction to which that purchaser is subject, and (b)&nbsp;if
the securities are also being sold to underwriters, we or the selling shareholders, as applicable, must have sold to these underwriters
the securities not subject to delayed delivery. Underwriters and other agents will not have any responsibility in respect of the
validity or performance of these contracts.</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">Some of the underwriters, dealers or agents
used by us or the selling shareholders in any offering of securities under this prospectus may be customers of, engage in transactions
with, and perform services for us or such selling shareholders, as applicable, or affiliates of ours or theirs, as applicable,
in the ordinary course of business. Underwriters, dealers, agents and other persons may be entitled under agreements which may
be entered into with us or the selling shareholders to indemnification against and contribution toward certain civil liabilities,
including liabilities under the Securities Act of 1933, as amended, and to be reimbursed by us or such selling shareholders for
certain expenses.</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>

<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></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">Any securities initially sold outside the
U.S. may be resold in the U.S. through underwriters, dealers or otherwise.</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">Any underwriters to which offered securities
are sold by us or the selling shareholders for public offering and sale may make a market in such securities, but those underwriters
will not be obligated to do so and may discontinue any market making at any time.</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 anticipated date of delivery of the
securities offered by this prospectus will be described in the applicable prospectus supplement relating to 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">In compliance with the guidelines of the
Financial Industry Regulatory Authority, or FINRA, the aggregate maximum discount, commission, agency fees or other items constituting
underwriting compensation to be received by any FINRA member or independent broker-dealer will not exceed 8% of the offering proceeds
from any offering pursuant to this prospectus and any applicable prospectus supplement.</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">No FINRA member may participate in any offering
of securities made under this prospectus if such member has a conflict of interest under FINRA Rule 5121, including if 5% or more
of the net proceeds, not including underwriting compensation, of any offering of securities made under this prospectus will be
received by a FINRA member participating in the offering or affiliates or associated persons of such FINRA members, unless a qualified
independent underwriter has participated in the offering or the offering otherwise complies with FINRA Rule 5121.</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">To comply with the securities laws of some
states, if applicable, the securities may be sold in these jurisdictions only through registered or licensed brokers or dealers.
In addition, in some states the securities may not be sold unless they have been registered or qualified for sale or an exemption
from registration or qualification requirements is available and is complied with.</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">&nbsp;</P>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">LEGAL MATTERS<FONT STYLE="font-weight: normal">
</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The validity of the securities offered
by this prospectus will be passed upon for us by Haynes and Boone, LLP, 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-transform: uppercase; text-align: center"><B>EXPERTS </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The financial statements incorporated in
this prospectus by reference from our Annual Report on Form 10-K for the fiscal year ended December 31, 2013, filed with the Securities
and Exchange Commission on March 24, 2014, have been audited by Marcum LLP, independent registered public accounting firm, and
have been so incorporated in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.</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-transform: uppercase; text-align: center"><B>WHERE YOU
CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are subject to the informational requirements
of the Securities Exchange Act of 1934, as amended, and in accordance therewith file annual, quarterly and current reports, proxy
statements and other information with the Securities and Exchange Commission. Such reports, proxy statements and other information
can be read and copied at the Securities and Exchange Commission&rsquo;s public reference facilities at 100 F Street, N.E., Washington,&nbsp;D.C.
20549, at prescribed rates. Please call the Securities and Exchange Commission at 1-800-732-0330 for further information on the
operation of the public reference facilities. In addition, the Securities and Exchange Commission maintains a website that contains
reports, proxy and information statements and other information regarding registrants that file electronically with the Securities
and Exchange Commission. The address of the Securities and Exchange Commission&rsquo;s website is www.sec.gov.</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">We make available free of charge on or through
our website at www.alliqua.com, our Annual Reports on Form&nbsp;10-K, Quarterly Reports on Form&nbsp;10-Q, Current Reports on Form&nbsp;8-K
and amendments to those reports filed or furnished pursuant to Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934,
as amended, as soon as reasonably practicable after we electronically file such material with or otherwise furnish it to the Securities
and Exchange Commission.</P>

<P 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">We have filed with the Securities and Exchange
Commission a registration statement under the Securities Act of 1933, as amended, relating to the offering of these securities.
The registration statement, including the attached exhibits, contains additional relevant information about us and the securities.
This prospectus does not contain all of the information set forth in the registration statement. You can obtain a copy of the registration
statement, at prescribed rates, from the Securities and Exchange Commission at the address listed above, or for free at www.sec.gov.
The registration statement and the documents referred to below under &ldquo;Incorporation of Certain Information By Reference&rdquo;
are also available on our website, www.alliqua.com.</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">We have not incorporated by reference into
this prospectus the information on our website, and you should not consider it to be a part of this prospectus.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><B>INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Securities and Exchange Commission allows
us to &ldquo;incorporate by reference&rdquo; the information we have filed with it, which means that we can disclose important
information to you by referring you to those documents. The information we incorporate by reference is an important part of this
prospectus, and later information that we file with the Securities and Exchange Commission will automatically update and supersede
this information. We incorporate by reference the documents listed below and any future documents (excluding information furnished
pursuant to Items 2.02 and 7.01 of Form 8-K) we file with the Securities and Exchange Commission pursuant to Sections l3(a), l3(c),
14 or l5(d) of the Securities Exchange Act of 1934, as amended, subsequent to the date of this prospectus and prior to the termination
of the offering:</P>

