<SEC-DOCUMENT>0001213900-18-002319.txt : 20180227
<SEC-HEADER>0001213900-18-002319.hdr.sgml : 20180227
<ACCEPTANCE-DATETIME>20180227092945
ACCESSION NUMBER:		0001213900-18-002319
CONFORMED SUBMISSION TYPE:	S-1/A
PUBLIC DOCUMENT COUNT:		16
FILED AS OF DATE:		20180227
DATE AS OF CHANGE:		20180227

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:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		S-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-222994
		FILM NUMBER:		18643180

	BUSINESS ADDRESS:	
		STREET 1:		373 INVERNESS PARKWAY
		STREET 2:		SUITE 206
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80112
		BUSINESS PHONE:		(720) 437-6580

	MAIL ADDRESS:	
		STREET 1:		373 INVERNESS PARKWAY
		STREET 2:		SUITE 206
		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>
<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>fs12018a3_aytubioscience.htm
<DESCRIPTION>AMENDMENT NO. 3 TO REGISTRATION STATEMENT
<TEXT>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></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 February 27, 2018</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
No.&nbsp;333-222994</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <B>Amendment No. 3
to</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
S-1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&nbsp;</B></FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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="font-size: 10pt; text-align: center; width: 32%; border-bottom: Black 1.5pt solid"><B>Delaware</B></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 32%; border-bottom: Black 1.5pt solid"><B>2834</B></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 32%; border-bottom: Black 1.5pt solid"><B>47-0883144</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">(State
                                   or other jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">incorporation
        or organization)</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">(Primary
                                   Standard Industrial</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Classification
        Code Number)</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">(I.R.S.
                                   Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Identification
        Number)</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>373
Inverness Parkway</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Englewood,
Colorado 80112</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(720)
437-6580</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address,
including zip code and telephone number, including</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">area
code, of registrant&rsquo;s principal executive offices) &nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>373
Inverness Parkway</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Englewood,
Colorado 80112</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telephone:
(720) 437-6580</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B><I>&nbsp;</I></B></FONT></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B><I>&nbsp;</I></B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gregory
                                         Sichenzia, Esq.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marcelle
        Balcombe, Esq.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeff
        Cahlon, Esq.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sichenzia
        Ross Ference Kesner LLP</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1185
        Avenue of the Americas, 37<SUP>th</SUP> Floor</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
        York, New York 10036</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(212)
        930-9700</FONT></P></TD>
    <TD STYLE="width: 11%; padding-right: -0.5in; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony
                                         J. Marsico, Esq.</FONT></P>
                                                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mintz,
                                         Levin, Cohn, Ferris, Glovsky and Popeo, P.C.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">666
        Third Avenue</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
        York, New York 10017</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(212)
        935-3000</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximate
date of commencement of proposed sale to the public: As soon as practicable after the effective date of the registration statement.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, as amended (the &ldquo;Securities Act&rdquo;), check the following box. &#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is filed to register additional securities for an offering pursuant to Rule 462(b) 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.&nbsp;&nbsp;&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is a post-effective amendment filed pursuant to Rule 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.&nbsp;&nbsp;&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is a post-effective amendment filed pursuant to Rule&nbsp;462(d) 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.&nbsp;&nbsp;&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo;
&ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act. (Check one):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 49%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer&nbsp;&nbsp;&#9744;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer&nbsp;&nbsp;&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated
                                         filer&nbsp;&nbsp;&#9744;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<I>Do
        not check if a smaller reporting company)</I></FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller
    reporting company&nbsp;&nbsp;&#9746;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company&nbsp;&nbsp;&#9744;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided to Section 7(a)(2)(B) of the Securities Act. &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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-weight: bold; border-bottom: Black 1.5pt solid"> Title of Each Class of Securities to be Registered </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed
    </B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maximum</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate
    </B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Offering Price<SUP>(1)</SUP></B></FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
    of</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration Fee<SUP>(2)</SUP></B></FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left"> Class A Units consisting of: </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 5,750,000 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 715.88 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) Common Stock,
    par value $0.0001 per share<SUP>(2)</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
    Warrants to purchase Common Stock <SUP>(3)</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Class B Units consisting of </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 5,750,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 715.88 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"> (i) Series B Convertible Preferred Stock, par value $0.0001 per share </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
    Warrants to purchase Common Stock <SUP>(3)</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9.25pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
    Common Stock issuable upon conversion of the Series B Convertible Preferred Stock<SUP>(2)</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock issuable
    upon exercise of warrants <SUP>(2)</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 13,800,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,718.10 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriters&rsquo; Warrants<SUP>(3) (4)</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> -- </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> -- </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
    of Common Stock underlying&nbsp;&nbsp;Underwriter&rsquo;s Warrants<SUP>(4)</SUP></FONT> </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> 875,000 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> 108.94 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    <SUP>(5)</SUP></B></FONT> </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 26,175,000 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 3,258.79 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>


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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: left; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated
    solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) of the Securities Act of
    1933, as amended. Includes shares and warrants to be sold upon exercise of the underwriters&rsquo; option to purchase additional
    shares and/or warrants. See &ldquo;Underwriting.&rdquo;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; font-size: 10pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
    to Rule 416, the securities being registered hereunder include such indeterminate number of additional securities as may be
    issued after the date hereof as a result of stock splits, stock dividends or similar transactions. </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; font-size: 10pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT> </TD>
    <TD STYLE="text-align: left; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    fee pursuant to Rule 457(g) under the Securities Act of 1933, as amended. </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> (4)&nbsp; </P></TD>
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> The underwriters&rsquo; warrants
        will represent the right to purchase 7% of the aggregate number of shares of common stock (on an as-converted to common
        stock basis with respect to any shares of Series B Preferred Stock) sold in this offering excluding the overallotment
        option at an exercise price equal to 125% of the offering price per Class A Unit. </P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> (5) </P></TD>
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> The Registrant previously paid
        $1,540.69 of this amount. </P></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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&nbsp;8(a)&nbsp;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&nbsp;8(a), may
determine. </B></FONT></P>

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

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

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white"><FONT STYLE="font-family: Palatino Linotype, Palatino, Times, Serif; font-size: 10pt; color: Red"><B>The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
relating to these securities filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to
sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</B></FONT></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Palatino Linotype, Palatino, Times, Serif; font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; font: 10pt Calibri, Helvetica, Sans-Serif; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Palatino Linotype, Palatino, Times, Serif; font-size: 11pt; color: red"><B>PRELIMINARY
    PROSPECTUS</B></FONT> </TD>
    <TD STYLE="width: 34%; font: 10pt Calibri, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Palatino Linotype, Palatino, Times, Serif; font-size: 11pt; color: red"><B>SUBJECT
    TO COMPLETION</B></FONT> </TD>
    <TD STYLE="width: 33%; font: 10pt Calibri, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Palatino Linotype, Palatino, Times, Serif; font-size: 11pt; color: red"><B>DATED
    FEBRUARY 27, 2018</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 6pt">&nbsp;</FONT><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 10pt"><B>5,813,954 Class
A Units Consisting of Common Stock and Warrants and</B></FONT> </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 10pt"><B>5,000 Class B Units Consisting of Series B Convertible Preferred Stock and
Warrants (and 5,813,954 shares of common stock underlying shares of Series B Convertible Preferred Stock and 11,627,908 shares
of common stock underlying Warrants)</B></FONT> </P>

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

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0 80pt 0 0in; text-indent: 0in; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0 80pt 0 0in; text-indent: 0in; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Palatino Linotype, Palatino, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="width: 50%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 16pt"><B>Aytu BioScience, Inc.</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: right; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 16pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"> We are offering 5,813,954
Class A Units consisting of one share of our common stock and one warrant to purchase one share of our common stock, at an exercise
price equal to 120% of the public offering price of the Class A Units per share of common stock, which warrants will be exercisable
upon issuance and will expire five years from date of issuance. The shares of common stock and warrants that are part of a Class
A Unit are immediately separable and will be issued separately in this offering. </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"> <FONT STYLE="font-size: 5pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"> We are also offering
to those purchasers, if any, whose purchase of Class A Units in this offering would otherwise result in the purchaser, together
with its affiliates and certain related parties, beneficially owning more than 4.99% of our outstanding common stock immediately
following the consummation of this offering, the opportunity, in lieu of purchasing Class A Units, to purchase Class B Units.
Each Class B Unit will consist of one share of our newly designated Series B Convertible Preferred Stock, or the Series B Preferred,
with a stated value of $1,000 and convertible into shares of our common stock at the public offering price of the Class A Units,
together with the equivalent number of warrants as would have been issued to such purchaser of Class B Units if they had purchased
Class A Units. The shares of Series B Preferred and warrants that are part of a Class B Unit are immediately separable and will
be issued separately in this offering. We are also offering the shares of common stock issuable upon exercise of the warrants
and conversion of the Series B Preferred. </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"> <FONT STYLE="font-size: 5pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"> The number of shares
of our common stock outstanding after this offering will fluctuate depending on how many Class B Units are sold in this offering
and whether and to what extent holders of Series B Preferred shares convert their shares to common stock. </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"> <FONT STYLE="font-size: 5pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"> Our common stock is
listed on the NASDAQ Capital Market under the symbol &ldquo;AYTU.&rdquo; On February 23, 2018, the last reported sale price of
our common stock on the NASDAQ Capital Market was $0.86. </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"> <FONT STYLE="font-size: 5pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"> The final public offering
price per Class A Unit will be determined through negotiation between us and the underwriters in this offering and will take into
account the recent market price of our common stock, the general condition of the securities market at the time of this offering,
the history of, and the prospects for, the industry in which we compete, and our past and present operations and our prospects
for future revenues. The recent market price used throughout this prospectus may not be indicative of the public offering price
per Class A Unit. The public offering price of the Class B Units will be $1,000 per unit. </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"> <FONT STYLE="font-size: 5pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"> Assuming an offering
price of $0.86 per Class A Unit, the Series B Preferred included in the Class B Units will be convertible into an aggregate total
of 5,813,954 shares of Common Stock and the warrants included in the Class B Units will be exercisable for an aggregate total
of 5,813,954 shares of Common Stock. </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"> <FONT STYLE="font-size: 5pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"> There is no established
trading market for the warrants or the Series B Preferred, and we do not expect an active trading market to develop. We do not
intend to list the warrants or the Series B Preferred on any securities exchange or other trading market. Without an active trading
market, the liquidity of the warrants and the Series B Preferred will be limited. </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"> <FONT STYLE="font-size: 5pt"></FONT> <FONT STYLE="font-size: 5pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"><B>Investing in our securities
involves a high degree of risk. You should review carefully the risks and uncertainties described under the heading &ldquo;Risk
Factors&rdquo; beginning on page 8 of this prospectus, and under similar headings in any amendments or supplements to this prospectus.</B></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"> <FONT STYLE="font-size: 5pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"><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><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT> </TD>
    <TD NOWRAP STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt"><B>Per
    Class A </B></FONT><BR>
    <FONT STYLE="font-size: 9pt"><B>Unit</B></FONT></FONT> </TD>
    <TD NOWRAP STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD NOWRAP STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt"><B>Per
    Class B</B></FONT><BR>
    <FONT STYLE="font-size: 9pt"><B>Unit</B></FONT></FONT> </TD>
    <TD NOWRAP STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD NOWRAP STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></FONT> </TD>
    <TD NOWRAP STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="width: 64%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">Public offering
    price</FONT></FONT> </TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">$</FONT></FONT> </TD>
    <TD STYLE="width: 9%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> </TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">$</FONT></FONT> </TD>
    <TD STYLE="width: 9%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> </TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">$</FONT></FONT> </TD>
    <TD STYLE="width: 9%; text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT> </TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">Underwriting discounts and commissions<SUP>(1)</SUP></FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">$</FONT></FONT> </TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">$</FONT></FONT> </TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">$</FONT></FONT> </TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">Proceeds to us, before expenses</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">$</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">$</FONT></FONT> </TD>
    <TD STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">$</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Palatino Linotype, Palatino, Times, Serif; font-size: 9pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Palatino Linotype, Palatino, Times, Serif; font-size: 9pt">Does
    not include a non-accountable expense allowance equal to 1% of the gross proceeds (excluding any proceeds from exercise of
    the over-allotment option) of this offering payable to Joseph Gunnar &amp; Co., LLC, the representative of the underwriters.
    See &ldquo;Underwriting&rdquo; for a description of compensation payable to the underwriters.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0"> We have granted a 45-day option to the underwriters to purchase a maximum of 1,744,186 additional shares of common stock (15% of the shares of
common stock included in the Class A Units and Class B Units (on an as-converted basis with respect to any shares of Series B
Preferred) sold in this offering) and/or warrants to purchase a maximum of 1,744,186 shares of common stock (15% of the
warrants included as part of the Units sold in this offering), solely to cover over-allotments, if any. </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 5pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0"> The underwriters expect to deliver the securities
to purchasers in the offering on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2018. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Palatino Linotype, Palatino, Times, Serif; font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 18pt Palatino Linotype, Palatino, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Sole Book-Running
    Manager</I></FONT></TD>
    <TD STYLE="text-align: center"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Palatino Linotype, Palatino, Times, Serif; font-size: 18pt"><B>Joseph
    Gunnar &amp; Co.</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Lead Manager</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; text-align: center"></TD>
    <TD STYLE="width: 50%; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-size: 16pt"><B>Fordham
                                         Financial Management</B></FONT></P>


</TD></TR>
</TABLE>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Palatino Linotype, Palatino, Times, Serif; font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Palatino Linotype, Palatino, Times, Serif; font-size: 10pt">,
2018</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="toc"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Page</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_01">Prospectus Summary</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_02">The Offering</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_03">Risk Factors</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">8</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_04">Special Note Regarding Forward-Looking Statements</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">34</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_05">Use of Proceeds</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">34</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_06">Market for Common Stock</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">35</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_07">Dividend Policy</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">36</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_08">Dilution</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">37</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_09">Capitalization</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">38</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_10">Management&rsquo;s Discussion and Analysis of Financial Condition and Results
    of Operations</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">39</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_11">Business</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">47</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_12">Management</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">87</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_13">Transactions with Related Persons</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">95</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_14">Security Ownership of Certain Beneficial Owners and Management</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">96</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_15">Description of Capital Stock</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">97</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_16">Underwriting</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">102</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_17">Legal Matters</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">109</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_18">Experts</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">109</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_19">Where You Can Find More Information</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">109</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_20">Financial Statements</A></TD><TD STYLE="width: 0.1in">&nbsp;</TD>
    <TD STYLE="width: 0.7in; text-align: center">F-1</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should rely only on the information contained in this prospectus, as supplemented and amended. We have not authorized anyone to
provide you with information that is different. This prospectus may only be used where it is legal to sell these securities. The
information in this prospectus may only be accurate on the date of this prospectus. We take no responsibility for, and can provide
no assurance as to the reliability of, any other information that others may give you. Neither we nor any of the underwriters
is making an offer to sell or seeking offers to buy these securities in any jurisdiction where, or to any person to whom, the
offer or sale is not permitted. The information contained in this prospectus is accurate only as of the date on the front cover
of this prospectus, regardless of the time of delivery of this prospectus or of any sale of shares of our common stock, and the
information in any free writing prospectus that we may provide you in connection with this offering is accurate only as of the
date of that free writing prospectus. Our business, financial condition, results of operations and future growth prospects may
have changed since those dates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
investors outside the United States: We have not and the underwriters have not done anything that would permit this offering or
possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the
United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and
observe any restrictions relating to, the offering of the securities and the distribution of this prospectus outside the United
States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
urge you to read carefully this prospectus, as supplemented and amended, before deciding whether to invest in any of the common
stock being offered.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the context indicates otherwise, as used in this prospectus, the terms &ldquo;Aytu,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo;
&ldquo;our,&rdquo; &ldquo;our company&rdquo; and &ldquo;our business&rdquo; refer to Aytu BioScience, Inc. and its subsidiary.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We own or have rights to various U.S. federal trademark registrations
and applications, and unregistered trademarks and service marks, including Fiera, Natesto, ProstaScint, MiOXSYS, RedoxSYS, Luoxis,
Vyrix and Nuelle. All other trade names, trademarks and service marks appearing in this prospectus are the property of their respective
owners. We have assumed that the reader understands that all such terms are source-indicating. Accordingly, such terms, when first
mentioned in this prospectus, appear with the trade name, trademark or service mark notice and then throughout the remainder of
this prospectus without trade name, trademark or service mark notices for convenience only and should not be construed as being
used in a descriptive or generic sense.</P>

