<SEC-DOCUMENT>0001144204-17-025423.txt : 20170509
<SEC-HEADER>0001144204-17-025423.hdr.sgml : 20170509
<ACCEPTANCE-DATETIME>20170509081521
ACCESSION NUMBER:		0001144204-17-025423
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170503
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170509
DATE AS OF CHANGE:		20170509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AYTU BIOSCIENCE, INC
		CENTRAL INDEX KEY:			0001385818
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				470883144
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-53121
		FILM NUMBER:		17824722

	BUSINESS ADDRESS:	
		STREET 1:		373 INVERNESS PARKWAY
		STREET 2:		SUITE 200
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80112
		BUSINESS PHONE:		(720) 437-6580

	MAIL ADDRESS:	
		STREET 1:		373 INVERNESS PARKWAY
		STREET 2:		SUITE 200
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AYTU BIOSCIENCE, INC.
		DATE OF NAME CHANGE:	20150609

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Rosewind CORP
		DATE OF NAME CHANGE:	20070110
</SEC-HEADER>
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<TYPE>8-K
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<DESCRIPTION>8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</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>FORM 8-K</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>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the</B><BR>
<B>Securities Exchange Act of 1934</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">Date of report (Date of earliest event reported):
May 3, 2017</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">AYTU BIOSCIENCE, INC.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Exact Name of Registrant as Specified in Charter)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Delaware</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">000-53121</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">47-0883144</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(State or Other Jurisdiction<BR>
of Incorporation)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission<BR>
File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(IRS Employer<BR>
Identification No.)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">373 Inverness Parkway, Suite 206, Englewood, Colorado</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">80112</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s Telephone Number, Including
Area Code: <U>(720) 437-6580</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(<I>see</I> General Instruction A.2. below):</P>

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

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

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


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<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: 10%"><B>Item&nbsp;1.01.</B></TD>
    <TD STYLE="width: 90%"><B>Entry into a Material Definitive Agreement. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May 3, 2017, we entered into a Merger Agreement with Nuelle,
Inc. and its stockholders, pursuant to which Nuelle would become our wholly owned subsidiary (the &ldquo;Merger&rdquo;). The Merger
closed on May 5, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the Merger, (i) each share of Nuelle common stock and
each option or warrant to purchase Nuelle stock was cancelled, and (ii) each share of Nuelle preferred stock was converted
into the right to receive shares of our common stock. We issued to the Nuelle preferred stockholders an aggregate of
2,500,000 shares of our common 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">In addition, Nuelle preferred stockholders will be entitled
to revenue earn-out payments equal to a designated percentage of net sales on tiers of net sales up to $100,000,000, with an average
rate for all tiers in the mid-single digit range and a maximum aggregate payout of $6.9 million.</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">Nuelle stockholders additionally will be entitled to milestone
earn-out payments of up to a potential aggregate of $24 million, upon the attainment by us of designated net sales thresholds over
any sequential four calendar quarter period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The first $1.0 million of earn-out payments will be
paid in shares of our common stock and all other earn-out payments will be comprised of 60% cash and 40% shares of our common
stock. The stock portion of any earn-out will be calculated by dividing each Nuelle stockholder&rsquo;s portion of the
earn-out by the average closing price of our common stock for the 10 trading days prior to the earlier of the date we deliver
notice to the Nuelle stockholders of the earn-out or any public disclosure by us of the earn-out being due and payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that we do not make all of the required earn-out
payments to the Nuelle stockholders before May 3, 2022, and we also close a divestiture before May 3, 2022 of any of the products
acquired in the Merger, we will pay the Nuelle stockholders a combination of (i) cash in an amount equal to 10% of the value
of all cash, securities and other property paid to us in the divestiture (cash is to be 60% of the total consideration), and (ii)
shares of our common stock equal to the Nuelle stockholders&rsquo; portion of the divestiture payment divided by the average closing
price of our common stock for the 10 trading days prior to the earlier of the closing date of the divestiture or the public disclosure
of the divestiture (shares of common stock are to be 40% of the total consideration).</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">No officer or director of Nuelle will become an officer or director
of Aytu as a result of the Merger.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the Merger Agreement, we agreed to indemnify all past and
present officers and directors of Nuelle to the fullest extent under applicable law for six years for acts or omissions that occurred
prior to the Merger. We also agreed to indemnify each Nuelle stockholder and their respective affiliates for any fraud by us or
a subsidiary of ours, any breach by us or a subsidiary of any covenant in the Merger Agreement, and any design, sale, manufacture
or any other activities primarily associated with our products in development before the Merger. Each Nuelle stockholder agreed
to indemnify us for any fraud by Nuelle or any of its stockholders, any breach by Nuelle of any covenant in the Merger Agreement,
and any pre-Merger tax liability.</P>