<P 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: 48px">&nbsp;</td>
    <td style="width: 24px"><font style="font-size: 10pt">(1)</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our Annual Report on Form 10-K for the fiscal year ended December 31, 2013, filed with the Securities and Exchange Commission on March 24, 2014;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.5in">&nbsp;&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: 48px"> &nbsp; </td>
    <td style="width: 24px"><FONT STYLE="font-size: 10pt"> (2) </FONT></td>
    <td style="text-align: justify"><FONT STYLE="font-size: 10pt"> our Quarterly Reports on Form 10-Q for the quarters ended
    March 31, 2014 and June 30, 2014 filed with the Securities and Exchange Commission </FONT> <BR>
    <FONT STYLE="font-size: 10pt">on May 12, 2014 and August 11, 2014, respectively;</FONT> </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&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: 48px"> &nbsp; </td>
    <td style="width: 24px"><FONT STYLE="font-size: 10pt"> (3) </FONT></td>
    <td style="text-align: justify"><FONT STYLE="font-size: 10pt"> our Current Reports on Form 8-K or Form 8-K/A filed with
    the Securities and Exchange Commission on January 10, 2014, January 22, 2014, February 4, 2014, February 10, 2014, February
    20, 2014, March 19, 2014, March 24, 2014, March 31, 2014, April 7, 2014, April 15, 2014, April 16, 2014, April 23, 2014, May
    6, 2014, May 12, 2014, June 11, 2014, July 10, 2014, July 21, 2014, July 22, 2014 and September 3, 2014; </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: 47px">&nbsp;</td>
    <td style="width: 28px"><font style="font-size: 10pt">(4)</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the description of&nbsp;our common stock contained in&nbsp;our Definitive Information Statement on Schedule 14C filed with the&nbsp;Securities and Exchange Commission on May 17, 2010, and any amendment or report filed for the purpose of updating such description; and</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: 47px">&nbsp;</td>
    <td style="width: 28px"><font style="font-size: 10pt">(5)</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the description of&nbsp;our common stock contained in&nbsp;Form 8-A filed with the&nbsp;Securities and Exchange Commission on January 27, 2014, and any amendment or report filed for the purpose of updating such description.</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">All filings filed by us pursuant to the
Securities Exchange Act of 1934, as amended, after the date of the initial filing of this registration statement and prior to the
effectiveness of such registration statement (excluding information furnished pursuant to Items 2.02 and 7.01 of Form 8-K) shall
also be deemed to be incorporated by reference into the prospectus.</P>

<P 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">You should rely only on the information
incorporated by reference or provided in this prospectus. We have not authorized anyone else to provide you with different information.
You should not assume that the information in this prospectus is accurate as of any date other than the date of this prospectus
or the date of the documents incorporated by reference in this prospectus.</P>

<P 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">We will provide without charge to each person
to whom a copy of this prospectus is delivered, upon written or oral request, a copy of any or all of the information that has
been incorporated by reference in this prospectus but not delivered with this prospectus (other than an exhibit to these filings,
unless we have specifically incorporated that exhibit by reference in this prospectus). Any such request should be addressed to
us at: Alliqua BioMedical, Inc., 2150 Cabot Boulevard West, Langhorne, Pennsylvania 19047, Attention: Brian Posner, Chief Financial
Officer or by phone at (215) 702-8550. You may also access the documents incorporated by reference in this prospectus through our
website at www.alliqua.com. Except for the specific incorporated documents listed above, no information available on or through
our website shall be deemed to be incorporated in this prospectus or the registration statement of which it forms a part.</P>


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 24pt 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>$100,000,000</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>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.gif" ALT="Alliqua, Inc." STYLE="height: 79px; width: 249px"></P>

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

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II </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; text-align: center"><B>INFORMATION NOT REQUIRED IN 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; text-indent: 0.5in">&nbsp;</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 9%; padding-bottom: 12pt"><font style="font-size: 10pt"><b>Item&nbsp;14.</b></font></td>
    <td style="padding-bottom: 12pt"><font style="font-size: 10pt"><b>Other Expenses of Issuance and Distribution.&nbsp;&nbsp;</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The fees and expenses payable by us in connection
with this registration statement are estimated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Securities and Exchange Commission Registration Fee</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">18,017</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Accounting Fees and Expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><font style="font-size: 10pt">*</font></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Legal Fees and Expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><font style="font-size: 10pt">*</font></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Printing Fees and Expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><font style="font-size: 10pt">*</font></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Transfer Agent Fees and Expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><font style="font-size: 10pt">*</font></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Miscellaneous Fees and Expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><font style="font-size: 10pt">*</font></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 10pt">*</font></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">*These fees will be dependent on the type
of securities offered and number of offerings and, therefore, cannot be estimated at this time. In accordance with Rule 430B under
the Securities Act, additional information regarding estimated fees and expenses will be provided at the time information as to
an offering is included in a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&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: 9%; padding-bottom: 12pt"><font style="font-size: 10pt"><b>Item&nbsp;15.</b></font></td>
    <td style="padding-bottom: 12pt"><font style="font-size: 10pt"><b>Indemnification of Directors and Officers.&nbsp;&nbsp;</b></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"><B><I>Delaware Registrant</I></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; text-indent: 0.5in">Section 145 of the General Corporation Law
of the State of Delaware provides, in general, that a corporation incorporated under the laws of the State of Delaware, as we are,
may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action,
suit or proceeding (other than a derivative action by or in the right of the corporation) by reason of the fact that such person
is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as
a director, officer, employee or agent of another enterprise, against expenses (including attorneys&rsquo; fees), judgments, fines
and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding
if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests
of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person&rsquo;s
conduct was unlawful. In the case of a derivative action, a Delaware corporation may indemnify any such person against expenses
(including attorneys&rsquo; fees) actually and reasonably incurred by such person in connection with the defense or settlement
of such action or suit if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed
to the best interests of the corporation, except that no indemnification will be made in respect of any claim, issue or matter
as to which such person will have been adjudged to be liable to the corporation unless and only to the extent that the Court of
Chancery of the State of Delaware or any other court in which such action was brought determines such person is fairly and reasonably
entitled to indemnity for such expenses.</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>

<!-- Field: Page; Sequence: 43; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></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">The certificates of incorporation and bylaws
of Alliqua BioMedical, Inc., AquaMed Technologies, Inc. and Choice Therapeutics, Inc. provide that such entities will indemnify
their respective directors, officers, employees and agents to the fullest extent and in the manner permitted by the provisions
of the General Corporation Law of the State of Delaware, as amended from time to time, subject to any permissible expansion or
limitation of such indemnification, as may be set forth in any stockholders&rsquo; or directors&rsquo; resolution or by contract.
Any repeal or modification of these provisions approved by such entity&rsquo;s respective stockholders will be prospective only
and will not adversely affect any limitation on the liability of any of such entity&rsquo;s directors or officers existing as of
the time of such repeal or modification.</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">We are also permitted to apply for insurance
on behalf of any director, officer, employee or other agent for liability arising out of his actions, whether or not the General
Corporation Law of the State of Delaware would permit indemnification.</P>