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


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<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 99%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_01"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS
SUMMARY </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
summary highlights certain information about us and this offering contained elsewhere in this prospectus. Because it is only a
summary, it does not contain all of the information that you should consider before investing in shares of our securities and
it is qualified in its entirety by, and should be read in conjunction with, the more detailed information appearing elsewhere
in this prospectus. Before you decide to invest in our securities, you should read the entire prospectus carefully, including
&ldquo;Risk Factors&rdquo; beginning on page 7, and the financial statements and related notes included in this prospectus.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Overview</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a commercial-stage specialty healthcare company focused on acquiring, developing and commercializing novel products in the
field of urology. We have multiple urology-focused products on the market, and we seek to build a portfolio of novel therapeutics
that serve large medical needs in the field of urology. We are concentrating on hypogonadism, prostate cancer, male infertility
and, recently, female sexual wellbeing and intimacy and may expand into other urological indications for which we believe there
are significant medical needs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
acquired exclusive U.S. rights to Natesto&nbsp;<SUP>&reg;</SUP>&nbsp;(testosterone) nasal gel, a novel formulation of testosterone
delivered via a discreet, easy-to-use nasal gel, and we launched Natesto in the United States with our direct sales force in late
summer 2016. Natesto is approved by the U.S. Food and Drug Administration, or FDA, for the treatment of hypogonadism (low testosterone)
in men and is the only testosterone replacement therapy, or TRT, delivered via a nasal gel. Natesto offers multiple advantages
over currently available TRTs and competes in a $1.8 billion market. Importantly, as Natesto is delivered via the nasal mucosa
and not the skin, there is no risk of testosterone transference to others, a known potential side effect and black box warning
associated with all other topically applied TRTs, including the market leader AndroGel&nbsp;<SUP>&reg;</SUP>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outside
the U.S. we market MiOXSYS&nbsp;<SUP>&reg;</SUP>, a novel&nbsp;<I>in vitro</I>&nbsp;diagnostic device that is currently CE marked
(or Conformit&eacute; Europ&eacute;ene marked, which generally enables it to be sold within the European Economic Area) and for
which we intend to initiate a final clinical study to enable FDA clearance in the U.S. Our MiOXSYS system is a novel, point-of-care
semen analysis system with the potential to become a standard of care in the diagnosis and management of male infertility. Male
infertility is a prevalent and underserved condition and oxidative stress is widely implicated in its pathophysiology. MiOXSYS
was developed from our core oxidation-reduction potential research platform known as RedoxSYS&nbsp;<SUP>&reg;</SUP>. We are advancing
MiOXSYS toward FDA clearance or approval, potentially via the De Novo Classification Request process (see &ldquo;Business--Regulatory
Pathway&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently market ProstaScint&nbsp;<SUP>&reg;</SUP>&nbsp;(capromab pendetide), the only single-photon emission tomography, or SPECT
-based radioimaging agent indicated to detect the prostate specific membrane antigen, or PSMA, in the assessment and staging of
prostate cancer. ProstaScint is approved by the FDA for use in both newly diagnosed, high-risk prostate cancer patients and patients
with recurrent prostate cancer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 5, 2017, we acquired Nuelle, Inc, or Nuelle, a women&rsquo;s sexual health company. This transaction expanded our product
portfolio with the addition of the Fiera&nbsp;<SUP>&reg;</SUP>&nbsp;personal care device for women. Fiera was recently launched
in the U.S. 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. This acquisition adds a novel, commercial-stage
product in a complementary adjacency readily accessible by our U.S.-based commercial infrastructure. Nuelle was previously a portfolio
company of leading venture capital firm New Enterprise Associates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the future we will look to acquire additional urology products, including existing products we believe can offer distinct commercial
advantages. Our management team&rsquo;s prior experience has involved identifying clinical assets that can be re-launched to increase
value, with a focused commercial infrastructure specializing in urology.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Natesto&reg;
(testosterone) nasal gel.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 22, 2016, we entered into an agreement to acquire the exclusive U.S. rights to Natesto (testosterone) nasal gel from Acerus
Pharmaceuticals Corporation, or Acerus, which rights we acquired on July 1, 2016. Natesto is a patented, FDA-approved testosterone
replacement therapy, or TRT, and is the only nasally-administered formulation of testosterone available in the United States.
Natesto is a discreet, easy-to-administer nasal gel that may be appropriate for men with active lifestyles as Natesto is small,
portable, Transportation Security Administration, or TSA-compliant, and easy to use. Importantly, Natesto is not applied directly
to the patient&rsquo;s skin as other topically applied TRTs are. Rather, it is delivered directly into the nasal mucosa via a
proprietary nasal applicator. Thus, Natesto does not carry a black box warning related to testosterone transference to a man&rsquo;s
female partner or children &mdash; as other topically (primarily gels and solutions) administered TRTs do by virtue of their delivery
directly onto the skin. We launched Natesto in the U.S. in late summer 2016 with our direct sales force, and we are positioning
Natesto as the ideal treatment solution for men with active, busy lifestyles who suffer from hypogonadism.</FONT></P>

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

</DIV>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MiOXSYS&reg;.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MiOXSYS
is a rapid&nbsp;<I>in vitro</I>&nbsp;diagnostic semen analysis test used in the quantitative measurement of static oxidation-reduction
potential, or sORP, in human semen. MiOXSYS is a CE marked system and is an accurate, easy to use, and fast infertility assessment
tool. It is estimated that 72.4 million couples worldwide experience infertility problems. In the United States, approximately
10% of couples are defined as infertile. Male infertility is responsible for between 40 &ndash; 50% of all infertility cases and
affects approximately 7% of all men. Male infertility is often unexplained (idiopathic), and this idiopathic infertility is frequently
associated with increased levels of oxidative stress in the semen. As such, having a rapid, easy-to-use diagnostic platform to
measure oxidative stress should provide a practical way for male infertility specialists to improve semen analysis and infertility
assessments without having to refer patients to outside clinical laboratories.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Male
infertility is prevalent and underserved, and oxidative stress is widely implicated in its pathophysiology. The global male infertility
market is expected to grow to over $300 million by 2020 with a compound annual growth rate, or CAGR, of nearly 5% from 2014 to
2020. Oxidative stress is broadly implicated in the pathophysiology of idiopathic male infertility, yet very few diagnostic tools
exist to effectively measure oxidative stress levels in men. However, antioxidants are widely available and recommended to infertile
men. With the introduction of the MiOXSYS System, we believe for the first time there will be an easy and effective diagnostic
tool to assess the degree of oxidative stress and potentially enable the monitoring of patients&rsquo; responses to antioxidant
therapy as a treatment regimen for infertility. The MiOXSYS System received CE marking in Europe in January 2016, obtained Health
Canada Class II Medical Device approval in March 2016, and obtained Australian Therapeutic Goods Administration, or TGA approval
in November 2017. We expect to advance MiOXSYS into clinical trials in the United States in order to enable FDA clearance or approval,
potentially via the De Novo Classification Request process.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ProstaScint&reg;
(capromab pendetide).</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
became a commercial stage company by virtue of our acquisition of ProstaScint in May 2015 and are generating sales of this FDA-approved
prostate cancer imaging agent. Because prostate cancer is a condition commonly diagnosed and treated by urologists, ProstaScint
complements our urology-focused product portfolio and pipeline. Prostate cancer is the second most common cancer in American men
after skin cancer. The American Cancer Society&rsquo;s estimates for prostate cancer in the United States for 2018 are: About
164,690 new cases of prostate cancer and about 29,430 deaths from prostate cancer. Further, there are more than 2.9 million men
alive with some history of prostate cancer. The effect of prostate cancer on healthcare economics is substantial, which makes
the need for accurate disease staging critical for treatment and management strategies. Approximately $4.4 billion is spent annually
on screening, diagnosing and staging, and an additional $9.9 billion annually on treatment of prostate cancer patients, totaling
nearly $15 billion per year on prostate cancer in the US alone. At June 30, 2017, the ProstaScint asset was impaired based upon
sales projections that we intend to only sell this product through mid-fiscal 2019, when our existing supplies of the product
will expire.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fiera&nbsp;<SUP>&reg;</SUP>&nbsp;Personal
Care Device</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fiera Personal Care Device is the first hands-free wearable product for women, specifically designed to increase interest in,
and physical readiness for sex, naturally. Fiera does this by creating a physically aroused state via the genitals. Co-created
with healthcare professionals, Fiera is a small, discreet, fast-acting, and hands-free product that is designed to be used in
advance of physical intimacy to help women feel ready and in the mood for sex. Fiera uses gentle suction coupled with stimulation
to enhance blood flow to the genitals, increase lubrication, and ultimately get a woman ready for partnered intimacy in as little
as 5 minutes.</FONT></P>

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

</DIV>

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<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 99%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the acquisition of Nuelle, Inc., Aytu is expanding into the women&rsquo;s sexual health and wellness market. Sexual wellness is
inclusive of female sexual dysfunction which is a term that describes various sexual problems, such as low desire or interest,
diminished arousal, orgasmic difficulties, and dyspareunia. Female sexual dysfunction is considered common, with an estimated
prevalence of 43% from the U.S. National Health and Social Life Survey and similar estimates from other large, population-based
surveys in the United States and the United Kingdom. In a study of over 31,000 women in the United States it was determined that
44% of women report a sexual problem. Specifically, the most common sexual problem is low desire, with a prevalence of 39%; followed
by low arousal (26%) and orgasm difficulties (21%). Additionally, the incidence of sexual dysfunction is expected to increase
through 2020 to effect more than 124 million women worldwide.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiera
has been well studied and tested by health care professionals, and consumers and is scientifically proven to enhance arousal and
interest in women of all ages, including pre- and post-menopausal women. Recent consumer study results in women ages 25 &ndash;
75 showed that after 4 weeks of using Fiera:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97% of women felt physically aroused;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">96% looked forward to being intimate with their
    partner;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93% felt excited and ready for sex;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89% of women felt more &ldquo;in the mood&rdquo;;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87% felt as ready for sex as their partner did;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86% of women felt a stronger emotional connection
    with their partner;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85% reported their orgasm felt pleasurable and
    intense;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85% thought about sex more often; and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85% engaged in sexual activity more often and
    felt satisfied in her relationship.</FONT></TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Previous
studies also showed that 87% of women felt increased desire and 67% felt increased lubrication.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Key
elements of our business strategy include:</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expand
                                         the commercialization of Natesto in the U.S. for the treatment of hypogonadism with our
                                         direct sales force. We launched Natesto in late summer 2016 and are targeting high prescribing
                                         TRT prescribers with a primary emphasis on urologists and male health practitioners.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Establish
                                         MiOXSYS as a leading in vitro diagnostic device in the assessment of male infertility.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expand
                                         the commercialization in the U.S. of Fiera.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintain
                                         the availability of FDA-approved ProstaScint for the staging of both newly diagnosed
                                         high-risk and recurrent prostate cancer patients through mid-fiscal 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquire
                                         additional marketed products and late-stage development assets that can be efficiently
                                         marketed through our growing commercial organization.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Develop
                                         a pipeline of novel products, with a focus on identifying novel products with sufficient
                                         clinical proof of concept that require modest internal R&amp;D expense.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may augment our core in-development and commercial assets through efficient identification of complementary therapeutics, devices,
and diagnostics related to urological disorders, but we will remain opportunistic in identifying assets outside of urology. Under
this strategy, we would seek assets that are near commercial stage or already generating revenues. Further, we would seek to acquire
products through asset purchases, licensing, co-development, or collaborative commercial arrangements (co-promotions, co-marketing,
etc.).</FONT></P>

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

</DIV>

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

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<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 99%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management team has extensive experience across a wide range of business development activities and have in-licensed or acquired
products from large, mid-sized, and small enterprises in the United States and abroad. Through an assertive product and business
development approach, we expect that we will build a substantial portfolio of complementary urology products.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Corporate
Information</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated as Rosewind Corporation on August 9, 2002 in the State of Colorado.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vyrix
Pharmaceuticals, Inc., or Vyrix, was incorporated under the laws of the State of Delaware on November 18, 2013 and was wholly
owned by Ampio Pharmaceuticals, Inc. (NYSE American: AMPE), or Ampio, immediately prior to the completion of the Merger (defined
below). Vyrix was previously a carve-out of the sexual dysfunction therapeutics business, including the late-stage men&rsquo;s
health product candidates, Zertane and Zertane-ED, from Ampio, that carve-out was announced in December 2013. Luoxis Diagnostics,
Inc., or Luoxis, was incorporated under the laws of the State of Delaware on January 24, 2013 and was majority owned by Ampio
immediately prior to the completion of the Merger. Luoxis was initially focused on developing and advancing the RedoxSYS System.
The MiOXSYS System was developed following the completed development of the RedoxSYS System.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 20, 2015, Rosewind formed Rosewind Merger Sub V, Inc. and Rosewind Merger Sub L, Inc., each a wholly-owned subsidiary formed
for the purpose of the Merger, and on April 16, 2015, Rosewind Merger Sub V, Inc. merged with and into Vyrix and Rosewind Merger
Sub L, Inc. merged with and into Luoxis, and Vyrix and Luoxis became subsidiaries of Rosewind. Immediately thereafter, Vyrix and
Luoxis merged with and into Rosewind with Rosewind as the surviving corporation (herein referred to as the Merger). Concurrent
with the closing of the Merger, Rosewind abandoned its pre-merger business plans, and we now solely pursue the specialty healthcare
market, focusing on urological related conditions, including the business of Vyrix and Luoxis. When we discuss our business in
this prospectus, we include the pre-Merger business of Luoxis and Vyrix.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 8, 2015, we (i) reincorporated as a domestic Delaware corporation under Delaware General Corporate Law and changed our name
from Rosewind Corporation to Aytu BioScience, Inc., and (ii) effected a reverse stock split in which each common stock holder
received one share of common stock for each 12.174 shares outstanding. At our annual meeting of shareholders held on May 24, 2016,
our shareholders approved (1) an amendment to our Certificate of Incorporation to reduce the number of authorized shares of common
stock from 300.0 million to 100.0 million, which amendment was effective on June 1, 2016, and (2) an amendment to our Certificate
of Incorporation to affect a reverse stock split at a ratio of 1-for-12 which became effective on June 30, 2016. At our special
meeting of shareholders held on July 26, 2017, our shareholders approved an amendment to our Certificate of Incorporation to affect
a reverse stock split at a ratio of 1-for-20 which became effective on August 25, 2017. All share and per share amounts in this
prospectus have been adjusted to reflect the effect of these three reverse stock splits (hereafter referred to collectively as
the &ldquo;Reverse Stock Splits&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive offices are located at 373 Inverness Parkway, Suite 206, Englewood, Colorado 80112, and our phone number is
(720) 437-6580. Our corporate website address is http://www.aytubio.com. The information contained on, connected to or that can
be accessed via our website is not part of this prospectus. We have included our website address in this prospectus as an inactive
textual reference only and not as an active hyperlink.&nbsp;</FONT></P>

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

</DIV>


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<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 99%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_02"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
OFFERING</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 58%; padding-right: 0.7pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aytu
    BioScience, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="padding-right: 0.7pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Class A Units offered</FONT></FONT> </TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="padding-right: 0.7pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">5,813,954
    Class A Units with each Class A Unit consisting of one share of our common stock and a warrant to purchase one share of our
    common stock at an exercise price equal to 120% of the public offering price of the Class A Units. The Class A Units will
    not     be certificated and the shares of common stock and warrants that are part of such units will be immediately separable
    and     will be issued separately in this offering.</FONT></FONT> </TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="padding-right: 0.7pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Public offering price per Class
    A Unit</FONT></FONT> </TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="padding-right: 0.7pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
    Class A Unit.</FONT></FONT> </TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="padding-right: 0.7pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.9pt; font-family: Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Class
                                     B Units offered</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="padding-right: 0.7pt; font-family: Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">5,000
                                     Class B Units are also being offered to those purchasers, if any, whose purchase of Class
                                     A Units in this offering would otherwise result in the purchaser, together with its affiliates
                                     and certain related parties, beneficially owning more than 4.99%  of our outstanding
                                     common stock immediately following the consummation of this offering. Each Class B Unit will
                                     consist of one share of our Series B Preferred, with a stated value of $1,000 and convertible
                                     into shares of our common stock, at the public offering price of the Class A Units, together
                                     with the equivalent number of warrants as would have been issued to such purchaser if they
                                     had purchased Class A Units. The Class B Units will not be certificated and the shares of
                                     Series B Preferred and warrants that are part of such units are immediately separable and
                                     will be issued separately in this offering&#9;</FONT> </P></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.9pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.9pt; font-family: Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Public
                                     offering price per Class B Unit</FONT> </P>

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

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

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

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



</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="padding-right: 0.7pt; font-family: Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$1,000
                                     per Class B Unit.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Each
warrant included in the Units will have an exercise price equal to 120% of the public offering price of the Class A Units per
share of common stock, will be exercisable upon issuance, and will expire five years from the date of
issuance.</FONT> </P>



</TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.9pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.9pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Over-allotment option</FONT> </TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">We have granted a 45-day option
    to the underwriters to purchase a maximum of 1,744,186 additional shares of common stock (15% of the
    shares of common stock included in the Class A Units and Class B Units (on an as-converted basis with respect to any shares
    of Series B Preferred) sold in this offering) and/or warrants to purchase a maximum of 1,744,186 shares of common stock (15%
    of the warrants included as part of the Units sold in this offering), solely to cover over-allotments, if any.</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0.9pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="padding-right: 0.7pt; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Common stock to be outstanding
    immediately</FONT></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt">after this offering</FONT> </FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">16,597,546 shares, or 18,341,732
    shares if the underwriters exercise in full their option to purchase additional shares of common stock
    (on an as-converted to common stock basis with respect to any shares of Series B Preferred sold).</FONT></FONT> </TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Series
        B Convertible Preferred Stock</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT> </P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
        Series B Preferred will be convertible into shares of our common stock at any time at the option of the holder, at a conversion
        price equal to the public offering price of the Class A Units. See &ldquo;Description of Capital Stock &mdash; Series
        B Preferred Stock&rdquo; for a discussion of the terms of the Series B Preferred.</FONT> </P></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Use of proceeds</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">We intend to use the net proceeds from this offering for general
    corporate purposes, including working capital. See &ldquo;Use of Proceeds&rdquo; on page 34.</FONT></TD></TR>
</TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 99%"><P STYLE="font: 10pt Times New Roman, Times, Serif; 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="width: 40%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Risk
factors</FONT></P></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 58%; padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    investment involves a high degree of risk. You should read the description of risks set forth under &ldquo;Risk Factors&rdquo;
    beginning on page 7 of this prospectus for a discussion of factors to consider before deciding to purchase our securities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-right: 0.7pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ Capital Market Trading Symbol of Common
    Stock</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-right: 0.9pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &ldquo;AYTU&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"> There is no established public trading market for
        the warrants or Series B Preferred, and we do not expect an active trading market to develop. We do not intend to list
        the warrants or the Series B Preferred on any securities exchange or other trading market. Without an active trading market,
        the liquidity of the warrants and the Series B Preferred will be limited. </P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-right: 0.9pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lock-up</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We and our directors
    and executive officers have agreed with the underwriters not to offer for sale, issue, sell, contract to sell, pledge or otherwise
    dispose of any of our common stock or securities convertible into common stock for a period of six months commencing on the
    date of this prospectus in the case of our directors and executive officers. See &ldquo;Underwriting&rdquo; beginning on page
    102.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.9pt"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-right: 0.7pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.9pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered Securities</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-right: 0.7pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This prospectus
    also relates to the offering of the underwriters&rsquo; warrants and the shares issuable upon conversion of the Series B Preferred,
    upon exercise of the warrants included in the Units, and upon exercise of the underwriters&rsquo; warrants.</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">Based on 4,969,638 shares of common stock outstanding on February
1, 2018.</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"> Unless otherwise indicated, all information in this prospectus
assumes no exercise by the underwriters of their option to purchase additional shares of common stock and/or warrants
to cover over-allotments, if any, and excludes as of February 1, 2018 (i) 36,795 shares of our common stock issuable upon exercise
of outstanding stock options under our 2015 Stock Option and Incentive Plan at a weighted average exercise price of $16.30 per
share, (ii) 6,600,720 shares of our common stock issuable upon exercise of outstanding warrants with a weighted average exercise
price of $5.62 per share, (iii) 633,333 shares of common stock issuable upon conversion of 1,900 outstanding shares of Series
A Preferred Stock; (iv) shares of common stock underlying the warrants included in the Units, and (v) shares of common stock underlying
the warrants to be issued to the underwriters in connection with this offering. </P>