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

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

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<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">The foregoing summary of the material terms of the Merger Agreement
does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Merger Agreement. The
Merger Agreement will be filed as an exhibit to our Form 10-K for the year ending June 30, 2017. The press release announcing the
Merger is filed herewith as Exhibit 99.1 and is incorporated by reference into this Current Report on Form 8-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are in the process of preparing the financial statements
required by Rules 8-04 and 8-05 of Regulation S-X as a result of the Merger, which we plan to file no later than July 19, 2017.</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: 10%"><B>Item 3.02.</B></TD><TD STYLE="width: 90%"><B>Unregistered Sales of Equity Securities</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information in Item 1.01 of this Current Report is incorporated
herein by reference. The shares of common stock that we issued in the Merger were issued in a transaction exempt from registration
under the Securities Act of 1933, as amended, in reliance upon Section 4(a)(2) of that Act and Regulation D promulgated under
that Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><B>Item 9.01.</B></TD><TD STYLE="width: 90%"><B>Financial Statements and Exhibits</B></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&nbsp;</I></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 NOWRAP STYLE="width: 8%; padding: 0; text-decoration: underline; text-indent: 0; text-align: left"><B><U>Exhibit No.</U></B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 90%; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Description of Exhibit</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-decoration: none; text-indent: 0; text-align: left"></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">99.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Press release dated May 9, 2017.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #1A1A1A">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U STYLE="text-decoration: none">&nbsp;</U></P>

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

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

<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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Date: May 9, 2017</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">AYTU BIOSCIENCE, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; padding-left: 0in; width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 35%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; padding-left: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: 0in; padding-left: 0in"><FONT STYLE="font-size: 10pt"><U>/s/
    Gregory A. Gould&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0in; padding-left: 0in"><FONT STYLE="font-size: 10pt">Name: Gregory A. Gould</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0in; padding-left: 0in"><FONT STYLE="font-size: 10pt">Title: Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>EX-99.1
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<FILENAME>v466421_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</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>Aytu BioScience Announces the Acquisition
of Nuelle, Inc., Developer and Marketer of Fiera&reg; Female Personal Care Device</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Englewood, CO &ndash; May 9, 2017 &ndash; Aytu BioScience, Inc.
(OTCQX: AYTU), a specialty life sciences company focused on global commercialization of novel products in the field of urology,
today announced the acquisition of Nuelle, Inc. (&lsquo;Nuelle&rdquo;), a women&rsquo;s sexual health company. This transaction
expands the Company&rsquo;s product portfolio with the addition of the Fiera&reg; personal care device for women. Fiera was recently
launched in the United States and is a proprietary, revenue-generating product scientifically proven to enhance physical arousal
and sexual desire in the millions of adult women around the world impacted by changes in sexual desire.</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">Aytu&rsquo;s acquisition of Nuelle adds a novel, commercial-stage
product in a complementary adjacency readily accessible by the Company&rsquo;s U.S.-based commercial infrastructure. Aytu acquired
Nuelle through a two-step merger process whereby Nuelle became a wholly-owned subsidiary of Aytu. Nuelle was previously a portfolio
company of leading venture capital firm New Enterprise Associates (NEA). Nuelle was founded within ExploraMed, a health technology
incubator based in Mountain View, California.</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">Fiera is a revenue-generating women&rsquo;s personal care product
marketed in the United States primarily through consumer promotion. In scientific and consumer studies conducted with hundreds
of women with stated sexual desire and response concerns, Fiera has demonstrated highly consistent benefit. Importantly, Fiera
is also endorsed by and receives professional recommendations from leading sexual health experts across the United States and has
been studied and presented by the same experts.</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">Josh Disbrow, Aytu&rsquo;s Chief Executive Officer stated, &ldquo;We
are very excited about the acquisition of Nuelle and entering the growing women&rsquo;s sexual health category with Fiera. Having
Nuelle as a subsidiary enables us to broaden our product offerings while Aytu maintains its focus on Natesto and MiOXSYS. Additionally,
we believe we can efficiently leverage Aytu&rsquo;s commercial infrastructure to integrate Fiera and drive awareness among healthcare
professionals of this important need and product for women. Sexual desire and arousal concerns are a significant issue affecting
millions of women around the world, and there are limited options available to address this growing need. We believe that Fiera
can help dramatically improve the lives of these women in need of a proven solution while we work to realize the full commercial
potential of this novel product.&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">&ldquo;NEA is a strong supporter of companies focused on advancing
women&rsquo;s health&rdquo;, stated Dr. Josh Makower, General Partner at NEA, &ldquo;and Nuelle represents an important part of
that strategy. We believe the leadership of Aytu has the vision necessary to create a strong platform upon which Fiera will be
able to realize its full potential.&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">Details of the merger transaction are available on Form 8-K,
filed with the Securities and Exchange Commission on May 9, 2017, which is available in the Investors section on aytubio.com and
on the Securities and Exchange Commission website.</P>