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


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></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">&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: 9%; padding-bottom: 12pt"><font style="font-size: 10pt"><b>Item&nbsp;16.</b></font></td>
    <td style="padding-bottom: 12pt"><font style="font-size: 10pt"><b>Exhibits.</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center"><font style="font-size: 10pt"><b>Exhibit No.</b></font></td>
    <td style="width: 12px; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center"><font style="font-size: 10pt"><b>Description</b></font></td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 3pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">1.1*</font></td>
    <td style="vertical-align: bottom; padding-top: 3pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 3pt"><font style="font-size: 10pt">Form of Underwriting Agreement</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 3pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">3.1</font></td>
    <td style="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 3pt"><font style="font-size: 10pt">Certificate of Incorporation of Alliqua BioMedical, Inc. (incorporated by reference to Exhibit No. 3.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on June 11, 2014)</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 3pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">3.2</font></td>
    <td style="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 3pt"><font style="font-size: 10pt">Bylaws (incorporated by reference to Exhibit 3.2 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on June 11, 2014)</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 3pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">3.3</font></td>
    <td style="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 3pt"><font style="font-size: 10pt">Certificate of Amendment to Certificate of Incorporation of Alliqua BioMedical, Inc. (incorporated by reference to Exhibit No. 3.3 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on June 11, 2014)</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 3pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"> 4.1*** </FONT></td>
    <td style="vertical-align: bottom; padding-top: 3pt; text-align: center"> &nbsp; </td>
    <td style="vertical-align: top; padding-top: 3pt"><FONT STYLE="font-size: 10pt"> Form of Common Stock Certificate </FONT></td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 3pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">4.2*</font></td>
    <td style="vertical-align: bottom; padding-top: 3pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 3pt"><font style="font-size: 10pt">Certificate of Designation of Preferred Stock</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 3pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"> 4.3*** </FONT></td>
    <td style="vertical-align: bottom; padding-top: 3pt; text-align: center"> &nbsp; </td>
    <td style="vertical-align: top; padding-top: 3pt"><FONT STYLE="font-size: 10pt"> Form of Debt Indenture </FONT></td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 3pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"> 4.4*** </FONT></td>
    <td style="vertical-align: bottom; padding-top: 3pt; text-align: center"> &nbsp; </td>
    <td style="vertical-align: top; padding-top: 3pt"><FONT STYLE="font-size: 10pt"> Form of Warrant Agreement and Warrant Certificate </FONT></td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 3pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">4.5*</font></td>
    <td style="vertical-align: bottom; padding-top: 3pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 3pt"><font style="font-size: 10pt">Form of Unit Agreement</font></td></tr>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-left: 10pt; text-indent: -10pt"> 4.6* </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt"> Form of Rights Agreement and Rights Certificate </TD></TR>
<tr>
    <td style="vertical-align: top; padding-top: 3pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">5.1**</font></td>
    <td style="vertical-align: bottom; padding-top: 3pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 3pt"><font style="font-size: 10pt">Opinion of Haynes and Boone, LLP</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 3pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">23.1**</font></td>
    <td style="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 3pt"><font style="font-size: 10pt">Consent of Marcum LLP</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 3pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 10pt">23.2**</font></td>
    <td style="vertical-align: bottom; padding-top: 3pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 3pt"><font style="font-size: 10pt">Consent of Haynes and Boone, LLP (included in Exhibit 5.1)</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 3pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"> 24.1*** </FONT></td>
    <td style="vertical-align: bottom; padding-top: 3pt; text-align: center"> &nbsp; </td>
    <td style="vertical-align: top; padding-top: 3pt"><FONT STYLE="font-size: 10pt"> Power of Attorney </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">* To be filed as an exhibit to a Current Report of the registrant
on Form 8-K or other document to be incorporated herein by reference.</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">** Filed herewith.</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"> *** Previously filed. </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: top">
    <td style="width: 9%; padding-bottom: 12pt"><font style="font-size: 10pt"><b>Item&nbsp;17.</b></font></td>
    <td style="padding-bottom: 12pt"><font style="font-size: 10pt"><b>Undertakings.&nbsp;&nbsp;</b></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">The undersigned registrant hereby undertakes:</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt">(1)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: </FONT></TD></TR>
<TR>
    <TD STYLE="width: 5%; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933; </FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; </FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; </FONT></TD></TR>
</TABLE>


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

<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></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 0pt 0.75in"><I>Provided, however</I>, that paragraphs (1)(i),
(1)(ii)&nbsp;and (1)(iii)&nbsp;above do not apply if the registration statement is on Form S-3 or Form F-3 and the information
required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the
SEC by the registrant pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration
statement.<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.&nbsp;&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.&nbsp;&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser: </FONT></TD></TR>
<TR>
    <TD STYLE="width: 5%; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -37.45pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing the information required by Section&nbsp;10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof. <I>Provided, however,</I> that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; padding-bottom: 6pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%; padding-bottom: 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">That, for the purpose of determining liability of the registrant
        under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: The undersigned registrant undertakes
        that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the
        underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means
        of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to
        offer or sell such securities to such purchaser:</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 0pt 20.15pt; text-indent: -0.25in">(i)&#9;Any preliminary prospectus
        or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.15pt; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.15pt; text-indent: -0.25in">(ii)&#9;Any free writing prospectus
        relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.15pt; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.15pt; text-indent: -0.25in">(iii)&#9;The portion of any
        other free writing prospectus relating to the offering containing material information about the undersigned registrant or its
        securities provided by or on behalf of the undersigned registrant; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.15pt; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.15pt; text-indent: -0.25in">(iv)&#9;Any other communication
        that is an offer in the offering made by the undersigned registrant to the purchaser.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.15pt; text-indent: -0.25in">&nbsp;</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"></P>

<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b) The undersigned registrant hereby
undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual
report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of
an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated
by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> (c) To supplement the prospectus, after
the expiration of the subscription period to set forth the results of the subscription offer, the transactions by the underwriters
during the subscription period, the amount of unsubscribed securities to be purchased by the underwriters, and the terms of any
subsequent reoffering thereof. If any public offering by the underwriters is to be made on terms differing from those set forth
on the cover page of the prospectus, a post-effective amendment will be filed to set forth the terms of such offering. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d) Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant
to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)
The undersigned registrant hereby undertakes to file </FONT>an<FONT STYLE="font-family: Times New Roman, Times, Serif"> application
for the purpose of determining the eligibility of the trustee to act under subsection&nbsp;(a) of Section&nbsp;310 of the Trust
Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section&nbsp;305(b)(2) of the Act.</FONT></P>