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

</DIV>


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    <!-- Field: /Page -->
<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 99%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary historical financial information as of June 30, 2017 and 2016, and for the years ended June 30, 2017 and 2016,
has been derived from our audited financial statements included elsewhere in this prospectus. The following summary historical
financial information as of December 31, 2017, and for the six months ended December 31, 2017 and 2016, has been derived from
our unaudited interim financial statements included elsewhere in this prospectus. The unaudited interim financial statements have
been prepared on the same basis as our audited financial statements and, in the opinion of our management, reflect all adjustments,
consisting of normal recurring adjustments, necessary for a fair presentation of this information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
historical results are not necessarily indicative of the results that may be achieved in any future period, and results for any
interim period are not necessarily indicative of the results to be expected for the full year. The summary financial information
should be read together with our financial statements and related notes included elsewhere in this prospectus, as well as &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; beginning on page 38 of this prospectus. Our audited
annual financial statements and unaudited interim financial statements have been prepared in U.S. dollars in accordance with United
States generally accepted accounting principles, or GAAP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: 0.5in"></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>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Six&nbsp;Months&nbsp;Ended<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Years&nbsp;Ended <BR>
    June&nbsp;30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt">(unaudited)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; text-indent: -10pt; padding-left: 10pt">Product revenue</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,127,522</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,492,152</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">3,221,590</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,050,838</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1.5pt">License revenue</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">511,607</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total revenue</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,127,522</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,492,152</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,221,590</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,562,445</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Cost of sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">672,612</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">743,217</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,417,355</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">957,076</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Research and development expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(136,532</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">495,479</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959,857</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,127,772</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Research and development expenses - related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,996</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">387,960</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">191,991</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Sales, general and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,171,769</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,347,082</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,442,627</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,517,592</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Sales, general and administrative expenses - related
    party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101,544</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,131</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">307,704</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Amortization&nbsp;and impairment
    of intangible assets expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">769,652</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">874,029</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,973,896</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">8,164,707</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,477,501</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">11,657,347</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">23,346,826</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">24,266,842</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Loss from operations</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(8,349,979</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(10,165,195</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(20,125,236</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(21,704,397</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(385,526</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(803,465</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,534,358</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,491,486</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Derivative income (expense)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">817,785</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">196,148</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">212,809</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,572</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">(Loss) on investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(61,519</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(971,629</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Unrealized gain on investment</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">230,936</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total other income (expense)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">432,259</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(376,381</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,383,068</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(6,475,687</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(7,917,720</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(10,541,576</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(22,508,304</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(28,180,084</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Weighted average number of common shares outstanding</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,481,110</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">295,546</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">466,024</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">87,057</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Basic and diluted net loss per common share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(3.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(35.67</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(48.30</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(323.70</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary balance sheet data as of December 31, 2017 is presented:</FONT></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: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on an actual basis;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on a pro forma basis after giving effect
    to the sale of&nbsp;an assumed 11,627,908 shares of common stock (on an as-converted to common stock basis with respect to
    any shares of Series B Preferred sold) and warrants to purchase 11,627,908 shares of common stock at an assumed public offering
    price of $0.86 per Class A Unit (the closing price of our common stock on February 23, 2018) after deducting underwriting
    discounts and commissions and estimated offering expenses payable by us.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></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> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> As of <BR> December 31,<BR>
    2017 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> As of June 30, </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"> (unaudited) </TD><TD STYLE="font-weight: bold"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Actual </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Pro Forma </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2017 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> 2016 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="6"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="6"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"> Balance Sheet Data: </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; text-indent: -10pt; padding-left: 10pt"> Cash, cash equivalents and restricted
    cash </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 3,983,717 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 12,904,217 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 877,542 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 8,054,190 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"> Other current assets </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,761,008 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,761,008 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,151,020 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,066,037 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"> Other long-term assets </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11,113,673 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11,113,673 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11,969,955 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,222,780 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"> Total assets </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 18,858,398 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 27,778,898 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,998,517 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 24,343,007 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"> Accounts payable, accrued expenses and other current
    liabilities </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,800,901 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,800,901 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,610,468 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,104,425 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"> Other long-term liabilities </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11,026,911 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11,026,911 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7,388,233 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,153,329 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"> Preferred stock </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> - </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> - </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"> Common stock </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 489 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,652 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 82 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"> Additional paid-in capital </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 80,017,545 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 88,936,882 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 73,069,463 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 56,646,659 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"> Accumulated deficit </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (76,987,449 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (76,987,449 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (69,069,729 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (46,561,425 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"> Total stockholders&rsquo; equity </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,030,586 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11,951,086 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,999,816 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,085,253 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"> Total liabilities and stockholders&rsquo; equity </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 18,858,398 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 27,778,898 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,998,517 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 24,343,007 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: 0.5in"></P>
</div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_03"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RISK
FACTORS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Investing
in our securities includes a high degree of risk. Prior to making a decision about investing in our securities, you should consider
carefully the specific factors discussed below, together with all of the other information contained in this prospectus. Our business,
financial condition, results of operations and prospects could be materially and adversely affected by these risks.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
have a limited operating history, have incurred losses, and can give no assurance of profitability.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a commercial-stage healthcare company with a limited operating history. Prior to implementing our commercial strategy in the
fourth calendar quarter of 2015, we did not have a focus on profitability. As a result, we are not profitable, and have incurred
losses in each year since our inception. We incurred net losses for the years ended June 30, 2017 and 2016 of $22.5 million and
$28.2 million, respectively. We incurred a net loss for the six months ended December 31, 2017 of $7.9 million. Even though we
expect to have revenue growth in the next several fiscal years, it is uncertain that the revenue growth will be significant enough
to offset our expenses and generate a profit in the future. We may never achieve profitability. Potential investors should evaluate
us in light of the expenses, delays, uncertainties, and complications typically encountered by early-stage healthcare businesses,
many of which will be beyond our control. These risks include the following:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">uncertain
    market acceptance of our products and product candidates;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lack
    of sufficient capital;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    regulatory approval of our products and product candidates;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">foreign
    regulatory approval of our products and product candidates;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">unanticipated
    problems, delays, and expense relating to product development and implementation;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lack
    of sufficient intellectual property;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability to attract and retain qualified employees;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition;
    and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">technological
    changes.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of our limited operating history, and the increasingly competitive nature of the markets in which we compete, our historical
financial data is of limited value in anticipating future operating expenses. Our planned expense levels will be based in part
on our expectations concerning future operations, which is difficult to forecast accurately based on our limited operating history
and the recentness of the acquisition of our products Natesto, MiOXSYS, ProstaScint and Fiera. We may be unable to adjust spending
in a timely manner to compensate for any unexpected budgetary shortfall.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
though ProstaScint and Natesto are each an FDA-approved drug that we are marketing, we only acquired ProstaScint in May 2015 and
Natesto in April 2016. In addition, we only acquired Fiera in May 2017 and launched our MiOXSYS device in Europe and Canada in
early fiscal 2017. As a result, we have limited experience on which to base the revenue we could expect to receive from sales
of these products. To obtain revenues from our products and product candidates, we must succeed, either alone or with others,
in a range of challenging activities, including expanding markets for our existing products and completing clinical trials of
our product candidates, obtaining positive results from those clinical trials, achieving marketing approval for those product
candidates, manufacturing, marketing and selling our existing products and those products for which we, or our collaborators,
may obtain marketing approval, satisfying any post-marketing requirements and obtaining reimbursement for our products from private
insurance or government payors. We, and our collaborators, if any, may never succeed in these activities and, even if we do, or
one of our collaborators does, we may never generate revenues that are sufficient enough for us to achieve profitability.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may need to raise additional funding, which may not be available on acceptable terms, or at all. Failure to obtain necessary capital
when needed may force us to delay, limit or terminate our product expansion and development efforts or other operations.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are expending resources to expand the market for Natesto, MiOXSYS and Fiera, none of which might be as successful as we anticipate
or at all and all of which might take longer and be more expensive to market than we anticipate. We also are currently advancing
our MiOXSYS device in additional markets through clinical development. Developing product candidates is expensive, lengthy and
risky, and we expect to incur research and development expenses in connection with our ongoing clinical development activities
with the MiOXSYS System. We may require additional capital to continue the expansion of marketing efforts for Natesto, ProstaScint
and Fiera and to obtain regulatory approval for, and to commercialize, our current product candidate, the MiOXSYS System in the
United States. Even if we believe we have sufficient funds for our current or future operating plans, we may seek additional capital
if market conditions are favorable or if we have specific strategic considerations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
additional fundraising efforts may divert our management from their day-to-day activities, which may adversely affect our ability
to expand any existing product or develop and commercialize our product candidates. In addition, we cannot guarantee that future
financing will be available in sufficient amounts or on terms acceptable to us, if at all. Moreover, the terms of any financing
may adversely affect the holdings or the rights of our stockholders and the issuance of additional securities, whether equity
or debt, by us, or the possibility of such issuance, may cause the market price of our shares to decline. The sale of additional
equity or convertible securities would dilute all of our stockholders. The incurrence of indebtedness would result in increased
fixed payment obligations and we may be required to agree to certain restrictive covenants, such as limitations on our ability
to incur additional debt, limitations on our ability to acquire, sell or license intellectual property rights and other operating
restrictions that could adversely impact our ability to conduct our business. We could also be required to seek funds through
arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable and we may be required
to relinquish rights to some of our technologies or product candidates or otherwise agree to terms unfavorable to us, any of which
may have a material adverse effect on our business, operating results and prospects.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unable to obtain funding on a timely basis, we may be unable to expand the market for Natesto, MiOXSYS or Fiera and/or
be required to significantly curtail, delay or discontinue one or more of our research or development programs for the MiOXSYS
system, or any future product candidate or expand our operations generally or otherwise capitalize on our business opportunities,
as desired, which could materially affect our business, financial condition and results of operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we do not obtain the capital necessary to fund our operations, we will be unable to successfully expand the commercialization
of Natesto and Fiera and to develop, obtain regulatory approval of, and commercialize, our current product candidate, the MiOXSYS
System.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
expansion of marketing and commercialization activities for our existing products and the development of pharmaceutical products,
medical diagnostics and medical devices is capital-intensive. We anticipate we may require additional financing to continue to
fund our operations. Our future capital requirements will depend on, and could increase significantly as a result of, many factors
including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    costs, progress and timing of our efforts to expand the marketing of Natesto and Fiera;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">progress
    in, and the costs of, our pre-clinical studies and clinical trials and other research and development programs;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    costs of securing manufacturing arrangements for commercial production;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    scope, prioritization and number of our research and development programs;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    achievement of milestones or occurrence of other developments that trigger payments under any collaboration agreements we
    obtain;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    costs of establishing, expanding or contracting for sales and marketing capabilities for any existing products and if we obtain
    regulatory clearances to market our current product candidate, the MiOXSYS system;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    extent to which we are obligated to reimburse, or entitled to reimbursement of, clinical trial costs under future collaboration
    agreements, if any; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    costs involved in filing, prosecuting, enforcing and defending patent claims and other intellectual property rights.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
funds are not available, we may be required to delay, reduce the scope of, or eliminate one or more of our commercialization efforts
or our technologies, research or development programs.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to Product Development, Regulatory Approval and Commercialization</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Natesto,
MiOXSYS, ProstaScint and Fiera may prove to be difficult to effectively commercialize as planned.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Various
commercial, regulatory, and manufacturing factors may impact our ability to maintain or grow revenues from sales of Natesto, MiOXSYS,
ProstaScint and Fiera. Specifically, we may encounter difficulty by virtue of:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>our inability to adequately market and increase sales of any of these products;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD>our inability to secure continuing prescribing of any of these prescription products by current or previous users of the
    product, and our inability to continue and grow sales of the Fiera sexual wellness product;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD>our inability to effectively transfer and scale manufacturing as needed to maintain an adequate commercial supply of these
    products;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD>reimbursement and medical policy changes that may adversely affect the pricing, profitability or commercial appeal of
    Natesto, MiOXSYS, or ProstaScint; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD>our inability to effectively identify and align with commercial partners outside the United States, or the inability of
    those selected partners to gain the required regulatory, reimbursement, and other approvals needed to enable commercial success
    of MiOXSYS, ProstaScint or Fiera.</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
have limited experience selling our current products as they were acquired from other companies or were recently approved for
sale. As a result, we may be unable to successfully commercialize our products and product candidates.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
our management&rsquo;s extensive experience in launching and managing commercial-stage healthcare companies, we have limited marketing,
sales and distribution experience with our current products. Our ability to achieve profitability depends on attracting and retaining
customers for our current products, and building brand loyalty for Natesto, MiOXSYS, ProstaScint and Fiera. To successfully perform
sales, marketing, distribution and customer support functions, we will face a number of risks, including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to attract and retain skilled support team, marketing staff and sales force necessary to increase the market for our
    approved products and to maintain market acceptance for our product candidates;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability of our sales and marketing team to identify and penetrate the potential customer base; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    difficulty of establishing brand recognition and loyalty for our products.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we may seek to enlist one or more third parties to assist with sales, distribution and customer support globally or
in certain regions of the world. If we do seek to enter into these arrangements, we may not be successful in attracting desirable
sales and distribution partners, or we may not be able to enter into these arrangements on favorable terms, or at all. If our
sales and marketing efforts, or those of any third-party sales and distribution partners, are not successful, our currently approved
products may not achieve increased market acceptance and our product candidates may not gain market acceptance, which would materially
impact our business and operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
cannot be certain that we will be able to obtain regulatory approval for, or successfully commercialize, any of our current or
future product candidates.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be able to develop our current or any future product candidates. Our product candidates will require substantial additional
clinical development, testing, and regulatory approval before we are permitted to commence commercialization. The clinical trials
of our product candidates are, and the manufacturing and marketing of our product candidates will be, subject to extensive and
rigorous review and regulation by numerous government authorities in the United States and in other countries where we intend
to test and, if approved, market any product candidate. Before obtaining regulatory approvals for the commercial sale of any product
candidate, we must demonstrate through pre-clinical testing and clinical trials that the product candidate is safe and effective
for use in each target indication. This process can take many years and may include post-marketing studies and surveillance, which
will require the expenditure of substantial resources. Of the large number of drugs in development in the U.S., only a small percentage
successfully completes the FDA regulatory approval process and is commercialized. Accordingly, even if we are able to obtain the
requisite financing to continue to fund our development and clinical programs, we cannot assure you that any of our product candidates
will be successfully developed or commercialized.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not permitted to market a product in the U.S. until we receive approval of a New Drug Application, or an NDA, for that product
from the FDA, or in any foreign countries until we receive the requisite approval from such countries. Obtaining approval of an
NDA is a complex, lengthy, expensive and uncertain process, and the FDA may delay, limit or deny approval of any product candidate
for many reasons, including, among others:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may not be able to demonstrate that a product candidate is safe and effective to the satisfaction of the FDA;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    results of our clinical trials may not meet the level of statistical or clinical significance required by the FDA for marketing
    approval;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FDA may disagree with the number, design, size, conduct or implementation of our clinical trials;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FDA may require that we conduct additional clinical trials;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FDA may not approve the formulation, labeling or specifications of any product candidate;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    clinical research organizations, or CROs, that we retain to conduct our clinical trials may take actions outside of our control
    that materially adversely impact our clinical trials;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FDA may find the data from pre-clinical studies and clinical trials insufficient to demonstrate that a product candidate&rsquo;s
    clinical and other benefits outweigh its safety risks, such as the risk of drug abuse by patients or the public in general;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FDA may disagree with our interpretation of data from our pre-clinical studies and clinical trials;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FDA may not accept data generated at our clinical trial sites;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    an NDA, if and when submitted, is reviewed by an advisory committee, the FDA may have difficulties scheduling an advisory
    committee meeting in a timely manner or the advisory committee may recommend against approval of our application or may recommend
    that the FDA require, as a condition of approval, additional pre-clinical studies or clinical trials, limitations on approved
    labeling or distribution and use restrictions;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FDA may require development of a Risk Evaluation and Mitigation Strategy, or REMS, as a condition of approval or post-approval;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FDA may not approve the manufacturing processes or facilities of third-party manufacturers with which we contract; or</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FDA may change its approval policies or adopt new regulations.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
same risks apply to applicable foreign regulatory agencies from which we may seek approval for any of our product candidates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these factors, many of which are beyond our control, could jeopardize our ability to obtain regulatory approval for and successfully
market any product candidate. Moreover, because a substantial portion of our business is or may be dependent upon our product
candidates, any such setback in our pursuit of initial or additional regulatory approval would have a material adverse effect
on our business and prospects.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we fail to successfully acquire new products, we may lose market position.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquiring
new products is an important factor in our planned sales growth, including products that already have been developed and found
market acceptance. If we fail to identify existing or emerging consumer markets and trends and to acquire new products, we will
not develop a strong revenue source to help pay for our development activities as well as possible acquisitions. This failure
would delay implementation of our business plan, which could have a negative adverse effect on our business and prospects.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we do not secure collaborations with strategic partners to test, commercialize and manufacture product candidates, we may not
be able to successfully develop products and generate meaningful revenues.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may enter into collaborations with third parties to conduct clinical testing, as well as to commercialize and manufacture our
products and product candidates. If we are able to identify and reach an agreement with one or more collaborators, our ability
to generate revenues from these arrangements will depend on our collaborators&rsquo; abilities to successfully perform the functions
assigned to them in these arrangements. Collaboration agreements typically call for milestone payments that depend on successful
demonstration of efficacy and safety, obtaining regulatory approvals, and clinical trial results. Collaboration revenues are not
guaranteed, even when efficacy and safety are demonstrated. Further, the economic environment at any given time may result in
potential collaborators electing to reduce their external spending, which may prevent us from developing our product candidates.</FONT></P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if we succeed in securing collaborators, the collaborators may fail to develop or effectively commercialize our products or product
candidates. Collaborations involving our product candidates pose a number of risks, including the following:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">collaborators
    may not have sufficient resources or may decide not to devote the necessary resources due to internal constraints such as
    budget limitations, lack of human resources, or a change in strategic focus;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">collaborators
    may believe our intellectual property is not valid or is unenforceable or the product candidate infringes on the intellectual
    property rights of others;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">collaborators
    may dispute their responsibility to conduct development and commercialization activities pursuant to the applicable collaboration,
    including the payment of related costs or the division of any revenues;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">collaborators
    may decide to pursue a competitive product developed outside of the collaboration arrangement;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">collaborators
    may not be able to obtain, or believe they cannot obtain, the necessary regulatory approvals;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">collaborators