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

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

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<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"><B>About Aytu BioScience, 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">Aytu BioScience is a commercial-stage specialty life sciences
company focused on global commercialization of novel products in the field of urology, with a focus on products addressing vitality,
sexual wellness, and reproductive health. The company currently markets two prescription products in the U.S.: Natesto&reg;, the
first and only FDA-approved nasal formulation of testosterone for men with hypogonadism (low testosterone, or &ldquo;Low T&rdquo;)
and ProstaScint&reg; (capromab pendetide), the only FDA-approved imaging agent specific to prostate specific membrane antigen (PSMA)
for prostate cancer detection and staging. Additionally, Aytu is developing MiOXSYS&reg;, a novel, rapid semen analysis system
with the potential to become a standard of care for the diagnosis and management of male infertility caused by oxidative stress.
MiOXSYS is commercialized outside the U.S. where it is a CE Marked, Health Canada cleared product, and Aytu is planning U.S.-based
clinical trials in pursuit of 510k medical device clearance by the FDA. Aytu&rsquo;s strategy is to continue building its portfolio
of revenue-generating products, leveraging its focused commercial team and expertise to build leading brands within growing markets.
For more information visit aytubio.com. Aytu also now owns wholly-owned subsidiary Nuelle, Inc., a personal health and wellness
company focused on women's sexual wellbeing and intimacy that markets Fiera, a personal care device for women that is scientifically
proven to enhance physical arousal and sexual desire. Fiera is a consumer device and is not intended to treat, mitigate, or cure
any disease or medical condition. For more information about Aytu BioScience visit aytubio.com. For more information about the
Fiera personal care device visit fiera.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Nuelle, 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: justify">Nuelle is a women&rsquo;s health and wellness
company founded to deliver groundbreaking solutions for women&rsquo;s sexual wellbeing and intimacy. Nuelle marries its experience
in healthcare and technology, with a deep understanding of women&rsquo;s needs to design scientifically proven intelligent innovation.
Nuelle is committed to providing reliable information and elevating the conversation around women&rsquo;s sexual wellbeing. Nuelle
was founded by a small team including Karen Long, Eb Bright, Dr. Leah Millheiser and Dr. Joshua Makower, through the ExploraMed
Health Technology Incubator.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, or
the Exchange Act. All statements other than statements of historical facts contained in this presentation, including statements
regarding our anticipated future clinical and regulatory events, future financial position, business strategy and plans and objectives
of management for future operations, are forward-looking statements. Forward looking statements are generally written in the future
tense and/or are preceded by words such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;forecast,&rdquo;
&ldquo;could,&rdquo; &ldquo;expect,&rdquo; &ldquo;suggest,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;continue,&rdquo;
&ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; or similar words, or the negatives of such terms or other variations
on such terms or comparable terminology. These statements are just predictions and are subject to risks and uncertainties that
could cause the actual events or results to differ materially. These risks and uncertainties include, among others: the risk of
integrating Nuelle into our operations and realizing benefits from the acquisition, risks relating to gaining and increasing market
acceptance of our products, obtaining reimbursement by third-party payors, the potential future commercialization of our product
candidates, the anticipated start dates, durations and completion dates, as well as the potential future results, of our ongoing
and future clinical trials, the anticipated designs of our future clinical trials, anticipated future regulatory submissions and
events, our anticipated future cash position and future events under our current and potential future collaborations. We also refer
you to the risks described in &ldquo;Risk Factors&rdquo; in Part I, Item 1A of Aytu BioScience, Inc.&rsquo;s Annual Report on Form
10-K and in the other reports and documents we file with the Securities and Exchange Commission from time to time.</P>

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