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

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


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form&nbsp;S-3 and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the city of Langhorne, State of Pennsylvania on September 8, 2014. </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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>ALLIQUA BIOMEDICAL, INC.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 36%"><FONT STYLE="font-size: 10pt">/s/ David I. Johnson</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Name: David I. Johnson</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Title: Chief Executive Officer</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Pursuant to the
requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in
the listed capacities indicated on September 8, 2014: </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%">
<tr style="vertical-align: top">
    <td style="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt"><B> Signature </B></FONT></td>
    <td style="width: 3%; text-align: justify">&nbsp;</td>
    <td style="width: 60%; text-align: center"><font style="font-size: 10pt"><b>Title</b></font></td>
    <td style="width: 3%; text-align: justify">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid"><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"> /s/ David I. Johnson </P></td>
    <td style="vertical-align: top; text-align: justify">&nbsp;</td>
    <td style="vertical-align: top">
        <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">President, Chief Executive Officer and
        Director</P></td>
    <td style="vertical-align: top; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> David I. Johnson </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P></td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">(principal executive officer)</font></td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"> /s/ Brian Posner </FONT></td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">Chief Financial Officer, Secretary and Treasurer</font></td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Brian Posner </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P></td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">(principal financial and accounting officer)</font></td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"> * </FONT></td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">Chairman of the Board of Directors</font></td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Jerome Zeldis, M.D., Ph.D. </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P></td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; text-align: justify"> * </td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">Director</font></td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Perry A. Karsen </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P></td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"> * </FONT></td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">Director</font></td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Joseph Leone </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P></td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"> * </FONT></td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">Director</font></td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Jeffrey Sklar </P></td>
    <td style="text-align: justify">&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"> * </FONT></td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">Director</font></td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Andrew Africk, J.D. </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P></td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; text-align: justify"> * </td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">Director</font></td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Gary Restani </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P></td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"> *By: </TD>
    <TD STYLE="width: 96%"><U> /s/ David I. Johnson </U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> David I. Johnson </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> Attorney-in-fact </TD></TR>
</TABLE>


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

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

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


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SIGNATURES</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; text-align: justify; text-indent: 0.5in"> Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form&nbsp;S-3 and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the city of Langhorne, State of Pennsylvania on September 8, 2014. </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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>AQUAMED TECHNOLOGIES, INC.</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>CHOICE THERAPEUTICS, INC.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 36%"><FONT STYLE="font-size: 10pt">/s/ David I. Johnson</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Name: David I. Johnson</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Title: Chief Executive Officer</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Pursuant to the
requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in
the listed capacities indicated on September 8, 2014: </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%">
<tr style="vertical-align: top">
    <td style="width: 24%; text-align: center"><font style="font-size: 10pt"><b>Signature</b></font></td>
    <td style="width: 2%; text-align: justify">&nbsp;</td>
    <td style="width: 56%; text-align: center"><font style="font-size: 10pt"><b>Title</b></font></td>
    <td style="width: 18%; text-align: justify">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid">
        <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">/s/ David I. Johnson</P></td>
    <td style="vertical-align: top; text-align: justify">&nbsp;</td>
    <td style="vertical-align: top">
        <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">President, Chief Executive Officer and
        Director</P></td>
    <td style="vertical-align: top; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">David I. Johnson</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P></td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">(principal executive officer)</font></td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; text-align: justify"><font style="font-size: 10pt">/s/ Brian Posner</font></td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">Chief Financial Officer, Secretary, Treasurer and Director</font></td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brian Posner</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P></td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">(principal financial and accounting officer)</font></td>
    <td style="text-align: justify">&nbsp;</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">&nbsp;</P>