    may delay the development or commercialization of our product candidates in favor of developing or commercializing their own
    or another party&rsquo;s product candidate; or</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">collaborators
    may decide to terminate or not to renew the collaboration for these or other reasons.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, collaboration agreements may not lead to development or commercialization of our product candidates in the most efficient
manner or at all. For example, our former collaborator that licensed our former product candidate, Zertane conducted clinical
trials which we believe demonstrated efficacy in treating PE, but the collaborator undertook a merger that we believe altered
its strategic focus and thereafter terminated the collaboration agreement. The Merger also created a potential conflict with a
principal customer of the acquired company, which sells a product to treat premature ejaculation in certain European markets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collaboration
agreements are generally terminable without cause on short notice. Once a collaboration agreement is signed, it may not lead to
commercialization of a product candidate. We also face competition in seeking out collaborators. If we are unable to secure collaborations
that achieve the collaborator&rsquo;s objectives and meet our expectations, we may be unable to advance our products or product
candidates and may not generate meaningful revenues.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
or our strategic partners may choose not to continue an existing product or choose not to develop a product candidate at any time
during development, which would reduce or eliminate our potential return on investment for that product.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
any time and for any reason, we or our strategic partners may decide to discontinue the development or commercialization of a
product or product candidate. If we terminate a program in which we have invested significant resources, we will reduce the return,
or not receive any return, on our investment and we will have missed the opportunity to have allocated those resources to potentially
more productive uses. If one of our strategic partners terminates a program, we will not receive any future milestone payments
or royalties relating to that program under our agreement with that party. As an example, we discontinued the development of Zertane
in June 2016 and sold Primsol in March 2017.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
pre-commercial product candidates are expected to undergo clinical trials that are time-consuming and expensive, the outcomes
of which are unpredictable, and for which there is a high risk of failure. If clinical trials of our product candidates fail to
satisfactorily demonstrate safety and efficacy to the FDA and other regulators, we or our collaborators may incur additional costs
or experience delays in completing, or ultimately be unable to complete, the development and commercialization of these product
candidates.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-clinical
testing and clinical trials are long, expensive and unpredictable processes that can be subject to extensive delays. We cannot
guarantee that any clinical studies will be conducted as planned or completed on schedule, if at all. It may take several years
to complete the pre-clinical testing and clinical development necessary to commercialize a drug, and delays or failure can occur
at any stage. Interim results of clinical trials do not necessarily predict final results, and success in pre-clinical testing
and early clinical trials does not ensure that later clinical trials will be successful. A number of companies in the pharmaceutical
and biotechnology industries have suffered significant setbacks in advanced clinical trials even after promising results in earlier
trials and we cannot be certain that we will not face similar setbacks. The design of a clinical trial can determine whether its
results will support approval of a product and flaws in the design of a clinical trial may not become apparent until the clinical
trial is well advanced. An unfavorable outcome in one or more trials would be a major set-back for that product candidate and
for us. Due to our limited financial resources, an unfavorable outcome in one or more trials may require us to delay, reduce the
scope of, or eliminate one or more product development programs, which could have a material adverse effect on our business, prospects
and financial condition and on the value of our common stock.</FONT></P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with clinical testing and trials, we face a number of risks, including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    product candidate is ineffective, inferior to existing approved medicines, unacceptably toxic, or has unacceptable side effects;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">patients
    may die or suffer other adverse effects for reasons that may or may not be related to the product candidate being tested;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    results may not confirm the positive results of earlier testing or trials; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    results may not meet the level of statistical significance required by the FDA or other regulatory agencies to establish the
    safety and efficacy of the product candidate.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we do not successfully complete pre-clinical and clinical development, we will be unable to market and sell products derived from
our product candidates and generate revenues. Even if we do successfully complete clinical trials, those results are not necessarily
predictive of results of additional trials that may be needed before an NDA may be submitted to the FDA. Although there are a
large number of drugs in development in the United States and other countries, only a small percentage result in the submission
of an NDA to the FDA, even fewer are approved for commercialization, and only a small number achieve widespread physician and
consumer acceptance following regulatory approval. If our clinical trials are substantially delayed or fail to prove the safety
and effectiveness of our product candidates in development, we may not receive regulatory approval of any of these product candidates
and our business, prospects and financial condition will be materially harmed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B><I>Delays,
suspensions and terminations in any clinical trial we undertake could result in increased costs to us and delay or prevent our
ability to generate revenues.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Human
clinical trials are very expensive, time-consuming, and difficult to design, implement and complete. Should we undertake the development
of a pharmaceutical product candidate, we would expect the necessary clinical trials to take up to 24 months to complete, but
the completion of trials for any product candidates may be delayed for a variety of reasons, including delays in:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">demonstrating
                                         sufficient safety and efficacy to obtain regulatory approval to commence a clinical trial;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reaching
                                         agreement on acceptable terms with prospective CROs and clinical trial sites;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">validating
                                         test methods to support quality testing of the drug substance and drug product;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtaining
                                         sufficient quantities of the drug substance or device parts;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">manufacturing
                                         sufficient quantities of a product candidate;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtaining
                                         authorization of an IND from the FDA;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtaining
                                         institutional review board approval to conduct a clinical trial at a prospective clinical
                                         trial site;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">determining
                                         dosing and clinical design and making related adjustments; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">patient
                                         enrollment, which is a function of many factors, including the size of the patient population,
                                         the nature of the protocol, the proximity of patients to clinical trial sites, the availability
                                         of effective treatments for the relevant disease and the eligibility criteria for the
                                         clinical trial.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
commencement and completion of clinical trials for our product candidates may be delayed, suspended or terminated due to a number
of factors, including:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lack
    of effectiveness of product candidates during clinical trials;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">adverse
    events, safety issues or side effects relating to the product candidates or their formulation or design;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">inability
    to raise additional capital in sufficient amounts to continue clinical trials or development programs, which are very expensive;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    need to sequence clinical trials as opposed to conducting them concomitantly in order to conserve resources;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    inability to enter into collaborations relating to the development and commercialization of our product candidates;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
    by us or our collaborators to conduct clinical trials in accordance with regulatory requirements;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    inability or the inability of our collaborators to manufacture or obtain from third parties materials sufficient for use in
    pre-clinical studies and clinical trials;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">governmental
    or regulatory delays and changes in regulatory requirements, policy and guidelines, including mandated changes in the scope
    or design of clinical trials or requests for supplemental information with respect to clinical trial results;</FONT></TD></TR>
</TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
    of our collaborators to advance our product candidates through clinical development;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
    in patient enrollment, variability in the number and types of patients available for clinical trials, and lower-than anticipated
    retention rates for patients in clinical trials;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulty
    in patient monitoring and data collection due to failure of patients to maintain contact after treatment;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    regional disturbance where we or our collaborative partners are enrolling patients in our clinical trials, such as a pandemic,
    terrorist activities or war, or a natural disaster; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">varying
    interpretations of our data, and regulatory commitments and requirements by the FDA and similar foreign regulatory agencies.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
of these factors may also ultimately lead to denial of an NDA for a product candidate. If we experience delay, suspensions or
terminations in a clinical trial, the commercial prospects for the related product candidate will be harmed, and our ability to
generate product revenues will be delayed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we may encounter delays or product candidate rejections based on new governmental regulations, future legislative or
administrative actions, or changes in FDA policy or interpretation during the period of product development. If we obtain required
regulatory approvals, such approvals may later be withdrawn. Delays or failures in obtaining regulatory approvals may result in:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">varying
    interpretations of data and commitments by the FDA and similar foreign regulatory agencies; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">diminishment
    of any competitive advantages that such product candidates may have or attain.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
if we fail to comply with applicable FDA and other regulatory requirements at any stage during this regulatory process, we may
encounter or be subject to:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">diminishment
    of any competitive advantages that such product candidates may have or attain;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delays
    or termination in clinical trials or commercialization;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">refusal
    by the FDA or similar foreign regulatory agencies to review pending applications or supplements to approved applications;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">product
    recalls or seizures;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">suspension
    of manufacturing;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">withdrawals
    of previously approved marketing applications; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">fines,
    civil penalties, and criminal prosecutions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
medical device regulatory clearance or approval process is expensive, time consuming and uncertain, and the failure to obtain
and maintain required clearances or approvals could prevent us from broadly commercializing the MiOXSYS System for clinical use.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
process of obtaining regulatory clearances or approvals to market a medical device can be costly and time consuming, and we may
not be able to obtain these clearances or approvals on a timely basis, if at all. In particular, the FDA permits commercial distribution
of a new medical device only after the device has received clearance under section 510(k) of the Federal Food, Drug, and Cosmetic
Act, or FDCA, (unless the device is exempt from the 510(k) requirements), has been classified pursuant to a De Novo Classification
Request, or is the subject of an approved premarket approval application, or PMA. The FDA will permit marketing of a lower risk
medical device through the 510(k) process if the manufacturer demonstrates that the new product is substantially equivalent to
another 510(k)-cleared product, referred to as a predicate device. Devices deemed to pose the greatest risk, such as life-sustaining,
life-supporting, or implantable devices, or devices not deemed substantially equivalent to a previously cleared device, require
the approval of a PMA. The PMA process is more costly, lengthy and uncertain than the 510(k) clearance process. A PMA application
must be supported by extensive data, including, but not limited to, technical, preclinical, clinical trial, manufacturing and
labeling data, to demonstrate to the FDA a reasonable assurance of the safety and efficacy of the device for its intended use.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
FDA has not issued a regulation classifying a particular type of device as Class I, and if there is no known predicate for a device,
the device is automatically Class III, regardless of the risk the device poses. If a device is automatically/statutorily classified
into Class III in this manner, a company can petition FDA to reclassify the category of devices into Class II or Class I via a
process known as the De Novo Classification Request process. This direct De Novo process allows a company to request that a new
product classification be established without the company first submitting a 510(k) notification for the device. When FDA agrees
that the device is Class II or Class I and grants a De Novo Request, the device may then be marketed under the FDCA and can serve
as a predicate for future 510(k) submissions.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The MiOXSYS System is subject to premarket review by the FDA prior
to its marketing for commercial use in the United States, and to regulatory approvals beyond CE marking required by certain foreign
governmental entities prior to its marketing outside the United States. FDA may require a De Novo Classification Request, a 510(k)
notification, or a PMA for MiOXSYS, and we intend to obtain feedback from FDA regarding the most appropriate premarket review
pathway for the device using the pre-submission program for industry. In addition, any changes or modifications to a device that
has received regulatory clearance or approval that could significantly affect its safety or effectiveness, or would constitute
a major change in its intended use, may require the submission of a new application for 510k clearance, PMA, or foreign regulatory
approvals. The 510k clearance and pre-market approval processes, as well as the process of obtaining foreign approvals, can be
expensive, time consuming and uncertain. It generally takes from four to twelve months from submission to obtain 510k clearance,
and from one to three years from submission to obtain pre-market approval; however, it may take longer, and 510k clearance or
PMA may never be obtained. We have limited experience in filing FDA applications for 510k clearance, De Novo classification, and
pre-market approval. In addition, we are required to continue to comply with applicable FDA and other regulatory requirements
even after obtaining clearance or approval. There can be no assurance that we will obtain or maintain any required clearance or
approval on a timely basis, or at all. Any failure to obtain or any material delay in obtaining FDA clearance or any failure to
maintain compliance with FDA regulatory requirements could harm our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
approval process for pharmaceutical and medical device products outside the United States varies among countries and may limit
our ability to develop, manufacture and sell our products internationally. Failure to obtain marketing approval in international
jurisdictions would prevent our product candidates from being marketed abroad.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to market and sell our products in the European Union and many other jurisdictions, we, and our collaborators, must obtain
separate marketing approvals and comply with numerous and varying regulatory requirements. The approval procedure varies among
countries and may involve additional testing. We may conduct clinical trials for, and seek regulatory approval to market, our
product candidates in countries other than the United States. Depending on the results of clinical trials and the process for
obtaining regulatory approvals in other countries, we may decide to first seek regulatory approvals of a product candidate in
countries other than the United States, or we may simultaneously seek regulatory approvals in the United States and other countries.
If we or our collaborators seek marketing approval for a product candidate outside the United States, we will be subject to the
regulatory requirements of health authorities in each country in which we seek approval. With respect to marketing authorizations
in Europe, we will be required to submit a European Marketing Authorisation Application, or MAA, to the European Medicines Agency,
or EMA, which conducts a validation and scientific approval process in evaluating a product for safety and efficacy. The approval
procedure varies among regions and countries and may involve additional testing, and the time required to obtain approval may
differ from that required to obtain FDA approval.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obtaining
regulatory approvals from health authorities in countries outside the United States is likely to subject us to all of the risks
associated with obtaining FDA approval described above. In addition, marketing approval by the FDA does not ensure approval by
the health authorities of any other country, and approval by foreign health authorities does not ensure marketing approval by
the FDA.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Even
if we, or our collaborators, obtain marketing approvals for our product candidates, the terms of approvals and ongoing regulation
of our products may limit how we or they market our products, which could materially impair our ability to generate revenue.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if we receive regulatory approval for a product candidate, this approval may carry conditions that limit the market for the product
or put the product at a competitive disadvantage relative to alternative therapies. For instance, a regulatory approval may limit
the indicated uses for which we can market a product or the patient population that may utilize the product, or may be required
to carry a warning in its labeling and on its packaging. Products with black box warnings are subject to more restrictive advertising
regulations than products without such warnings. These restrictions could make it more difficult to market any product candidate
effectively. Accordingly, assuming we, or our collaborators, receive marketing approval for one or more of our product candidates,
we, and our collaborators expect to continue to expend time, money and effort in all areas of regulatory compliance.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Any
of our products and product candidates for which we, or our collaborators, obtain marketing approval in the future could be subject
to post-marketing restrictions or withdrawal from the market and we, and our collaborators, may be subject to substantial penalties
if we, or they, fail to comply with regulatory requirements or if we, or they, experience unanticipated problems with our products
following approval.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of our approved products and product candidates for which we, or our collaborators, obtain marketing approval, as well as the
manufacturing processes, post approval studies and measures, labeling, advertising and promotional activities for such products,
among other things, are or will be subject to continual requirements of and review by the FDA and other regulatory authorities.
These requirements include submissions of safety and other post-marketing information and reports, registration and listing requirements,
requirements relating to manufacturing, quality control, quality assurance and corresponding maintenance of records and documents,
requirements regarding the distribution of samples to physicians and recordkeeping. Even if marketing approval of a product candidate
is granted, the approval may be subject to limitations on the indicated uses for which the product may be marketed or to the conditions
of approval, including the FDA requirement to implement a REMS to ensure that the benefits of a drug outweigh its risks.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA may also impose requirements for costly post-marketing studies or clinical trials and surveillance to monitor the safety or
efficacy of a product. The FDA and other agencies, including the Department of Justice, closely regulate and monitor the post-approval
marketing and promotion of products to ensure that they are manufactured, marketed and distributed only for the approved indications
and in accordance with the provisions of the approved labeling. The FDA imposes stringent restrictions on manufacturers&rsquo;
communications regarding off-label use and if we, or our collaborators, do not market any of our product candidates for which
we, or they, receive marketing approval for only their approved indications, we, or they, may be subject to warnings or enforcement
action for off-label marketing. Violation of the FDCA and other statutes, including the False Claims Act, relating to the promotion
and advertising of prescription drugs may lead to investigations or allegations of violations of federal and state health care
fraud and abuse laws and state consumer protection laws. In addition, the U.S. Federal Trade Commission (FTC) has the authority
to regulate traditional and digital advertising for most types of consumer products, including our Fiera product.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we do not achieve our projected development and commercialization goals in the timeframes we announce and expect, the commercialization
of our product candidates may be delayed, and our business will be harmed.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
sometimes estimate for planning purposes the timing of the accomplishment of various scientific, clinical, regulatory and other
product development objectives. These milestones may include our expectations regarding the commencement or completion of scientific
studies and clinical trials, the submission of regulatory filings, or commercialization objectives. From time to time, we may
publicly announce the expected timing of some of these milestones, such as the initiation or completion of an ongoing clinical
trial, the initiation of other clinical programs, receipt of marketing approval, or a commercial launch of a product. The achievement
of many of these milestones may be outside of our control. All of such milestones are based on a variety of assumptions which
may cause the timing of achievement of the milestones to vary considerably from our estimates, including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    available capital resources or capital constraints we experience;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    rate of progress, costs and results of our clinical trials and research and development activities, including the extent of
    scheduling conflicts with participating clinicians and collaborators, and our ability to identify and enroll patients who
    meet clinical trial eligibility criteria;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    receipt of approvals from the FDA and other regulatory agencies and the timing thereof;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
    actions, decisions or rules issued by regulators;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to access sufficient, reliable and affordable supplies of compounds used in the manufacture of our product candidates;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    efforts of our collaborators with respect to the commercialization of our products; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    securing of, costs related to, and timing issues associated with, product manufacturing as well as sales and marketing activities.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we fail to achieve announced milestones in the timeframes we announce and expect, the commercialization of our product candidates
may be delayed and our business, prospects and results of operations may be harmed.</FONT></P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
rely on third parties to conduct our clinical trials and perform data collection and analysis, which may result in costs and delays
that prevent us from successfully commercializing product candidates.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely, and will rely in the future, on medical institutions, clinical investigators, contract research organizations (or CROs),
contract laboratories, and collaborators to perform data collection and analysis and others to carry out our clinical trials.
Our development activities or clinical trials conducted in reliance on third parties may be delayed, suspended, or terminated
if:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         third parties do not successfully carry out their contractual duties or fail to meet
                                         regulatory obligations or expected deadlines;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                         replace a third party; or</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         quality or accuracy of the data obtained by third parties is compromised due to their
                                         failure to adhere to clinical protocols, regulatory requirements, or for other reasons.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third
party performance failures may increase our development costs, delay our ability to obtain regulatory approval, and delay or prevent
the commercialization of our product candidates. While we believe that there are numerous alternative sources to provide these
services, in the event that we seek such alternative sources, we may not be able to enter into replacement arrangements without
incurring delays or additional costs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Even
if collaborators with which we contract in the future successfully complete clinical trials of our product candidates, those product
candidates may not be commercialized successfully for other reasons.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if we contract with collaborators that successfully complete clinical trials for one or more of our product candidates, those
candidates may not be commercialized for other reasons, including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
    to receive regulatory clearances required to market them as drugs;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">being
    subject to proprietary rights held by others;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">being
    difficult or expensive to manufacture on a commercial scale;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">having
    adverse side effects that make their use less desirable; or</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">failing
    to compete effectively with products or treatments commercialized by competitors.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Any
third-party manufacturers we engage are subject to various governmental regulations, and we may incur significant expenses to
comply with, and experience delays in, our product commercialization as a result of these regulations.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
manufacturing processes and facilities of third-party manufacturers we have engaged for our current approved products are, and
any future third-party manufacturer will be, required to comply with the federal Quality System Regulation, or QSR, which covers
procedures and documentation of the design, testing, production, control, quality assurance, labeling, packaging, sterilization,
storage and shipping of devices, and current Good Manufacturing Practices (CGMPs) that cover procedures and documentation for
the sourcing, production, packaging, labeling, and warehousing of drugs. The FDA enforces the QSR and CGMPs through periodic unannounced
inspections of manufacturing facilities. Any inspection by the FDA could lead to additional compliance requests that could cause
delays in our product commercialization. Failure to comply with applicable FDA requirements, or later discovery of previously
unknown problems with the manufacturing processes and facilities of third-party manufacturers we engage, including the failure
to take satisfactory corrective actions in response to an adverse QSR or CGMP inspection, can result in, among other things:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">administrative
    or judicially imposed sanctions;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">injunctions
    or the imposition of civil penalties;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">recall
    or seizure of the product in question;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">total
    or partial suspension of production or distribution;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    FDA&rsquo;s refusal to grant pending future clearance or pre-market approval;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">withdrawal
    or suspension of marketing clearances or approvals;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">clinical
    holds;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">warning
    letters;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">refusal
    to permit the export of the product in question; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">criminal
    prosecution.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these actions, in combination or alone, could prevent us from marketing, distributing or selling our products, and would likely
harm our business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, a product defect or regulatory violation could lead to a government-mandated or voluntary recall by us. We believe the
FDA would request that we initiate a voluntary recall if a product was defective or presented a risk of injury or gross deception.
Regulatory agencies in other countries have similar authority to recall drugs or devices because of material deficiencies or defects
in design or manufacture that could endanger health. Any recall would divert our management attention and financial resources,
expose us to product liability or other claims, and harm our reputation with customers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
face substantial competition from companies with considerably more resources and experience than we have, which may result in
others discovering, developing, receiving approval for, or commercializing products before or more successfully than us.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
compete with companies that design, manufacture and market already-existing and new urology and sexual wellbeing products. We
anticipate that we will face increased competition in the future as new companies enter the market with new technologies and/or
our competitors improve their current products. One or more of our competitors may offer technology superior to ours and render
our technology obsolete or uneconomical. Most of our current competitors, as well as many of our potential competitors, have greater
name recognition, more substantial intellectual property portfolios, longer operating histories, significantly greater resources
to invest in new technologies, more substantial experience in product marketing and new product development, greater regulatory
expertise, more extensive manufacturing capabilities and the distribution channels to deliver products to customers. If we are
not able to compete successfully, we may not generate sufficient revenue to become profitable. Our ability to compete successfully
will depend largely on our ability to:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">expand
    the market for our approved products, especially Natesto, MiOXSYS and Fiera;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">successfully
    commercialize our product candidates alone or with commercial partners;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">discover
    and develop product candidates that are superior to other products in the market;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtain
    required regulatory approvals;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">attract
    and retain qualified personnel; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtain
    patent and/or other proprietary protection for our product candidates.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Established
pharmaceutical companies devote significant financial resources to discovering, developing or licensing novel compounds that could
make our products and product candidates obsolete. Our competitors may obtain patent protection, receive FDA approval, and commercialize
medicines before us. Other companies are or may become engaged in the discovery of compounds that may compete with the product
candidates we are developing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Natesto
competes in a large, growing market. The U.S. prescription testosterone market is comprised primarily of topically applied treatments
in the form of gels, solutions, and patches. Testopel&reg; and Aveed&reg;, injectable products typically implanted directly under
the skin by a physician, are also FDA-approved. AndroGel is the market-leading TRT and is marketed by AbbVie.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the MiOXSYS System and ProstaScint, we compete with companies that design, manufacture and market already existing and new in-vitro
diagnostics and diagnostic imaging systems and radio-imaging agents for cancer detection. Additionally, with respect to Fiera,
we compete with numerous companies who produce sexual wellbeing related products. There are any number of products available on
the market that could compete with Fiera.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
anticipate that we will face increased competition in the future as new companies enter the market with new technologies and our
competitors improve their current products. One or more of our competitors may offer technology superior to ours and render our
technology obsolete or uneconomical. Most of our current competitors, as well as many of our potential competitors, have greater
name recognition, more substantial intellectual property portfolios, longer operating histories, significantly greater resources
to invest in new technologies, more substantial experience in new product development, greater regulatory expertise, more extensive
manufacturing capabilities and the distribution channels to deliver products to customers. If we are not able to compete successfully,
we may not generate sufficient revenue to become profitable.</FONT></P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
new product we develop or commercialize that competes with a currently-approved product must demonstrate compelling advantages
in efficacy, convenience, tolerability and/or safety in order to address price competition and be commercially successful. If
we are not able to compete effectively against our current and future competitors, our business will not grow and our financial
condition and operations will suffer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Government
restrictions on pricing and reimbursement, as well as other healthcare payor cost-containment initiatives, may negatively impact
our ability to generate revenues.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
continuing efforts of the government, insurance companies, managed care organizations and other payors of health care costs to
contain or reduce costs of health care may adversely affect one or more of the following:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    or our collaborators&rsquo; ability to set a price we believe is fair for our approved products;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to generate revenue from our approved products and achieve profitability; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    availability of capital.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2010 enactments of the Patient Protection and Affordable Care Act, or PPACA, and the Health Care and Education Reconciliation
Act, or the Health Care Reconciliation Act, significantly impacted the provision of, and payment for, health care in the United
States. Various provisions of these laws are designed to expand Medicaid eligibility, subsidize insurance premiums, provide incentives
for businesses to provide health care benefits, prohibit denials of coverage due to pre-existing conditions, establish health
insurance exchanges, and provide additional support for medical research. Amendments to the PPACA and/or the Health Care Reconciliation
Act, as well as new legislative proposals to reform healthcare and government insurance programs, along with the trend toward
managed healthcare in the United States, could influence the purchase of medicines and medical devices and reduce demand and prices
for our products and product candidates, if approved. This could harm our or our collaborators&rsquo; ability to market any approved
products and generate revenues. As we expect to receive significant revenues from reimbursement of our Natesto and ProstaScint
products by commercial third-party payors and government payors, cost containment measures that health care payors and providers
are instituting and the effect of further health care reform could significantly reduce potential revenues from the sale of any
of our products and product candidates approved in the future, and could cause an increase in our compliance, manufacturing, or
other operating expenses. In addition, in certain foreign markets, the pricing of prescription drugs and devices is subject to
government control and reimbursement may in some cases be unavailable. We believe that pricing pressures at the federal and state
level, as well as internationally, will continue and may increase, which may make it difficult for us to sell any approved product
at a price acceptable to us or any of our future collaborators.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in some foreign countries, the proposed pricing for a drug or medical device must be approved before it may be lawfully
marketed. The requirements governing pricing vary widely from country to country. For example, the European Union provides options
for its member states to restrict the range of medicinal products for which their national health insurance systems provide reimbursement
and to control the prices of medicinal products for human use. A member state may approve a specific price for the medicinal product
or it may instead adopt a system of direct or indirect controls on the profitability of the company placing the medicinal product
on the market. A member state may require that physicians prescribe the generic version of a drug instead of our approved branded
product. There can be no assurance that any country that has price controls or reimbursement limitations for pharmaceutical products
will allow favorable reimbursement and pricing arrangements for any of our products or product candidates. Historically, pharmaceutical
products launched in the European Union do not follow price structures of the United States and generally tend to have significantly
lower prices.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
financial results will depend on the acceptance among clinicians, third-party payors and the medical community of our products
and product candidates.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future success depends on the acceptance by our target customers, third-party payors and the medical community that our products
and product candidates are reliable, safe and cost-effective. Many factors may affect the market acceptance and commercial success
of our products and product candidates, including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to convince our potential customers of the advantages and economic value our products and product candidates over
    existing technologies and products;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    relative convenience and ease of our products and product candidates over existing technologies and products;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    introduction of new technologies and competing products that may make our products and product candidates less attractive
    for our target customers;</FONT></TD></TR>
</TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    success in training medical personnel on the proper use of our products and product candidates;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    willingness of third-party payors to reimburse our target customers that adopt our products and product candidates;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    acceptance in the medical community of our products and product candidates;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    extent and success of our marketing and sales efforts; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    economic conditions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
third-party payors do not reimburse our customers for the products we sell or if reimbursement levels are set too low for us to
sell one or more of our products at a profit, our ability to sell those products and our results of operations will be harmed.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
Natesto and ProstaScint are already FDA-approved and generating revenues in the U.S., they may not receive, or continue to receive,
physician or hospital acceptance, or they may not maintain adequate reimbursement from third party payors. Additionally, even
if one of our product candidates is approved and reaches the market, the product may not achieve physician or hospital acceptance,
or it may not obtain adequate reimbursement from third party payors. In the future, we might possibly sell other product candidates
to target customers substantially all of whom receive reimbursement for the health care services they provide to their patients
from third-party payors, such as Medicare, Medicaid, other domestic and foreign government programs, private insurance plans and
managed care programs. Reimbursement decisions by particular third-party payors depend upon a number of factors, including each
third-party payor&rsquo;s determination that use of a product is:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    covered benefit under its health plan;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">appropriate
    and medically necessary for the specific indication;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cost
    effective; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">neither
    experimental nor investigational.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third-party
payors may deny reimbursement for covered products if they determine that a medical product was not used in accordance with cost-effective
diagnosis methods, as determined by the third-party payor, or was used for an unapproved indication. Third-party payors also may
refuse to reimburse for procedures and devices deemed to be experimental.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obtaining
coverage and reimbursement approval for a product from each government or third-party payor is a time consuming and costly process
that could require us to provide supporting scientific, clinical and cost-effectiveness data for the use of our potential product
to each government or third-party payor. We may not be able to provide data sufficient to gain acceptance with respect to coverage
and reimbursement. In addition, eligibility for coverage does not imply that any product will be covered and reimbursed in all
cases or reimbursed at a rate that allows our potential customers to make a profit or even cover their costs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third-party
payors are increasingly attempting to contain health care costs by limiting both coverage and the level of reimbursement for medical
products and services. Levels of reimbursement may decrease in the future, and future legislation, regulation or reimbursement
policies of third-party payors may adversely affect the demand for and reimbursement available for any product or product candidate,
which in turn, could negatively impact pricing. If our customers are not adequately reimbursed for our products, they may reduce
or discontinue purchases of our products, which would result in a significant shortfall in achieving revenue expectations and
negatively impact our business, prospects and financial condition.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Manufacturing
risks and inefficiencies may adversely affect our ability to produce our products.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the acquisition of ProstaScint from Jazz Pharmaceuticals, we terminated the relationship with the third-party manufacturer
of ProstaScint. We do not expect to continue to supply ProstaScint beyond the end of the 2018 calendar year due to our existing
supply of the product expiring. In addition, we expect to engage third parties to manufacture components of the MiOXSYS and RedoxSYS
systems. We have an agreement for supplies of Natesto with Acerus, from whom we license Natesto. We have an agreement with a third
party manufacturer for our Fiera product as well. For any future product, we expect to use third-party manufacturers because we
do not have our own manufacturing capabilities. In determining the required quantities of any product and the manufacturing schedule,
we must make significant judgments and estimates based on inventory levels, current market trends and other related factors. Because
of the inherent nature of estimates and our limited experience in marketing our current products, there could be significant differences
between our estimates and the actual amounts of product we require. If we do not effectively maintain our supply agreement for
Natesto in particular, we will face difficulty finding replacement suppliers, which could harm sales of those products. If we
do not effectively transition sites with our manufacturing and development partners to enable to production scale of ProstaScint,
or if we do not secure collaborations with manufacturing and development partners to enable production to scale of the MiOXSYS
System, we may not be successful in selling ProstaScint or in commercializing the MiOXSYS System in the event we receive regulatory
approval of the MiOXSYS System. If we fail in similar endeavors for future products, we may not be successful in establishing
or continuing the commercialization of our products and product candidates.</FONT></P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reliance
on third-party manufacturers entails risks to which we would not be subject if we manufactured these components ourselves, including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reliance
    on third parties for regulatory compliance and quality assurance;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">possible
    breaches of manufacturing agreements by the third parties because of factors beyond our control;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">possible
    regulatory violations or manufacturing problems experienced by our suppliers; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">possible
    termination or non-renewal of agreements by third parties, based on their own business priorities, at times that are costly
    or inconvenient for us.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
if we are unable to secure the needed financing to fund our internal operations, we may not have adequate resources required to
effectively and rapidly transition our third party manufacturing. We may not be able to meet the demand for our products if one
or more of any third-party manufacturers is unable to supply us with the necessary components that meet our specifications. It
may be difficult to find alternate suppliers for any of our products or product candidates in a timely manner and on terms acceptable
to us.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
future growth depends, in part, on our ability to penetrate foreign markets, where we would be subject to additional regulatory
burdens and other risks and uncertainties.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future profitability will depend, in part, on our ability to commercialize our products and product candidates in foreign markets
for which we intend to primarily rely on collaboration with third parties. If we commercialize our products or product candidates
in foreign markets, we would be subject to additional risks and uncertainties, including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    inability to directly control commercial activities because we are relying on third parties;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    burden of complying with complex and changing foreign regulatory, tax, accounting and legal requirements;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">different
    medical practices and customs in foreign countries affecting acceptance in the marketplace;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">import
    or export licensing requirements;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">longer
    accounts receivable collection times;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">longer
    lead times for shipping;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">language
    barriers for technical training;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
    protection of intellectual property rights in some foreign countries, and related prevalence of generic alternatives to our
    products;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">foreign
    currency exchange rate fluctuations;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    customers&rsquo; ability to obtain reimbursement for our products in foreign markets; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    interpretation of contractual provisions governed by foreign laws in the event of a contract dispute.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
sales of our products or product candidates could also be adversely affected by the imposition of governmental controls, political
and economic instability, trade restrictions and changes in tariffs.</FONT></P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
are subject to various regulations pertaining to the marketing of our approved products requiring a prescription.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to various federal and state laws pertaining to healthcare fraud and abuse, including prohibitions on the offer of
payment or acceptance of kickbacks or other remuneration for the purchase of our products, including inducements to potential
patients to request our products and services. Additionally, any product promotion educational activities, support of continuing
medical education programs, and other interactions with health-care professionals must be conducted in a manner consistent with
the FDA regulations and the Anti-Kickback Statute. The Anti-Kickback Statute prohibits persons or entities from knowingly and
willfully soliciting, receiving, offering or providing remuneration, directly or indirectly, to induce either the referral of
an individual, or the furnishing, recommending, or arranging for a good or service, for which payment may be made under a federal
healthcare program such as the Medicare and Medicaid programs. Violations of the Anti-Kickback Statute can also carry potential
federal False Claims Act liability. Additionally, many states have adopted laws similar to the Anti-Kickback Statute. Some of
these state prohibitions apply to referral of patients for healthcare items or services reimbursed by any third party payer, not
only the Medicare and Medicaid programs, and do not contain identical safe harbors. These and any new regulations or requirements
may be difficult and expensive for us to comply with, may adversely impact the marketing of our existing products or delay introduction
of our product candidates, which may have a material adverse effect on our business, operating results and financial condition.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B><I>Our
products and product candidates may cause undesirable side effects that could delay or prevent their regulatory approval, limit
the commercial profile of an approved label, or result in significant negative consequences following marketing approval, if any.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undesirable
side effects caused by our product candidates could cause us or regulatory authorities to interrupt, delay or halt clinical trials
and could result in a more restrictive label or the delay or denial of regulatory approval by the FDA or other regulatory authorities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
if a product candidate receives marketing approval and we or others identify undesirable side effects caused by the product after
the approval, or if drug abuse is determined to be a significant problem with an approved product, a number of potentially significant
negative consequences could result, including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory
    authorities may withdraw or limit their approval of the product;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory
    authorities may require the addition of labeling statements, such as a &ldquo;Black Box warning&rdquo; or a contraindication;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may be required to change the way the product is distributed or administered, conduct additional clinical trials or change
    the labeling of the product;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may decide to remove the product from the marketplace;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    could be sued and held liable for injury caused to individuals exposed to or taking the product; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    reputation may suffer.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these events could prevent us from achieving or maintaining market acceptance of the affected product candidate and could substantially
increase the costs of commercializing an affected product or product candidates and significantly impact our ability to successfully
commercialize or maintain sales of our product or product candidates and generate revenues.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Natesto
contains, and future other product candidates may contain, controlled substances, the manufacture, use, sale, importation, exportation,
prescribing and distribution of which are subject to regulation by the DEA.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Natesto,
which is approved by the FDA, is regulated by the DEA as a Schedule III controlled substance. Before any commercialization of
any product candidate that contains a controlled substance, the DEA will need to determine the controlled substance schedule,
taking into account the recommendation of the FDA. This may be a lengthy process that could delay our marketing of a product candidate
and could potentially diminish any regulatory exclusivity periods for which we may be eligible. Natesto is, and our other product
candidates may, if approved, be regulated as &ldquo;controlled substances&rdquo; as defined in the Controlled Substances Act of
1970, or CSA, and the implementing regulations of the DEA, which establish registration, security, recordkeeping, reporting, storage,
distribution, importation, exportation, inventory, quota and other requirements administered by the DEA. These requirements are
applicable to us, to our third-party manufacturers and to distributors, prescribers and dispensers of our product candidates.
The DEA regulates the handling of controlled substances through a closed chain of distribution. This control extends to the equipment
and raw materials used in their manufacture and packaging, in order to prevent loss and diversion into illicit channels of commerce.
A number of states and foreign countries also independently regulate these drugs as controlled substances.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
DEA regulates controlled substances as Schedule I, II, III, IV or V substances. Schedule I substances by definition have no established
medicinal use, and may not be marketed or sold in the United States. A pharmaceutical product may be listed as Schedule II, III,
IV or V, with Schedule II substances considered to present the highest risk of abuse and Schedule V substances the lowest relative
risk of abuse among such substances.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Natesto
is regulated by the DEA as a Schedule III controlled substance. Consequently, the manufacturing, shipping, storing, selling and
using of the products are subject to a high degree of regulation. Also, distribution, prescribing and dispensing of these drugs
are highly regulated.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual
registration is required for any facility that manufactures, distributes, dispenses, imports or exports any controlled substance.
The registration is specific to the particular location, activity and controlled substance schedule.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of their restrictive nature, these laws and regulations could limit commercialization of our product candidates containing controlled
substances. Failure to comply with these laws and regulations could also result in withdrawal of our DEA registrations, disruption
in manufacturing and distribution activities, consent decrees, criminal and civil penalties and state actions, among other consequences.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
testosterone replacement therapies are found, or are perceived, to create health risks, our ability to sell Natesto could be materially
adversely affected and our business could be harmed.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent
publications have suggested potential health risks associated with testosterone replacement therapy, such as increased cardiovascular
disease risk, including increased risk of heart attack or stroke, fluid retention, sleep apnea, breast tenderness or enlargement,
increased red blood cells, development of clinical prostate disease, including prostate cancer, and the suppression of sperm production.
Prompted by these events, the FDA held a T-class Advisory Committee meeting on September 17, 2014 to discuss this topic further.
The FDA has also asked health care professionals and patients to report side effects involving prescription testosterone products
to the agency.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
a meeting held on September 17, 2014, members of the FDA&rsquo;s Bone, Reproductive and Urologic Drugs Advisory Committee and
the Drug Safety and Risk Management Advisory Committee discussed (i) the identification of the appropriate patient population
for whom testosterone replacement therapy should be indicated and (ii) the potential risk of major adverse cardiovascular events,
defined as non-fatal stroke, non-fatal myocardial infarction and cardiovascular death associated with testosterone replacement
therapy.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the meeting, the Advisory Committee voted that the FDA should require sponsors of testosterone products to conduct a post marketing
study (e.g. observational study or controlled clinical trial) to further assess the potential cardiovascular risk. Based on that
expert input, the FDA is requiring manufacturers of approved testosterone products to conduct a well-designed clinical trial to
address the need for more safety data.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is possible that the FDA&rsquo;s evaluation of this topic and further studies on the effects of testosterone replacement therapies
could demonstrate the risk of major adverse cardiovascular events or other health risks or could impose requirements that impact
the marketing and sale of Natesto, including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">mandate
    that certain warnings or precautions be included in our product labeling;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">require
    that our product carry a &ldquo;black box warning&rdquo;; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">limit
    use of Natesto to certain populations, such as men without specified conditions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Demonstrated
testosterone replacement therapy safety risks, as well as negative publicity about the risks of hormone replacement therapy, including
testosterone replacement, could hurt sales of and impair our ability to successfully relaunch Natesto, which could have a materially
adverse impact on our business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>FDA
action regarding testosterone replacement therapies could add to the cost of producing and marketing Natesto.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FDA is requiring post-marketing safety studies for all testosterone replacement therapies approved in the U.S. to assess long-term
cardiovascular events related to testosterone use. Depending on the total cost and structure of the proposed safety studies there
may be a substantial cost associated with conducting these studies. Pursuant to our license agreement with Acerus Pharmaceuticals,
Acerus is obligated to reimburse us for the entire cost of any studies required for Natesto by the FDA. However, in the event
that Acerus is not able to reimburse us for the cost of any required safety studies, we may be forced to incur this cost, which
could have a material adverse impact on our business and results of operations.</FONT></P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
approved products may not be accepted by physicians, patients, or the medical community in general.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if the medical community accepts a product as safe and efficacious for its indicated use, physicians may choose to restrict the
use of the product if we or any collaborator is unable to demonstrate that, based on experience, clinical data, side-effect profiles
and other factors, our product is preferable to any existing medicines or treatments. We cannot predict the degree of market acceptance
of any of our approved products, which will depend on a number of factors, including, but not limited to:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    efficacy and safety of the product;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    approved labeling for the product and any required warnings;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    advantages and disadvantages of the product compared to alternative treatments;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    and any collaborator&rsquo;s ability to educate the medical community about the safety and effectiveness of the product;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    reimbursement policies of government and third-party payors pertaining to the product; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    market price of our product relative to competing treatments.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may use hazardous chemicals and biological materials in our business. Any claims relating to improper handling, storage or disposal
of these materials could be time consuming and costly.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research and development processes may involve the controlled use of hazardous materials, including chemicals and biological materials.
We cannot eliminate the risk of accidental contamination or discharge and any resultant injury from these materials. We may be
sued for any injury or contamination that results from our use or the use by third parties of these materials, and our liability
may exceed any insurance coverage and our total assets. Federal, state and local laws and regulations govern the use, manufacture,
storage, handling and disposal of these hazardous materials and specified waste products, as well as the discharge of pollutants
into the environment and human health and safety matters. Compliance with environmental laws and regulations may be expensive
and may impair our research and development efforts. If we fail to comply with these requirements, we could incur substantial
costs, including civil or criminal fines and penalties, clean-up costs or capital expenditures for control equipment or operational
changes necessary to achieve and maintain compliance. In addition, we cannot predict the impact on our business of new or amended
environmental laws or regulations or any changes in the way existing and future laws and regulations are interpreted and enforced.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Failure
to comply with the U.S. Foreign Corrupt Practices Act and similar laws associated with&nbsp;our activities outside the U.S. could
subject us to penalties and other adverse consequences.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
significant portion of our revenues is and will be from jurisdictions outside of the U.S. We are subject to the U.S. Foreign Corrupt
Practices Act, or the FCPA, which generally prohibits U.S. companies and their intermediaries from making payments to foreign
officials for the purpose of directing, obtaining or keeping business, and requires companies to maintain reasonable books and
records and a system of internal accounting controls. The FCPA applies to companies and individuals alike, including company directors,
officers, employees and agents. Under the FCPA, U.S. companies may be held liable for the corrupt actions taken by employees,
strategic or local partners or other representatives. In addition, the government may seek to rely on a theory of successor liability
and hold us responsible for FCPA violations committed by companies or associated with assets which we acquire. In recent years,
the medical device and pharmaceutical industries have been a focus of the U.S. government&rsquo;s FCPA enforcement priorities,
and settlements often include very significant payments potentially consisting of millions of dollars. Other countries have similar
laws to which we may be subject, including the United Kingdom Bribery Act. If we or our intermediaries fail to comply with the
requirements of the FCPA or similar legislation, governmental authorities in the U.S. and elsewhere could seek to impose civil
and/or criminal fines and penalties which could have a material adverse effect on our reputation, business, operating results
and financial conditions. We may also face collateral consequences, such as debarment and the loss of our export privileges.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
sexual wellness product, Fiera, is subject to Federal and State prohibitions on false advertising and other consumer protection
laws.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FTC has the authority to regulate traditional and digital advertising for most types of consumer products, including our Fiera
product. FTC broadly interprets Section 5 of the Federal Trade Commission Act prohibiting un fair or deceptive acts or practices
in commerce and oversees express and implied claims in advertising as well as certain promotional activities such as the use of
social media influencers by advertising companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FTC revised its Guides Concerning the Use of Endorsements and Testimonials in Advertising, or Guides, which became effective on
December&nbsp;1, 2009. Although the Guides are not binding, they explain how the FTC interprets Section&nbsp;5 of the FTC Act&rsquo;s
prohibition on unfair or deceptive acts or practices when advertisers use experts or laypersons to endorse their products. Consequently,
the FTC can bring a Section&nbsp;5 enforcement action based on practices that are inconsistent with the Guides. Under the revised