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



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

<!-- Field: Page; Sequence: 49; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>v388414_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> September 8, 2014 </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">Alliqua BioMedical, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2150 Cabot Boulevard West</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Langhorne, PA 19047</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="text-align: justify">Alliqua BioMedical, Inc. Shelf Registration Statement, filed on Form S-3</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">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We have acted as counsel to Alliqua
BioMedical, Inc., a Delaware corporation (the&nbsp;&ldquo;<B><I>Company</I></B>&rdquo;), and each of AquaMed Technologies, Inc.,
a Delaware corporation (&ldquo;<B><I>AquaMed</I></B>&rdquo;), and Choice Therapeutics, Inc., a Delaware corporation (&ldquo;<B><I>Choice</I></B>&rdquo;
and,&nbsp;collectively with AquaMed, the &ldquo;<B><I>Co-Registrants</I></B>&rdquo;) with respect to certain legal matters in
connection with the registration by the Company and the Co-Registrants, under the Securities Act of 1933, as amended (the &ldquo;<B><I>Securities
Act</I></B>&rdquo;), of the offer and sale from time to time, on a delayed or continuous basis, pursuant to Rule 415 of the Securities
Act, by: (a) the Company of up to $100,000,000 in initial aggregate amount of (i) shares (the &ldquo;<B><I>Primary Shares</I></B>&rdquo;)
of common stock of the Company (the &ldquo;<B><I>Common Stock</I></B>&rdquo;), (ii)&nbsp;shares of preferred stock of the Company
(the &ldquo;<B><I>Preferred Stock</I></B>&rdquo;), (iii) unsecured debt securities of the Company, which may be either senior
or subordinated and may be issued in one&nbsp;or more series, consisting of notes, debentures or other evidences of indebtedness
(the&nbsp;&ldquo;<B><I>Debt&nbsp;Securities</I></B>&rdquo;), certain of which may be convertible or exchangeable into Common Stock
or Preferred Stock, (iv) guarantees of the Debt Securities (the &ldquo;<B><I>Guarantees</I></B>&rdquo;) by one or more of the
Co-Registrants, (v) warrants for the purchase of Common Stock or Preferred Stock (the &ldquo;<B><I>Warrants</I></B>&rdquo;),
(vi) subscription rights to purchase Common Stock, Preferred Stock, Debt Securities or any combination of these securities (the
&ldquo;<B><I>Subscription Rights</I></B>&rdquo;), and (vii) units comprising one or more securities described in clauses (a)(i)
through (vi) above in any combination (the &ldquo;<B><I>Units</I></B>&rdquo; and with the Primary Shares, the Preferred Stock,
the Debt Securities, the Guarantees, the Warrants and the Subscription Rights collectively being referred to herein as the &ldquo;<B><I>Primary
Securities</I></B>&rdquo;), and (b) the selling shareholders (the &ldquo;<B><I>Selling Shareholders</I></B>&rdquo;) identified
in the Company&rsquo;s registration statement on Form S-3, as amended to date (the &ldquo;<B><I>Registration Statement</I></B>&rdquo;),
to which this opinion is an exhibit, of up to 6,602,702 shares of Common Stock (&ldquo;<B><I>Secondary Shares</I></B>&rdquo;)
and up to 1,264,095 shares of Common Stock underlying outstanding warrants (&ldquo;<B><I>Secondary Warrant Shares</I></B>&rdquo;
and with the Secondary Shares, being referred to herein as the &ldquo;<B><I>Secondary Securities</I></B>&rdquo;), in each case
pursuant to the Registration Statement. The Primary Securities and the Secondary Securities are collectively referred to herein
as the &ldquo;<B><I>Securities</I></B>&rdquo; and each, a &ldquo;<B><I>Security</I></B>.&rdquo; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Primary Securities will be offered
in amounts, at prices, and on terms to be determined in light of market conditions at the time of sale and to be set forth in supplements
to the prospectus (each a &ldquo;<B><I>Prospectus Supplement</I></B>&rdquo;) contained in the Registration Statement.</P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> September 8, 2014&#9; </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; text-align: justify"></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">We have examined originals or copies, certified
or otherwise identified to our satisfaction, of: (i)&nbsp;the Certificate of Incorporation and Bylaws of the Company, each as amended
or restated as of the date hereof, (ii) the Certificate of Incorporation and Bylaws of each of the Co-Registrants, (iii) the Registration
Statement and all exhibits thereto, (iv) the minutes and records of the corporate proceedings of the Company and the Co-Registrants
with respect to the filing of the Registration Statement, (v) the specimen Common Stock certificate, (vi) the form of debt indenture
(the &ldquo;<B><I>Indenture</I></B>&rdquo;) filed as an exhibit to the Registration Statement, (vii) the form of warrant agreement
(the &ldquo;<B><I>Warrant Agreement</I></B>&rdquo;) filed as an exhibit to the Registration Statement, and (viii) such other certificates,
statutes, instruments and documents as we considered appropriate for purposes of the opinions hereafter expressed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In making the foregoing examinations, we
have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity
to original documents submitted to us as certified or photostatic copies thereof and the authenticity of the originals of such
latter documents.</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">As to various questions of fact material
to the opinions expressed below, we have, without independent third party verification of their accuracy, relied in part, and to
the extent we deemed reasonably necessary or appropriate, upon the representations and warranties of the Company, the Co-Registrants
or Selling Shareholders contained in such documents, records, certificates, instruments or representations furnished or made available
to us by the Company, the Co-Registrants or Selling Shareholders.</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"> We have assumed that prior to, or
in connection with, the issuance of any Primary Securities or resale of any Secondary Securities: (i) the Company and the
Co-Registrants will continue to be incorporated and in existence and good standing under the laws of the State of Delaware,
(ii) the Registration Statement and any amendments thereto (including post-effective amendments) and any and all Prospectus
Supplement(s) will have become effective, (iii) a Prospectus Supplement(s) will have been prepared and filed with the
Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) properly describing the Primary Securities
offered thereby, (iv) no stop order of the Commission preventing or suspending the use of the prospectus contained in the
Registration Statement or any Prospectus Supplement will have been issued, (v)&nbsp;the prospectus contained in the
Registration Statement and any required Prospectus Supplement will have been delivered to the purchaser of the Securities as
required in accordance with applicable law, (vi) all Primary Securities will be issued and sold in compliance with applicable
federal and state securities laws and in the manner stated in the Registration Statement and the applicable Prospectus
Supplement, (vii) all Secondary Securities will be resold in compliance with applicable federal and state securities laws and
in the manner stated in the Registration Statement and the applicable Prospectus Supplement, if any, (vii) any securities
issuable upon conversion, exchange, redemption or exercise of any Primary Securities will be duly and validly authorized and,
if appropriate, reserved for issuance upon such conversion, exchange, redemption or exercise, (viii) any Indenture and
Indenture supplement entered into in connection with the issuance of Debt Securities will comply with applicable law and be
enforceable in all respects in accordance with its terms, (ix) in connection with the sale of Warrants, any Warrant Agreement
will have been executed and delivered by all applicable parties and will be enforceable in all respects in accordance with
its terms, (x) in connection with the sale of Subscription Rights, any subscription rights agreement will have been executed
and delivered by all applicable parties and will be enforceable in accordance with its terms, (xi) in connection with the
sale of Units, any unit agreement will have been executed and delivered by all applicable parties and will be enforceable in
accordance with its terms, (xii) at the time of any offering or sale of any Primary Shares or shares of Preferred Stock, the
Company will have such number of Primary Shares or shares of Preferred Stock, as set forth in such offering or sale,
authorized, created and available for issuance and (xiii)&nbsp;a definitive purchase, underwriting or similar agreement with
respect to any Primary Securities offered will have been duly authorized and validly executed and delivered by the Company or
the Co-Registrants and the other parties thereto and will be enforceable obligations of the parties thereto. </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>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> September 8, 2014&#9; </P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0in">Based on the foregoing, and subject to the
assumptions, qualifications, limitations, and exceptions set forth herein, we are of the opinion that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">1.&#9;When:
(a)&nbsp;the Warrants have been duly executed and delivered (including, without limitation, the adoption by the Board of Directors
(or a committee thereof) of the Company of resolutions duly authorizing the issuance and delivery of the Warrants), and issued
and sold in the form and in the manner contemplated in the Registration Statement and the related Prospectus Supplement(s), (b)&nbsp;the
terms of the Warrants as executed and delivered are as described in the Registration Statement and the related Prospectus Supplement(s)
and (c)&nbsp;the Warrants have been duly executed and authenticated in accordance with the applicable warrant agreement and issued
and sold as contemplated in the Registration Statement and the related Prospectus Supplement(s), the Warrants will constitute valid
and legally binding obligations of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">2.&#9;Upon:
(a) due adoption by the Board of Directors of the Company of resolutions to duly establish a series of Preferred Stock in accordance
with the terms of the Certificate of Incorporation and applicable law, (b) filing by the Company of a certificate of designation
with the Secretary of State of the State of Delaware in accordance with and as required by applicable law, (c) due adoption by
the Board of Directors (or a committee thereof) of the Company of resolutions duly authorizing the issuance and delivery of Preferred
Stock in form and content as required by applicable law and (d) issuance and delivery of, and payment for, such shares in the manner
contemplated by the Registration Statement and the related Prospectus Supplement(s) and by such resolutions, such shares of such
series of Preferred Stock (including any Preferred Stock duly issued: (i) upon the exchange or conversion of Debt Securities that
are exchangeable or convertible into Preferred Stock or (ii) upon the exercise of Warrants exercisable for Preferred Stock) will
be validly issued, fully paid and nonassessable.</P>

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> September 8, 2014&#9; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.&#9;Upon
adoption by the Board of Directors (or a committee thereof) of the Company of resolutions in form and content as required by applicable
law approving the issuance and the terms of the offering and sale of Primary Shares and upon issuance and delivery of and payment
for such shares in the manner contemplated by the Registration Statement and the related Prospectus Supplement(s) and by such resolutions,
such Primary Shares (including any Common Stock duly issued: (i)&nbsp;upon the exchange or conversion of any shares of Preferred
Stock that are exchangeable or convertible into Common Stock, (ii)&nbsp;upon the exercise of any Warrants exercisable for Common
Stock or (iii)&nbsp;upon the exchange or conversion of Debt Securities that are exchangeable or convertible into Common Stock)
will be validly issued, fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.&#9;When:
(a) the Debt Securities have been duly established in accordance with the Indenture (including, without limitation, the adoption
by the Board of Directors (or a committee thereof) of the Company of resolutions duly authorizing the issuance and delivery of
the Debt Securities) duly authenticated by the trustee and duly executed and delivered on behalf of the Company against payment
therefor in accordance with the terms and provisions of the Indenture and Indenture supplement (if&nbsp;any) and as contemplated
by the Registration Statement and the related Prospectus Supplement(s), (b) the Indenture and Indenture supplement (if any) relating
to the Debt Securities has been duly qualified under the Trust Indenture Act of 1939, as amended, (c) the trustee named in the
Indenture and Indenture supplement (if any) is qualified to act as trustee under applicable law and such Indenture or Indenture
supplement (if any), (d) the Indenture and Indenture supplement (if any) have been duly executed and delivered by the Company,
any applicable Co-Registrant and the trustee thereunder becoming enforceable obligations of the parties thereto and (e) such Debt
Securities have been duly executed and authenticated in accordance with the Indenture and Indenture supplement (if any) and issued
and sold as contemplated in the Registration Statement and the related Prospectus Supplement(s), such Debt Securities will constitute
valid and legally binding obligations of the Company.</P>

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> September 8, 2014&#9; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 5</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">5.&#9;When:
(a) the Indenture and Indenture supplement (if any) have been duly executed and delivered by the Company, the applicable Co-Registrant
and the trustee thereunder becoming enforceable obligations of the parties thereto, (b) the directors of the applicable Co-Registrant
have duly authorized resolutions authorizing the execution, delivery and performance of the Guarantees, (c) the Guarantees have
been duly established including, without limitation, due adoption by the directors of the applicable Co-Registrant of resolutions
duly authorizing the issuance and delivery of the Guarantees in form and content as required by applicable law and (d) such Guarantees
have been duly executed and delivered on behalf of the applicable Co-Registrant in accordance with the provisions of the applicable
Indenture and Indenture supplement (if any) and in accordance with any governing documents of such Co-Registrant, the Guarantees
will constitute valid and legally binding obligations of the applicable Co-Registrant.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> 6. When:
(a)&nbsp;the Subscription Rights have been duly executed and delivered (including, without limitation, the adoption by the Board
of Directors (or a committee thereof) of the Company of resolutions duly authorizing the issuance and delivery of the Subscription
Rights), and issued and sold in the form and in the manner contemplated in the Registration Statement and the related Prospectus
Supplement(s), (b)&nbsp;the terms of the Subscription Rights as executed and delivered are as described in the Registration Statement
and the related Prospectus Supplement(s) and (c)&nbsp;the Subscription Rights have been duly executed and authenticated in accordance
with the applicable subscription rights agreement or subscription rights certificate and issued and sold as contemplated in the
Registration Statement and the related Prospectus Supplement(s), the Subscription Rights will constitute valid and legally binding
obligations of the Company. </P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> 7.&#9;Upon
adoption by the Board of Directors (or a committee thereof) of the Company of resolutions in form and content as required by applicable
law approving the issuance and the terms of the offering and sale of the Units and upon issuance and delivery of and payment for
such Units in the manner contemplated by the Registration Statement and the related Prospectus Supplement(s) and by such resolutions,
such Units will constitute valid and legally binding obligations of the Company. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> 8.&#9;The
Secondary Shares are validly issued, fully paid and nonassessable. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> 9.&#9;The
Secondary Warrant Shares, when issued upon exercise of warrants in accordance with the terms of the applicable warrant agreement,
will be validly issued, fully paid and nonassessable. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The opinions set forth above are subject
to the following qualifications and exceptions:</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 0pt 0.5in; text-align: justify">1.&#9;The above opinions are
subject to: (i) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or other similar law of general
application affecting creditors&rsquo; rights, (ii) provisions of applicable law pertaining to the voidability of preferential
or fraudulent transfers and conveyances and (iii) the fact that the remedy of specific performance and injunctive and other forms
of equitable relief may be subject to 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 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.&#9;The above opinions are
subject to the effect of general principles of equity, including (without limitation) concepts of materiality, reasonableness,
good faith and fair dealing, and other similar doctrines affecting the enforceability of agreements generally (regardless of whether
considered in a proceeding in equity or at law).</P>

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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> September 8, 2014&#9; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 6</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">3.&#9;In rendering the opinions
set forth above, we have assumed that, at the time of the issuance, authentication and delivery of a series of Primary Securities,
(i) the resolutions of the Company and the Co-Registrants referred to above will not have been modified or rescinded, (ii) there
will not have occurred any change in the law affecting the authorization, execution, delivery, validity or enforceability of the
Primary Securities, (iii) all third party consents required in connection with the sale of the Primary Securities will have been
received by the Company or the Co-Registrant, (iv) the Registration Statement will have been declared effective by the Commission
and will continue to be effective, (v) none of the particular terms of a series of Primary Securities will violate any applicable
law or the terms of any applicable governing documents and (vi) neither the issuance and sale thereof nor the compliance by the
Company with the terms thereof will result in a violation of any agreement or instrument then binding upon the Company or any order
of any court or governmental body having jurisdiction over the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The opinions expressed herein are limited
to the federal laws of the United States of America, and, to the extent relevant to the opinions expressed herein, (i) the Delaware
General Corporation Law and (ii) the laws of the State of New York (including the statutory provisions and reported judicial decisions
interpreting the state laws of the State of New York).</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">We hereby consent to the filing of this
opinion as Exhibit 5.1 to the Registration Statement and to the use of our name under the caption &ldquo;Legal Matters&rdquo; in
the Prospectus forming a part of the Registration Statement. In giving this consent, we do not admit that we are within the category
of persons whose consent is required under Section 7 of the Securities Act and the rules and regulations thereunder.</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 0pt 3.5in; text-indent: 0.5in">Very truly yours,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: 0.5in">/s/ Haynes and Boone, LLP</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 0pt 3.5in; text-indent: 0.5in">HAYNES AND BOONE, LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 6; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: 0.5in">&nbsp;</P>