Guides, advertisements that feature a consumer and convey his or her atypical experience with a product or service are required
to clearly disclose the results that consumers can generally expect. The revised Guides also add new examples to illustrate the
long-standing principle that &ldquo;material connections.&rdquo; The FTC also recently issued a Native Advertising Guide for Businesses
that explains the Commission&rsquo;s perspectives on deceptively formatted advertisements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
marketing, advertising, and promotional activities for the consumer product Fiera must continually adhere to the FTC Act&rsquo;s
requirement for truthful, non-misleading and adequately substantiated claims. If Fiera advertising does not comply with FTC and
similar State requirements, we could become subject to an investigation by FTC or a consent decree, which could have a material
adverse impact on our business and reputation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Intellectual
Property Risks Related to Our Business</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
ability to compete may decline if we do not adequately protect our proprietary rights or if we are barred by the patent rights
of others.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
commercial success depends on obtaining and maintaining proprietary rights to our products and product candidates as well as successfully
defending these rights against third-party challenges. We will only be able to protect our products and product candidates from
unauthorized use by third parties to the extent that valid and enforceable patents, or effectively protected trade secrets, cover
them. Our ability to obtain patent protection for our products and product candidates is uncertain due to a number of factors,
including that:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may not have been the first to make the inventions covered by pending patent applications or issued patents;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may not have been the first to file patent applications for our products and product candidates;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">others
    may independently develop identical, similar or alternative products, compositions or devices and uses thereof;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    disclosures in patent applications may not be sufficient to meet the statutory requirements for patentability;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    or all of our pending patent applications may not result in issued patents;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may not seek or obtain patent protection in countries that may eventually provide us a significant business opportunity;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    patents issued to us may not provide a basis for commercially viable products, may not provide any competitive advantages,
    or may be successfully challenged by third parties;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    compositions, devices and methods may not be patentable;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">others
    may design around our patent claims to produce competitive products which fall outside of the scope of our patents; or</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">others
    may identify prior art or other bases which could invalidate our patents.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if we have or obtain patents covering our products and product candidates, we may still be barred from making, using and selling
them because of the patent rights of others. Others may have filed, and in the future may file, patent applications covering products
that are similar or identical to ours. There are many issued U.S. and foreign patents relating to chemical compounds, therapeutic
products, diagnostic devices, personal care products and devices and some of these relate to our products and product candidates.
These could materially affect our ability to sell our products and develop our product candidates. Because patent applications
can take many years to issue, there may be currently pending applications unknown to us that may later result in issued patents
that our products and product candidates may infringe. These patent applications may have priority over patent applications filed
by us.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obtaining
and maintaining a patent portfolio entails significant expense and resources. Part of the expense includes periodic maintenance
fees, renewal fees, annuity fees, various other governmental fees on patents and/or applications due in several stages over the
lifetime of patents and/or applications, as well as the cost associated with complying with numerous procedural provisions during
the patent application process. We may or may not choose to pursue or maintain protection for particular inventions. In addition,
there are situations in which failure to make certain payments or noncompliance with certain requirements in the patent process
can result in abandonment or lapse of a patent or patent application, resulting in partial or complete loss of patent rights in
the relevant jurisdiction. If we choose to forgo patent protection or allow a patent application or patent to lapse purposefully
or inadvertently, our competitive position could suffer.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
actions to enforce our patent rights can be expensive and may involve the diversion of significant management time. In addition,
these legal actions could be unsuccessful and could also result in the invalidation of our patents or a finding that they are
unenforceable. We may or may not choose to pursue litigation or other actions against those that have infringed on our patents,
or used them without authorization, due to the associated expense and time commitment of monitoring these activities. If we fail
to protect or to enforce our intellectual property rights successfully, our competitive position could suffer, which could harm
our business, prospects, financial condition and results of operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Pharmaceutical
and medical device patents and patent applications involve highly complex legal and factual questions, which, if determined adversely
to us, could negatively impact our patent position.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
patent positions of pharmaceutical and medical device companies can be highly uncertain and involve complex legal and factual
questions. The interpretation and breadth of claims allowed in some patents covering pharmaceutical compositions may be uncertain
and difficult to determine, and are often affected materially by the facts and circumstances that pertain to the patented compositions
and the related patent claims. The standards of the United States Patent and Trademark Office, or USPTO, are sometimes uncertain
and could change in the future. Consequently, the issuance and scope of patents cannot be predicted with certainty. Patents, if
issued, may be challenged, invalidated or circumvented. U.S. patents and patent applications may also be subject to interference
proceedings, and U.S. patents may be subject to re-examination proceedings, post-grant review and/or inter partes review in the
USPTO. Foreign patents may be subject to opposition or comparable proceedings in the corresponding foreign patent office, which
could result in either loss of the patent or denial of the patent application or loss or reduction in the scope of one or more
of the claims of the patent or patent application. In addition, such interference, re-examination, post-grant review, inter partes
review and opposition proceedings may be costly. Accordingly, rights under any issued patents may not provide us with sufficient
protection against competitive products or processes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, changes in or different interpretations of patent laws in the United States and foreign countries may permit others
to use our discoveries or to develop and commercialize our technology and products and product candidates without providing any
compensation to us, or may limit the number of patents or claims we can obtain. The laws of some countries do not protect intellectual
property rights to the same extent as U.S. laws and those countries may lack adequate rules and procedures for defending our intellectual
property rights.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we fail to obtain and maintain patent protection and trade secret protection of our products and product candidates, we could
lose our competitive advantage and competition we face would increase, reducing any potential revenues and adversely affecting
our ability to attain or maintain profitability.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Developments
in patent law could have a negative impact on our business.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the United States Supreme Court, other federal courts, the United States Congress or the USPTO may change the standards
of patentability and any such changes could have a negative impact on our business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Leahy-Smith America Invents Act, or the America Invents Act, which was signed into law in 2011, includes a number
of significant changes to U.S. patent law. These changes include a transition from a &ldquo;first-to-invent&rdquo; system to a
&ldquo;first-to-file&rdquo; system, changes the way issued patents are challenged, and changes the way patent applications are
disputed during the examination process. These changes may favor larger and more established companies that have greater resources
to devote to patent application filing and prosecution. The USPTO has developed regulations and procedures to govern the full
implementation of the America Invents Act, and many of the substantive changes to patent law associated with the America Invents
Act, and, in particular, the first-to-file provisions, became effective on March 16, 2013. Substantive changes to patent law associated
with the America Invents Act may affect our ability to obtain patents, and if obtained, to enforce or defend them. Accordingly,
it is not clear what, if any, impact the America Invents Act will ultimately have on the cost of prosecuting our patent applications,
our ability to obtain patents based on our discoveries and our ability to enforce or defend any patents that may issue from our
patent applications, all of which could have a material adverse effect on our business.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to patent protection, because we operate in the highly technical field of discovery and development of therapies and
medical devices, we rely in part on trade secret protection in order to protect our proprietary technology and processes. However,
trade secrets are difficult to protect. We expect to enter into confidentiality and intellectual property assignment agreements
with our employees, consultants, outside scientific and commercial collaborators, sponsored researchers, and other advisors. These
agreements generally require that the other party keep confidential and not disclose to third parties all confidential information
developed by the party or made known to the party by us during the course of the party&rsquo;s relationship with us. These agreements
also generally provide that inventions conceived by the party in the course of rendering services to us will be our exclusive
property. However, these agreements may not be honored and may not effectively assign intellectual property rights to us.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to contractual measures, we try to protect the confidential nature of our proprietary information using physical and
technological security measures. Such measures may not, for example, in the case of misappropriation of a trade secret by an employee
or third party with authorized access, provide adequate protection for our proprietary information. Our security measures may
not prevent an employee or consultant from misappropriating our trade secrets and providing them to a competitor, and recourse
we take against such misconduct may not provide an adequate remedy to protect our interests fully. Enforcing a claim that a party
illegally disclosed or misappropriated a trade secret can be difficult, expensive, and time-consuming, and the outcome is unpredictable.
In addition, courts outside the United States may be less willing to protect trade secrets. Trade secrets may be independently
developed by others in a manner that could prevent legal recourse by us. If any of our confidential or proprietary information,
such as our trade secrets, were to be disclosed or misappropriated, or if any such information was independently developed by
a competitor, our competitive position could be harmed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B><I>We
may not be able to enforce our intellectual property rights throughout the world.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
laws of some foreign countries do not protect intellectual property rights to the same extent as the laws of the United States.
Many companies have encountered significant problems in protecting and defending intellectual property rights in certain foreign
jurisdictions. The legal systems of some countries, particularly developing countries, do not favor the enforcement of patents
and other intellectual property protection, especially those relating to pharmaceuticals and medical devices. This could make
it difficult for us to stop the infringement of some of our patents, if obtained, or the misappropriation of our other intellectual
property rights. For example, many foreign countries have compulsory licensing laws under which a patent owner must grant licenses
to third parties. In addition, many countries limit the enforceability of patents against third parties, including government
agencies or government contractors. In these countries, patents may provide limited or no benefit. Patent protection must ultimately
be sought on a country-by-country basis, which is an expensive and time-consuming process with uncertain outcomes. Accordingly,
we may choose not to seek patent protection in certain countries, and we will not have the benefit of patent protection in such
countries.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceedings
to enforce our patent rights in foreign jurisdictions could result in substantial costs and divert our efforts and attention from
other aspects of our business. Accordingly, our efforts to protect our intellectual property rights in such countries may be inadequate.
In addition, changes in the law and legal decisions by courts in the United States and foreign countries may affect our ability
to obtain adequate protection for our technology and the enforcement of intellectual property.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Third
parties may assert that our employees or consultants have wrongfully used or disclosed confidential information or misappropriated
trade secrets.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
might employ individuals who were previously employed at universities or other biopharmaceutical or medical device companies,
including our competitors or potential competitors. Although we try to ensure that our employees and consultants do not use the
proprietary information or know-how of others in their work for us, we may be subject to claims that we or our employees, consultants
or independent contractors have inadvertently or otherwise used or disclosed intellectual property, including trade secrets or
other proprietary information, of a former employer or other third parties. Litigation may be necessary to defend against these
claims. If we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property
rights or personnel. Even if we are successful in defending against such claims, litigation could result in substantial costs
and be a distraction to management and other employees.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to Our Organization, Structure and Operation</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
intend to acquire, through asset purchases or in-licensing, businesses or products, or form strategic alliances, in the future,
and we may not realize the intended benefits of such acquisitions or alliances.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to acquire, through asset purchases or in-licensing, additional businesses or products, form strategic alliances and/or
create joint ventures with third parties that we believe will complement or augment our existing business. If we acquire businesses
or assets with promising markets or technologies, we may not be able to realize the benefit of acquiring such businesses or assets
if we are unable to successfully integrate them with our existing operations and company culture. We may encounter numerous difficulties
in developing, manufacturing and marketing any new products resulting from a strategic alliance or acquisition that delay or prevent
us from realizing their expected benefits or enhancing our business. We cannot assure you that, following any such acquisition
or alliance, we will achieve the expected synergies to justify the transaction. These risks apply to our acquisition of ProstaScint
in May 2015, Natesto in April 2016 and Fiera in May 2017. As an example, we acquired Primsol in October 2015, but sold it in March
2017. Depending on the success or lack thereof of any of our existing or future acquired products and product candidates, we might
seek to out-license, sell or otherwise dispose of any of those products or product candidates, which could adversely impact our
operations if the dispositions triggers a loss, accounting charge or other negative impact.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>In
fiscal 2017, the great majority of our net revenue and gross accounts receivable were due to three significant customers, the
loss of which could materially and adversely affect our results of operations.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
fiscal 2017 and fiscal 2016, three customers accounted for 74% and one customer that accounted for 86%, respectively, of our net
revenue. At December 31, 2017, June 30, 2017 and 2016, the same customers accounted for 88%, 60% and 69%, respectively, of our
gross accounts receivable. Although we expect to increase revenue and not be as reliant on only a few customers, at least for
fiscal 2018, and perhaps beyond, the loss of any of these customers could have a material adverse effect on our results of operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
will need to develop and expand our company, and we may encounter difficulties in managing this development and expansion, which
could disrupt our operations.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of February 1, 2018, we had 53 full-time employees, and in connection with being a public company, we expect to continue to increase
our number of employees and the scope of our operations. To manage our anticipated development and expansion, we must continue
to implement and improve our managerial, operational and financial systems, expand our facilities and continue to recruit and
train additional qualified personnel. Also, our management may need to divert a disproportionate amount of its attention away
from its day-to-day activities and devote a substantial amount of time to managing these development activities. Due to our limited
resources, we may not be able to effectively manage the expansion of our operations or recruit and train additional qualified
personnel. This may result in weaknesses in our infrastructure, give rise to operational mistakes, loss of business opportunities,
loss of employees and reduced productivity among remaining employees. The physical expansion of our operations may lead to significant
costs and may divert financial resources from other projects, such as the planned expanded commercialization of our approved products
and the development of our product candidates. If our management is unable to effectively manage our expected development and
expansion, our expenses may increase more than expected, our ability to generate or increase our revenue could be reduced and
we may not be able to implement our business strategy. Our future financial performance and our ability to expand the market for
our approved products and develop our product candidates, if approved, and compete effectively will depend, in part, on our ability
to effectively manage the future development and expansion of our company.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
depend on key personnel and attracting qualified management personnel and our business could be harmed if we lose personnel and
cannot attract new personnel.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends to a significant degree upon the technical and management skills of our directors, officers and key personnel.
Any of our directors could resign from our board at any time and for any reason. Although our executive officers Joshua Disbrow,
Jarrett Disbrow and David Green have employment agreements, the existence of an employment agreement does not guarantee the retention
of the executive officer for any period of time, and each agreement obligates us to pay the officer lump sum severance of two
years of salary if we terminate him without cause, as defined in the agreement, which could hurt our liquidity. The loss of the
services of any of these individuals would likely have a material adverse effect on us. Our success also will depend upon our
ability to attract and retain additional qualified management, marketing, technical, and sales executives and personnel. We do
not maintain key person life insurance for any of our officers or key personnel. The loss of any of our directors or key executives,
or the failure to attract, integrate, motivate, and retain additional key personnel could have a material adverse effect on our
business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
compete for such personnel, including directors, against numerous companies, including larger, more established companies with
significantly greater financial resources than we possess. There can be no assurance that we will be successful in attracting
or retaining such personnel, and the failure to do so could have a material adverse effect on our business, prospects, financial
condition, and results of operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Product
liability and other lawsuits could divert our resources, result in substantial liabilities and reduce the commercial potential
of our product candidates.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
risk that we may be sued on product liability claims is inherent in the development and commercialization of pharmaceutical, medical
device and personal care products and devices. Side effects of, or manufacturing defects in, products that we develop and commercialized
could result in the deterioration of a patient&rsquo;s condition, injury or even death. Once a product is approved for sale and
commercialized, the likelihood of product liability lawsuits increases. Claims may be brought by individuals seeking relief for
themselves or by individuals or groups seeking to represent a class. These lawsuits may divert our management from pursuing our
business strategy and may be costly to defend. In addition, if we are held liable in any of these lawsuits, we may incur substantial
liabilities and may be forced to limit or forgo further commercialization of the affected products.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be subject to legal or administrative proceedings and litigation other than product liability lawsuits which may be costly
to defend and could materially harm our business, financial condition and operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we maintain general liability, clinical trial liability and product liability insurance, this insurance may not fully cover potential
liabilities. In addition, inability to obtain or maintain sufficient insurance coverage at an acceptable cost or to otherwise
protect against potential product or other legal or administrative liability claims could prevent or inhibit the commercial production
and sale of any of our products and product candidates that receive regulatory approval, which could adversely affect our business.
Product liability claims could also harm our reputation, which may adversely affect our collaborators&rsquo; ability to commercialize
our products successfully.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
internal computer systems, or those of our third-party contractors or consultants, may fail or suffer security breaches, which
could result in a material disruption of our product development programs.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
the implementation of security measures, our internal computer systems and those of our third-party contractors and consultants
are vulnerable to damage from computer viruses, unauthorized access, natural disasters, terrorism, war and telecommunication and
electrical failures. While we do not believe that we have experienced any such system failure, accident, or security breach to
date, if such an event were to occur and cause interruptions in our operations, it could result in a loss of clinical trial data
for our product candidates which could result in delays in our regulatory approval efforts and significantly increase our costs
to recover or reproduce the data. To the extent that any disruption or security breach results in a loss of or damage to our data
or applications or other data or applications relating to our technology or product candidates, or inappropriate disclosure of
confidential or proprietary information, we could incur liabilities and the further development of our product candidates could
be delayed.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
ability to use our net operating loss carryforwards and certain other tax attributes may be limited.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2017, we had federal net operating loss carryforwards of approximately $49.2 million. The available net operating
losses, if not utilized to offset taxable income in future periods, will begin to expire in 2032 and will completely expire in
2036. Under the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;) and the regulations promulgated thereunder,
including, without limitation, the consolidated income tax return regulations, various corporate changes could limit our ability
to use our net operating loss carryforwards and other tax attributes (such as research tax credits) to offset our income. Because
Ampio&rsquo;s equity ownership interest in our company fell to below 80% in January 2016, we were deconsolidated from Ampio&rsquo;s
consolidated federal income tax group. As a result, certain of our net operating loss carryforwards may not be available to us
and we may not be able to use them to offset our U.S. federal taxable income. As a consequence of the deconsolidation, it is possible
that certain other tax attributes and benefits resulting from U.S. federal income tax consolidation may no longer be available
to us. Our company and Ampio do not have a tax sharing agreement that could mitigate the loss of net operating losses and other
tax attributes resulting from the deconsolidation or our incurrence of liability for the taxes of other members of the consolidated
group by reason of the joint and several liability of group members. In addition to the deconsolidation risk, an &ldquo;ownership
change&rdquo; (generally a 50% change (by value) in equity ownership over a three-year period) under Section 382 of the Code could
limit our ability to offset, post-change, our U.S. federal taxable income. Section 382 of the Code imposes an annual limitation
on the amount of post-ownership change taxable income a corporation may offset with pre-ownership change net operating loss carryforwards
and certain recognized built-in losses. We believe that the August 2017 financing created over a 50% change in our equity ownership
so our current tax loss carryforward will be limited in the future. Either the deconsolidation or the ownership change scenario
could result in increased future tax liability to us.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Restrictions
under our August 2017 Securities Purchase Agreement may limit our ability to raise funds and operate our business.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
August 2017 Securities Purchase Agreement contains covenants described below that may restrict our ability to finance future operations
or capital needs or to engage in other business activities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the 24 months following the Effective Date, as defined in the Securities Purchase Agreement, upon any issuance by us of any common
stock or common stock equivalents for cash consideration or indebtedness or a combination thereof (a &ldquo;Subsequent Financing&rdquo;),
each investor in the offering will have the right to participate in up to an amount of the Subsequent Financing equal to 35% of
the Subsequent Financing on the same terms, conditions and price provided for in the Subsequent Financing. The &ldquo;Effective
Date&rdquo; is the earliest of the date that (a) the initial registration statement registering all of the shares of common stock
and the shares of common stock into which the Series A Preferred Stock is convertible and the warrants (collectively, the &ldquo;Securities&rdquo;)
are exercisable has been declared effective by the SEC, (b) all of the Securities have been sold pursuant to Rule 144 or may be
sold pursuant to Rule 144 without the requirement for our company to be in compliance with the current public information required
under Rule 144 and without volume or manner-of-sale restrictions or (c) following the one year anniversary of August 15, 2017,
all of the Securities may be sold pursuant to an exemption from registration under Section 4(1) of the Securities Act, without
volume or manner-of-sale restrictions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
the later of (i) 270 days after the Effective Date and (ii) 365 days from August 15, 2017, without the consent of investors that
purchased at least 51% of the shares of common stock in the offering, we may not issue, enter into any agreement to issue or announce
the issuance or proposed issuance of any shares of common stock or common stock equivalents, or file any registration statement
covering the issuance or resale of any shares of common stock or common stock equivalents. If the value weighted average price
of our common stock exceeds $1.00 for five or more consecutive trading days, this right will terminate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
such time as no investor in the August 2017 offering holds any of the warrants, we are prohibited from effecting or entering into
an agreement to affect any issuance by us of our common stock or common stock equivalents involving a Variable Rate Transaction,
as defined in the Securities Purchase Agreement. &ldquo;Variable Rate Transaction&rdquo; means a transaction in which we (i) issue
any debt or equity securities that are convertible into common stock either (A) at a conversion price, exercise price or exchange
rate or other price that is based upon, and/or varies with, the trading prices of or quotations for the shares of our common stock
at any time after the initial issuance of such debt or equity securities or (B) with a conversion, exercise or exchange price
that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence
of specified or contingent events directly or indirectly related to our business or the market for our common stock or (ii) enter
into any transaction under, any agreement, including, but not limited to, an equity line of credit, an &ldquo;at-the-market&rdquo;
offering or similar agreement, whereby we may issue securities at a future determined price.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
restrictions and covenants in the August 2017 Securities Purchase Agreement, as well as any future financing agreements that we
may enter into, may restrict our ability to finance our operations, engage in business activities or expand or fully pursue our
business strategies. Our ability to comply with these covenants may be affected by events beyond our control and we may not be
able to meet those covenants.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to this Offering and our Common Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>There
is a limited trading market for our common stock, which could make it difficult to liquidate an investment in our common stock,
in a timely manner.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is currently traded on the NASDAQ Capital Market. Because there is a limited public market for our common stock,
investors may not be able to liquidate their investment whenever desired. We cannot assure that we will maintain an active trading
market for our common stock and the lack of an active public trading market could mean that investors may be exposed to increased
risk. In addition, if we failed to meet the criteria set forth in SEC regulations, various requirements would be imposed by law
on broker-dealers who sell our securities to persons other than established customers and accredited investors. Consequently,
such regulations may deter broker-dealers from recommending or selling our common stock, which may further affect its liquidity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
failure to meet the continued listing requirements of the NASDAQ Capital Market could result in a delisting of our common stock.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we fail to satisfy the continued listing requirements of the NASDAQ Capital Market, such as the corporate governance requirements
or the minimum closing bid price requirement, the exchange may take steps to delist our common stock. Such a delisting would likely
have a negative effect on the price of our common stock and would impair your ability to sell or purchase our common stock when
you wish to do so. In the event of a delisting, we anticipate that we would take actions to restore our compliance with applicable
exchange requirements, such as stabilize our market price, improve the liquidity of our common stock, prevent our common stock
from dropping below such exchange&rsquo;s minimum bid price requirement, or prevent future non-compliance with such exchange&rsquo;s
listing requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
share price is volatile and may be influenced by numerous factors, some of which are beyond our control.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading price of our common stock is likely to be highly volatile, and could be subject to wide fluctuations in response to various
factors, some of which are beyond our control. In addition to the factors discussed in this &ldquo;Risk Factors&rdquo; section
and elsewhere in this prospectus, these factors include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         products or product candidates we acquire for commercialization;</FONT></TD></TR>                                                                                                                          <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         products and product candidates we seek to pursue, and our ability to obtain rights to