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



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>v388414_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 23.1</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"><FONT STYLE="text-transform: uppercase"><U>Independent
Registered Public Accounting Firm&rsquo;s Consent</U></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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We consent to the incorporation by
reference in this Registration Statement of Alliqua BioMedical, Inc. on Amendment No. 1 to Form S-3 (File No. 333-197844)<B> </B>of
our report dated March 24, 2014, with respect to our audits of the consolidated<B> </B>financial statements of Alliqua BioMedical,
Inc. and Subsidiaries as of December 31, 2013 and 2012 and for the years then ended, appearing in the Annual Report on Form 10-K
of Alliqua BioMedical, Inc. for the year ended December 31, 2013. We also consent to the reference to our Firm under the heading
&ldquo;Experts&rdquo; in such Prospectus. </P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">/s/ Marcum <FONT STYLE="font-variant: small-caps">llp</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">Marcum <FONT STYLE="font-variant: small-caps">llp</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> September 8, 2014 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 87.75pt">&nbsp;</P>

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

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



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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.gif
M1TE&.#EA^0!/`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+`(``0#S`$P`A@``````````J@``_P!550!(D0!5J@!(MP!ND0!W
MF0!_F0![G0!WB`!WG0!FB`!_D0!NF0!FF0!WD0!WJ@![H@!ZI`!YI`![I`!]
MI`!_J`!_J@!NMP![I@!ZHP!]I@!]H@!_H@!\I@!ZI0!XHP!YH@!\IP!YI0![
MH`!]J`![I0!YHP!]J0!\J`!]IP!_I@!^J@!WH@!_JP!^J0!\I0!^J`!YI@!Z
MI@!]H`!YH`![HP!ZIP!FNP!WI@!]J@!\HP!]I0!FJ@![IP!_K`!ZH@!\I`!X
MI`!XH@!NH@!WH`!_I`![J`!WK@!XI0!WI`!\J0![J@!WNP!_LP!^JP"(F0"`
MF0"1D0"`G0"(B`"`D0"`B`"1MP"`J@"(J@"`K`"`H@"`JP"(NP""K@"`K0"#
ML`""KP"!K@"!K0"`I`"!K`""L`"%M`"#L0"&M`"$L0"`I@"#KP"!KP"`LP"$
ML@"1V0"JJ@"WMP"J_P#__P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P?_@`""
M@X2%AH>(B8J+C(V.CY"1DI.4E9:7A!4`%P`9F)^@H:*CI*(5'1<5G(X=(:<5
M(A6N%A4CJZ6XN;J[O(85):X5PA4<'9H=AQ4H(2$ESB@H)2D5%BK"*P`4AR(<
M)@`6O>'BX[T5+"DB*1S-)2@M'"7&A1TEL</W*>H<*%T7MYDK4!13@2Y%-G((
M$RI\9`*%O7O"4KQ(\0^`"!00,PH+\0(`C$(N`,2H!PM>M&F_+"#3MK"ERW$6
M6&@4)D)&10`56LR$R"'&#$,D+D2;J:Y=,!;(7BI=.DJ$S)TR4K`<E'/GO18H
M#EWH@`*EU0HIH!ED2K8L)0L8=])05:CJUU_8_PR)<.;5:HH6(FR8W<N7T86G
M,U%T(-%6YUN,6F,$>\NL`N&^D",+LA"B+D04%QX/ZK#VL"9#81=_+;%"A.33
M?6EQV'DN1*$<)=XJ2UKHPHK5;U.4X("ZMUE_L6?&KL@![V':F;K*#@O.MW.E
M/-QJ3$%C[*"_EC7B/80VN\9]II^+;VE!&M&NA3BPP&T5L2%GLG_U^#R^/D)B
M4.D+JL%"=.#PZ:7U5@E?6&??@;U88)A&[EU'SV$`$E)<?$8A:"$O8'E'C($`
M8"#+6]L9,N%;(JS`UH4HXO++3!?I9Y&`.^DDXA?^$;7"3;LX!@!AFA$"#H\`
M()=B0B1I)(,(&!3BT/]H01RB07!?A64#;^,(<4\ZA5`@U#VN'*+--#@.^<F'
M&KDB9`CLS13""LT1(D2-T\G@8B-#[&@G84(J4D$8S#!30HA4:=!G"&M-)<@%
M<T'3H)BAH#5="8;B!*6:,APR8I1RXA")0#.)\4@75W+X@3)<NHB!"E%%I,&<
MC%Z20HUR%C)7E/V(..E.*<0:B05C#.JK&"HT<@&HPZ3C(JG#N!(I?L/(V&HH
M<]550D4JM*!A1#$<).&"=AWY020<6+"J<)^&6LBH,'9)2!',"M-"F\]^HML]
M*R!'`@=I&LDA`'<MIZLD(L`9T;Y:$4O3-&VE6\&R:9H89KR3<",,1AX,0L'_
MK%8=69$(G6&JHR0ID/&5!D8T8C`LHB*[T9P6R+`;/!-!'`ILQ&Q%R%\/:11;
MA#AQB^N_`)_,8)Z&#!OJL0I':A%NZLK\22H<N<C!M;($P6%8.1-U9(^1M!A1
MAOCPC,C)6!*";JF):/*PTQ$#+:E5'+A=06FY'6F)!2(/(R<W=<60I")&%XMP
M<J4JS78NIQ#B5-;XQ.!B#M:2>"2\DY1QCQE?PI@5(V2GK/#AXTR%:+X0155(
M"CU0/8P&8@,LYS!A""+"N,*LMDC@!R-=N%:1D+"1!2:TOG9MCPQ_G0B(HD/-
MB;C0O-.-M;U`NG;,4](!&E[%QEL%9EP9@^&$='ZN_\H?UG:!:&X3$A(LOT##
M05YV7H`&1&EP:/D]V5+9UA@0U</=TK53E'+0`8`&E*(R.XE-#@CA.Y\%9C"8
M2$$8[B&#8`E""'6I%.`ZI[MD+:PM+G-&"6JEE0O``X$'*X&<5%(&$3I##1&J
MP!I<6((RU`D1;*#A"\3&C1`L8VHY*XIY2"&QF<2M$+2`40)?P"I)5(")PS##
M(#[@M8W\1!'B,QOYFB8(#Z&/51=0T/0B$@S+K,%^$,F6X2K0AOX]CE",^XY.
M>!`*96A(!#&HB`V4*)S4/8U3PRC#MR;CN&+%0`F)P!W*.KBR97TQ&0Z<CD;6
M4)O[#2,&1,-)&^\1&T-8`/^*KVH'-,QSF=950@6W&@8*+!"I)='*>(_(FS#\
M1PA9"J,C6#27%C]'""]2D%4=N\<^%#5&&:(1?]IJRR:'T4E#\"DVQA"&,=0!
MD12P8!3YR`A27*0<6ND%%!4HI#"R=;-7<=*4F^!@PG:7B4<6@I3"S(C`SG@S
M2XXSDP!8YBQ9U@4S%0TL_8-E\0"SD7@48@4"*QTZ)7&O29FA(A6@'5@T$)*Q
MZ7**6S05F83A-A.D,@36&(0;OI%*8Q;"GN%,9B;TN:)#$"P3:=(-^";AH2`8
MDG+2R=A+*1$R8>ZK`]V[AP82J4[">="1OWRG93""(V-!A)+U3",^6=K,WHD3
M+"7_&`78YJ:_0_&1>J.P@!CH!0`0S&,%TFHB`+*(45X.PI=Z<U'DAG$7"Q[B
MJL*@)R%0JL9D4%6MB`!'./$1@AN&XB_F<)$-2BK/%W@C%!B!41<H)PCR$;!@
M1UOG4=OBSLKFBXF*&.M3#70!OD[5C8R@B`6*^:I2W$6#@U!00NG:A5(4Z!YE
M.`0=KRH"7!Z"K8(XFP<+`5>.ZJ==PJBM(N9U#[T.@J\JI<I?TQ8P8HR2+M4,
M`3XKT0%0%<*CLHG!3BMA@:#2E459*X%=;U94JB2-LTD=!)J$6;;`W@JJUS$M
M(MB(VJ*)(`C1F%J4M(L+>#E%-E'A&B9(T`$H<DF`T)BK_S`O8$!#`!<`PET9
M<3=:`:#--UD+?5MSCWG)Z%9VNH8(2+Y"*6$R;A<47(DC1/#R8DKL)CYQPJS@
M&/DAI,:5$!_>B`B:H*?[DE:_B$#Q($30`Y\UPRZNX84'BIDL$Y6B`K;$\576
M.X@+9[A\O>3POUP09%F$&&/#<*X@H+M&)5=6B0A$Q@F"U*Y7U?@2:+;*%R@+
M"A/@M8>^ZE-V;%>;]KZ9G53I+`#*W*\B/[624DV$FU4@VF11E@G5=;$N+O"Z
MKX`6%WG6,EUA&[Z+!C>C&U9T$8>AW$10<\2%R+*UNBK=_F:C`R:ZQQ8.@>G%
MV'D7\)R)LTK!`?YQ4FV;2#8G&/^<S6(M*IV9-6HCX?MCJN3+;H$5FDD'P0&6
MIJ#5;<ER52TBFMT@8AUTC?(N(IDL4I=":.#F#JIX<A,OHSK,BEYT743@!%9Q
M8$NC+82Q[]$%@EW`9U55P<`GQN7*GNS7NY@!0=,(V`@JL0S#NP!><U7H:+L7
MT97-=XLK$`0+W.3@DP3-K5)0&EEUFIGTJ<#"P7PZ&$%\T\O0"%KY#`H1S#P$
M(1:$>*_$ID+8VZU=%+.+'E3-%G#B(Q?(0;,#3H@.O'PC*@C6"'`B8%LCRC]Q
ML=@%5L[%7.@F:\T0*"54,,'X*F(UMY(&>SU^Z,VVT^V#"';MH-F!\FA(S8)H
M.T^F00O_H.M,/[BNYFJ080%N9*VUX0A+&L<KKZN'@?*5W3@-C&YJ#-_[K4H_
M1#"%Z0S<=!W6A*"`H*:S#J^D5S^4SL@Z^@X/]ETI!)1#1K#:5'%'E*?:N;@`
M!B'R!D=4`*6Y:I,BC:79:=\=^)E@-UW108M'@Z;@7Y$!+29%RT.1CR;XBL74
MAQ$N$576&[4`10M<T7U=9+DKM$:$"5[-3,X+;GQ([U#H/=F!=Q@Q9F-'=2`T
M1F%1=*M6`I1C`3WP55AE#S9%?@3S$<+`";W'"M82`PU'"A8`!Q`V!G=6664`
M8?]R`6L@0"L@-UT@0*OB`Z>C`0+T4(C@.WL$#'W2#LX"7J@G_Q<MT`(TZ"?1
M8$*3\06*\@)950@V$!#+4(,"@8`X48)#*#:/`0L4"`HA@0;(LPL><BNQ`PE"
M$Q:W<&$4\'E=9$[05PB[9G*T0`O30!LKDH.^8`%U04#Z(QTB0`9:,2MI2!#$
M,`C507[JEGH`4`0X81&B8#.@LVG)UA;WU0@EHW9^D1J'J!!MF&:8!SK_%HGW
M8628Z"4F(`874`.;*`Z3F%>5Z#1"@4<\%XJD,(HRI(J%L!ZR4(01!P#>T";Q
M%XBX*"%VHHNWH`V<`""$L7L`\`1(5`C!LFR%4#&&,%.5I8FN^`V+`3VZD`-D
MT'@IT`'?!``]D`D=D`(FH"#_`!:O(?\#CW4!U&<!Z%A9U,`NM$`;%_!8FP`+
M%C`$U'`SG[89%<>*@(>)!X8_I5@)UR0[:L`)PY(DYB@DFT.+QR<K8Q5;R3`/
M870HO*<G(E"1/A)B^OB/K7**$,$1'S@)L/`1@F"'@H!+O>4+478*^9`)-C`6
MOG,(?6>,X5&/@Z@("T0+F9"/BZB*).!_&8$1J8@)E<(;P/@"G)"!0X`"P0@`
M-L`\P0(@FI`$&+89#XD3P2*/B405.;D(&:F*H294&@D)"E<[,5F2Z@B3@J`"
M@J65.!!S+`"')U*6^%A9X&".BM`!,\E[.BF`D5A%W^%NHJ`_*B`%H'@!1IF(
MR4@1WT"5'9#_%%`YE5-!-)\A#`!`CP^C"749<WOIAJ#3`><P&C1I"B*@&9>%
M2^(H*^0D#SA!`NE(`N'QDH:`EVTQF0Z)"+%@&B,0FJ>9-CN)B3'V%E9&1(/@
MFIAYF!=@!K*8EEHY&8/#+\LY#\:8.#BA">'"9S6PFRY`D[NY7\Z(B8CU%HZC
M53!8#9XB"'"0=V%P"SA9619T`61@5Q60)+0PA9-)'_G`>\V!&]<Q&<>R"L)0
M)V%B1_F0#W(0ED.B0A"6H"B@`65@H(LP<';U2;?`?@BC/\HG`FW">VG!A#BQ
M2@CS-Y4%('.V(01&-``2#&77C'R)B44"-RWPD<_("%D3=#%:HS:Z`PB!```[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