                                         develop, commercialize and market those product candidates;</FONT></TD></TR>                                                                                                                     <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         decision to initiate a clinical trial, not to initiate a clinical trial or to terminate
                                         an existing clinical trial;</FONT></TD></TR>                                                                                     <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
                                         or anticipated adverse results or delays in our clinical trials;</FONT></TD></TR>                                                                                                                          <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         failure to expand the market for our currently approved products or commercialize our
                                         product candidates, if approved;</FONT></TD></TR>                                                                                          <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">unanticipated
                                         serious safety concerns related to the use of any of our product candidates;</FONT></TD></TR>                                                                                                                                      <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">overall
                                         performance of the equity markets and other factors that may be unrelated to our operating
                                         performance or the operating performance of our competitors, including changes in market
                                         valuations of similar companies;</FONT></TD></TR>                                                                                          <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">conditions
                                         or trends in the healthcare, biotechnology and pharmaceutical industries;</FONT></TD></TR>                                                                                                                                   <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">introduction
                                         of new products offered by us or our competitors;</FONT></TD></TR>                                                                                                           <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
                                         of significant acquisitions, strategic partnerships, joint ventures or capital commitments
                                         by us or our competitors;</FONT></TD></TR>                                                                                   <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability to maintain an adequate rate of growth and manage such growth;</FONT></TD></TR>                                                                                                                                <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">issuances
                                         of debt or equity securities;</FONT></TD></TR>                                                                                       <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales
                                         of our common stock by us or our stockholders in the future, or the perception that such
                                         sales could occur;</FONT></TD></TR>                                                                            <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">trading
                                         volume of our common stock;</FONT></TD></TR>                                                                                     <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ineffectiveness
                                         of our internal control over financial reporting or disclosure controls and procedures;</FONT></TD></TR>                                                                                                                                                 <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
                                         political and economic conditions;</FONT></TD></TR>                                                                                            <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">effects
                                         of natural or man-made catastrophic events;</FONT></TD></TR>                                                                                                     <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
                                         events or factors, many of which are beyond our control;</FONT></TD></TR>                                                                                                                  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">adverse
                                         regulatory decisions;</FONT></TD></TR>                                                                               <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions
                                         or departures of key scientific or management personnel;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                         in laws or regulations applicable to our product candidates, including without limitation
                                         clinical trial requirements for approvals;</FONT></TD></TR>                                                                                                    <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">disputes
                                         or other developments relating to patents and other proprietary rights and our ability
                                         to obtain patent protection for our product candidates;</FONT></TD></TR>                                                                                                                 <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         dependence on third parties, including CROs and scientific and medical advisors;</FONT></TD></TR>                                                                                                                                          <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability to uplist our common stock to a national securities exchange;</FONT></TD></TR>                                                                                                                               <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
                                         to meet or exceed any financial guidance or expectations regarding development milestones
                                         that we may provide to the public;</FONT></TD></TR>                                                                                            <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
                                         or anticipated variations in quarterly operating results;</FONT></TD></TR>                                                                                                                   <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
                                         failure to meet or exceed the estimates and projections of the investment community.&nbsp;</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the stock market in general, and the stocks of small-cap healthcare, biotechnology and pharmaceutical companies in particular,
have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance
of these companies. Broad market and industry factors may negatively affect the market price of our common stock, regardless of
our actual operating performance. The realization of any of the above risks or any of a broad range of other risks, including
those described in these &ldquo;Risk Factors,&rdquo; could have a dramatic and material adverse impact on the market price of
our common stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Some
provisions of our charter documents and applicable Delaware law may discourage an acquisition of us by others, even if the acquisition
may be beneficial to some of our stockholders.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
in our Certificate of Incorporation and Amended and Restated Bylaws, as well as certain provisions of Delaware law, could make
it more difficult for a third-party to acquire us, even if doing so may benefit some of our stockholders. These provisions include:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    authorization of 50,000,000 shares of &ldquo;blank check&rdquo; preferred stock, the rights, preferences and privileges of
    which may be established and shares of which may be issued by our Board of Directors at its discretion from time to time and
    without stockholder approval;</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">limiting
    the removal of directors by the stockholders;</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">allowing
    for the creation of a staggered board of directors;</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">eliminating
    the ability of stockholders to call a special meeting of stockholders; and</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
    advance notice requirements for nominations for election to the board of directors or for proposing matters that can be acted
    upon at stockholder meetings.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
provisions may frustrate or prevent any attempts by our stockholders to replace or remove our current management by making it
more difficult for stockholders to replace members of our board of directors, which is responsible for appointing the members
of our management. In addition, we are subject to Section 203 of the Delaware General Corporation Law, which generally prohibits
a Delaware corporation from engaging in any of a broad range of business combinations with an interested stockholder for a period
of three years following the date on which the stockholder became an interested stockholder, unless such transactions are approved
by the board of directors. This provision could have the effect of discouraging, delaying or preventing someone from acquiring
us or merging with us, whether or not it is desired by or beneficial to our stockholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
provision of our Certificate of Incorporation or Bylaws or of Delaware law that is applicable to us that has the effect of delaying
or deterring a change in control could limit the opportunity for our stockholders to receive a premium for their shares of our
common stock in the event that a potentially beneficial acquisition is discouraged, and could also affect the price that some
investors are willing to pay for our common stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
elimination of personal liability against our directors and officers under Delaware law and the existence of indemnification rights
held by our directors, officers and employees may result in substantial expenses.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Certificate of Incorporation and our Bylaws eliminate the personal liability of our directors and officers to us and our stockholders
for damages for breach of fiduciary duty as a director or officer to the extent permissible under Delaware law. Further, our Certificate
of Incorporation and our Bylaws and individual indemnification agreements we intend to enter with each of our directors and executive
officers provide that we are obligated to indemnify each of our directors or officers to the fullest extent authorized by the
Delaware law and, subject to certain conditions, advance the expenses incurred by any director or officer in defending any action,
suit or proceeding prior to its final disposition. Those indemnification obligations could expose us to substantial expenditures
to cover the cost of settlement or damage awards against our directors or officers, which we may be unable to afford. Further,
those provisions and resulting costs may discourage us or our stockholders from bringing a lawsuit against any of our current
or former directors or officers for breaches of their fiduciary duties, even if such actions might otherwise benefit our stockholders.</FONT></P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
do not intend to pay cash dividends on our capital stock in the foreseeable future.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have never declared or paid any dividends on our common stock and do not anticipate paying any dividends in the foreseeable future.
Any future payment of cash dividends in the future would depend on our financial condition, contractual restrictions, solvency
tests imposed by applicable corporate laws, results of operations, anticipated cash requirements and other factors and will be
at the discretion of our Board of Directors. Our stockholders should not expect that we will ever pay cash or other dividends
on our outstanding capital stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>You
will experience immediate and substantial dilution as a result of this offering and may experience additional dilution in the
future.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> You will incur immediate and substantial dilution as a result
of this offering. After giving effect to the sale by us of shares offered in this offering at an assumed public offering price
of $0.86 per share, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us,
investors in this offering can expect an immediate dilution of approximately $0.78 per share. See &ldquo;Dilution&rdquo; below
for a more detailed discussion of the dilution you will incur if you purchase our common stock in the offering. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Management
will have broad discretion as to the use of the proceeds from this offering, and may not use the proceeds effectively.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management will have broad discretion in the application of the net proceeds from this offering and could spend the proceeds in
ways that may not improve our results of operations or enhance the value of our common stock. Our failure to apply these funds
effectively could have a material adverse effect on our business and cause the price of our common stock to decline.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
Series B Preferred Stock will not be listed on any securities exchange and as such there will not be a public market for such
securities.</I></B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no established public trading market for the Series B Preferred Stock, and we do not expect a market to develop. In addition,
we do not intend to apply for listing of the Series B Preferred Stock on any securities exchange or trading system. Without an
active market, the liquidity of the Series B Preferred Stock will be limited, and investors may be unable to liquidate their investments
in the Series B Preferred Stock.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Holders
of Series B Preferred will have limited voting rights.</I></B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of Series B Preferred will vote with the common stock on an as-converted to common stock basis, provided, however, that in no
event will a holder of shares of Series B Preferred Stock be entitled to vote a number of shares in excess of such holder&rsquo;s
beneficial ownership limitation. See &ldquo;Description of Capital Stock&mdash;Series B Preferred Stock.&rdquo;</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
warrants are speculative in nature.</I></B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
warrants do not confer any rights of common stock ownership on its holders, such as voting rights or the right to receive dividends,
but rather merely represent the right to acquire shares of common stock at a fixed price for a limited period of time. Specifically,
for a period of five years commencing upon the date of issuance, holders of the warrants may exercise their right to acquire the
common stock and pay an exercise price equal to 120% of the offering price per Class A Unit. Moreover, the market value of the
warrants is uncertain and the warrants will not be listed or quoted for trading on any market or exchange. There can be no assurance
that the market price of the common stock will ever equal or exceed the exercise price of the warrants, and consequently, whether
it will ever be profitable for holders of the warrants to exercise the warrants.</FONT> </P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_04"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus includes forward-looking statements within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended,
and Section&nbsp;21E of the Securities Exchange Act of 1934, or the Exchange Act. All statements other than statements of historical
facts contained in this prospectus, 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. Such forward-looking statements
include, without limitation: the planned expanded commercialization of our products and the potential future commercialization
of our product candidates; our anticipated future cash position; the assimilation into our operations of acquired assets and entities;
our plan to acquire additional assets; 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; and future events under our current and potential future collaborations. These forward-looking
statements are subject to a number of risks, uncertainties and assumptions, including without limitation the risks described in
&ldquo;Risk Factors&rdquo; in this prospectus, and in the reports we filed with the Securities and Exchange Commission. These
risks are not exhaustive. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge
from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors
on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from
those contained in any forward-looking statements. You should not rely upon forward-looking statements as predictions of future
events. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or
occur and actual results could differ materially from those projected in the forward-looking statements. We assume no obligation
to update or supplement forward-looking statements, except as may be required under applicable law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_05"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>USE
OF PROCEEDS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> We estimate that the net proceeds from the sale of the
securities we are offering will be approximately $8.9 million (or approximately $10.3 million if the underwriters exercise in
full  their over-allotment option), after deducting the estimated underwriting discounts and commissions and estimated
offering costs payable by us. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to use the net proceeds from this offering for general corporate purposes, including working capital to support ongoing
and new commercial activities primarily related to Natesto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
expected use of the net proceeds from this offering represents our intentions based upon our current plans and business conditions.
Pending our use of the net proceeds from this offering, we intend to invest the net proceeds in a variety of capital preservation
investments, including short-term, investment grade, interest bearing instruments and U.S. government securities.</FONT></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_06"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MARKET
FOR COMMON STOCK</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Our common stock has been listed on the NASDAQ Capital Market under
the symbol &ldquo;AYTU&rdquo; since October 20, 2017. Prior to October 20, 2017, our common stock was quoted on the OTCQX and
prior to that, on the OTCQB. The following table sets forth the range of high and low bid prices for our common stock on the OTCQX
or OTCQB, or high and low sales prices on the NASDAQ Capital Market, as applicable, for the periods shown. The quotations for
the OTCQX or OTCQB represent inter-dealer prices without retail markup, markdown or commission, and may not necessarily represent
actual transactions. All share prices give effect to our 1-for-20 reverse stock split completed in August 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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-weight: bold; border-bottom: Black 1.5pt solid">Fiscal Year ended June 30, 2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">High</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Low</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%">First Quarter (ended September 30, 2015)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,140.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,111.20</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Second Quarter (ended December 31, 2015)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,140.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">753.60</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Third Quarter (ended March 31, 2016)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">840.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">134.40</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Fourth Quarter (ended June 30, 2016)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">146.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">72.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Fiscal Year ended June 30, 2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">High</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Low</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%">First Quarter (ended September 30, 2016)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">100.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">60.20</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Second Quarter (ended December 31, 2016)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">77.80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">20.40</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Third Quarter (ended March 31, 2017)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">25.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">14.82</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Fourth Quarter (ended June 30, 2017)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10.20</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid"> Fiscal Year ended June 30, 2018 </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> High </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Low </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%"> First Quarter (ended September 30, 2017) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 12.00 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 3.34 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Second Quarter (ended December 31, 2017) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 6.82 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 2.05 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> Third Quarter (ended March 31, 2018) (as of February 23, 2018) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 4.26 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 0.85 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of February 1, 2018, there were 508 holders of record of our common stock. <B>&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equity
Compensation Plan Information </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2015, our shareholders approved the adoption of a stock and option award plan (the &ldquo;2015 Plan&rdquo;). At the special
meeting of stockholders on July 26, 2017, the Aytu Stockholders voted to increase the plan to 3.0 million shares. The 2015 Plan
permits grants of equity awards to employees, directors and consultants. The following table displays equity compensation plan
information as of June 30, 2017.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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-weight: bold; border-bottom: Black 1.5pt solid">Plan Category</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of Securities to<BR>
    be Issued upon Exercise<BR> of Outstanding Options,<BR> Warrants and Rights (a)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted-Average<BR> Exercise
    Price of<BR> Outstanding Options,<BR> Warrants and Rights<BR> (b)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of Securities Remaining<BR>
    Available for Issuance under<BR> Equity Compensation Plans<BR> (Excluding Securities Reflected<BR> in Column (a)) (c)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Equity compensation plans approved by security holders</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">38,263</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">16.31</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">61,737</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Equity compensation plans not approved by security holders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,641</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">44.12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">70,904</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">$</TD><TD STYLE="padding-bottom: 4pt; text-align: right">29.11</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">61,737</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with our private placement of approximately $4.7 million of common stock in 2013, we were obligated to issue to the
placement agent warrants to purchase 444 shares of our common stock. The placement agent warrants have a term of five years from
the date of issuance and an exercise price of $1,087.20. In connection with our private placement of approximately $5.2 million
of convertible notes in July and August 2015, we were obligated to issue to the placement agents warrants for an amount of shares
equal to 8% of the number of shares of our common stock issued upon conversion of the notes and any accrued interest. The placement
agents&rsquo; warrants have a term of five years from the date of issuance of the related notes in July and August 2015, an exercise
price equal to 100% of the price per share at which equity securities were sold in our next equity financing, and provide for
cashless exercise. Those warrants were not approved by our stockholders. In connection with the conversions of the notes in February
2016 and May 2016, which were triggered by an equity financing in January 2016 and our public offering of common stock and warrants
in May 2016, respectively, we issued warrants to the placement agents to purchase an aggregate of 1,115 shares of our common stock
at a weighted average exercise price of $156.00 per share, and an aggregate of 1,129 shares of our common stock at an exercise
price of $96.00 per share. In connection with our May 2016 public offering, we issued warrants to purchase an aggregate of 5,474
shares of common stock at an exercise price of $120.00 to the underwriters of the public offering. In July 2016, we issued warrants
to purchase an aggregate of 4,402 shares of common stock at an exercise price of $80.00 to initial investors. In connection with
our November 2016 public offering, we issued warrants to purchase an aggregate of 20,077 shares of common stock with an exercise
price of $15.00. In March 2017, we completed a tender offer to amend and exercise certain existing warrants, in connection with
which the exercise price of the placement agent warrants was reduced to $15.00.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_07"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DIVIDEND
POLICY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not paid any cash dividends on our common stock and our Board of Directors presently intends to continue a policy of retaining
earnings, if any, for use in our operations. The declaration and payment of dividends in the future, of which there can be no
assurance, will be determined by the Board of Directors in light of conditions then existing, including earnings, financial condition,
capital requirements and other factors. Delaware law prohibits us from declaring dividends where, if after giving effect to the
distribution of the dividend:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                         would not be able to pay our debts as they become due in the usual course of business;
                                         or</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         total assets would be less than the sum of our total liabilities plus the amount that
                                         would be needed to satisfy the rights of stockholders who have preferential rights superior
                                         to those receiving the distribution.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as set forth above, there are no restrictions that currently materially limit our ability to pay dividends or which we reasonably
believe are likely to limit materially the future payment of dividends on common stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors has the right to authorize the issuance of preferred stock, without further stockholder approval, the holders
of which may have preferences over the holders of our common stock as to payment of dividends.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_08"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DILUTION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> If you purchase shares in this offering, your interest will
be diluted to the extent of the difference between the public offering price per Class A Unit and the net tangible book value
per share of our common stock after this offering. Our net tangible book value as of December 31, 2017 was ($7.5) million, or
$(1.54) per share of common stock (based upon 4,894,638 outstanding shares of common stock). &ldquo;Net tangible book value&rdquo;
is total assets minus the sum of liabilities and intangible assets. &ldquo;Net tangible book value per share&rdquo; is net tangible
book value divided by the total number of shares of common stock outstanding. </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"> After giving effect to the sale by us in this offering of
5,813,954 Class A Units at an assumed public offering price of $0.86 per Class A Unit (the closing price of our common stock as
quoted on the NASDAQ Capital Market on February 23, 2018) and 5,000 Class B Units at a public offering price of $1,000 per Class
B Unit, and assuming all Series B Preferred Shares included in the Class B units were converted to common stock, and after deducting
the estimated underwriting discounts and commissions and estimated offering expenses that we will pay, our net tangible book value
as of December 31, 2017 would have been approximately $1.4 million, or $0.08 per share of common stock. This amount represents
an immediate increase in net tangible book value of $1.62 per share to existing stockholders and an immediate dilution of $0.78
per share to purchasers in this offering. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table illustrates the dilution:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left"> Assumed public offering price per Class A Unit </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 0.86 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Net tangible book value per share as of December 31, 2017 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (1.54 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Increase in net tangible book value per share attributable to this offering </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 1.62 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Pro forma net tangible book value per share after this offering </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 0.08 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Dilution per share to new investors </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 0.78 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
above table is based on 4,894,638 shares of common stock outstanding as of December 31, 2017, and:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assumes
                                         no exercise of options to purchase an aggregate of 36,795 shares of common stock issued
                                         and outstanding under our 2015 Stock Plan and outstanding and exercisable on December
                                         31, 2017;</FONT></TD></TR>                                                                   <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assumes
                                         no exercise of warrants to purchase 6,600,720 shares of common stock with a weighted
                                         average exercise price of $5.62 per share outstanding on December 31, 2017;</FONT></TD></TR>                                                                                                                                     <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">assumes
                                         no conversion of 1,900 outstanding shares of Series A Preferred Stock convertible into
                                         633,333 shares of common stock; and</TD></TR>                                                                                             <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assumes
                                         no exercise by the underwriters of their over-allotment option.</FONT> </TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> If the underwriters exercise in full
their over-allotment option, our net tangible book value per
share after giving effect to this offering would be approximately $2.8 million, or $0.15 per share, which amount
represents an immediate increase in net tangible book value of $1.69 per share to existing stockholders and a dilution to new
investors of $0.71 per share. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we issue any additional shares in connection with outstanding options or warrants, there will be additional dilution.</FONT></P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_09"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CAPITALIZATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth our cash and cash equivalents and our capitalization as of December 31, 2017 on:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="padding-right: 0.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         actual basis; and</FONT></TD></TR>                                                                           <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-right: 0.7pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"> &nbsp; </TD>
    <TD STYLE="width: 24px; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="padding-right: 0.7pt; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on
    a pro forma basis to give effect to the sale by us in this offering of 5,813,954 Class A Units, at the assumed public offering
    price of $0.86 per Class A Unit and 5,000 Class B Units, at the public offering price of $1,000 per Class B Unit, assuming
    conversion of all Series B Preferred Shares included in the Class B Units, after deducting underwriting discounts and commissions
    and estimated offering expenses payable by us.</FONT> </TD></TR>
</TABLE>


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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> You should read this table in conjunction with &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations,&rdquo; our unaudited financial statements for the period
ended December 31, 2017, and our audited financial statements for the years ended June 30, 2017 and 2016, and the related notes
thereto, included in this prospectus. </P>





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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> As of December 31, 2017 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Actual </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Pro Forma </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding-bottom: 4pt"> Cash, cash equivalents and restricted cash </TD><TD STYLE="width: 1%; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; text-align: left"> $ </TD><TD STYLE="width: 9%; border-bottom: Black 4pt double; text-align: right"> 3,983,717 </TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; text-align: left"> $ </TD><TD STYLE="width: 9%; border-bottom: Black 4pt double; text-align: right"> 12,904,217 </TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt"> Long-term contingent consideration </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 7,726,698 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 7,726,698 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Shareholders&rsquo; equity: </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt"> Preferred Stock, par value $0.0001; 50,000,000 shares
    authorized; 1,900 shares of Series A issued and outstanding </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt"> Common Stock, par value $0.0001; 100,000,000 shares
    authorized; 4,894,638 shares issued and outstanding, actual; 16,522,546 shares issued and outstanding pro forma </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 489 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,652 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"> Additional paid-in capital </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 80,017,545 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 88,936,882 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"> Accumulated deficit </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (76,987,449 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (76,987,449 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Total stockholders&rsquo; equity </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,030,586 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11,951,086 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of shares to be outstanding immediately after giving effect to this offering as shown above is based on 4,894,638 shares
outstanding as of December 31, 2017 and:</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assumes
                                         no exercise of options to purchase an aggregate of 36,795 shares of common stock issued
                                         under our 2015 Stock Plan and outstanding on December 31, 2017;</FONT></TD></TR>                                                                                                                         <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assumes
                                         no exercise of warrants to purchase 6,600,720 shares of common stock with a weighted
                                         average exercise price of $5.62 per share outstanding on December 31, 2017;</FONT></TD></TR>                                                                                                                                     <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assumes
                                         no conversion of 1,900 outstanding shares of Series A Preferred Stock convertible into
                                         633,333 shares of common stock; and</FONT></TD></TR>                                                                                             <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assumes
                                         no exercise by the underwriters of their over-allotment option.</FONT> </TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_10"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>MANAGEMENT&rsquo;S
DISCUSSION AND ANALYSIS OF</B></FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
are a commercial-stage specialty life science company concentrating on developing and commercializing products with an initial
focus on urological diseases and conditions. We are currently focused on addressing significant medical needs in the areas of
hypogonadism, male infertility, urological cancers and female personal care.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have financed operations through a combination of private and public debt and equity financings including net proceeds from the
private placements of stock and convertible notes. Although it is difficult to predict our liquidity requirements, based upon
our current operating plan, as of the date of this prospectus, we believe we will have sufficient cash to meet our projected operating
requirements into the fourth quarter of fiscal 2018, at which point we anticipate the need for additional capital. See &ldquo;Liquidity
and Capital Resources.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have recently begun to generate material revenues from the commercialization of our products. We recognized approximately $1.1
million and $2.1 million in revenue from Natesto, ProstaScint, MiOXSYS and Fiera sales during the three and six months ended December
31, 2017. We have incurred accumulated net losses since our inception, and at December 31, 2017, we had an accumulated deficit
of $77.0 million. Our net loss was $3.7 million and $7.9 million for the three and six months ended December 31, 2017 and we used
$7.3 million of cash in operating activities during the six months ended December 31, 2017.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Significant
Accounting Policies and Estimates</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United
States of America. The preparation of the consolidated financial statements requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, and the reported
amounts of expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including
those related to recoverability and useful lives of&nbsp;long-lived assets, stock compensation, valuation of derivative instruments,
allowances and contingencies. Management bases its estimates and judgments on historical experience and on various other factors
that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the
carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these
estimates under different assumptions or conditions. The methods, estimates, and judgments used by us in applying these critical
accounting policies have a significant impact on the results we report in our consolidated financial statements. Our significant
accounting policies and estimates are included in Note 2 to the audited financial statements included in this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Newly
Issued Accounting Pronouncements</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Information
regarding the recently issued accounting standards (adopted and pending adoption as of December 31, 2017) is combined in Note
1 to the consolidated December 31, 2017 financial statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Results
of Operations &ndash; Three and Six Months ended December 31, 2017 Compared to December 31, 2016</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Results
of operations for the three months ended December 31, 2017 and the three months ended December 31, 2016 reflected losses of approximately
$3.7 million and $4.8 million, respectively. These losses include, in part, non-cash charges related to stock-based compensation,
depreciation, amortization and accretion, issuance of restricted stock, unrealized gain on investment, and derivative income,
in the amount of $256,000 for the three months ended December 31, 2017 and $1.6 million for the three months ended December 31,
2016, respectively. The non-cash charges decreased in the three months ended 2017 primarily due to the decrease in stock-compensation
expense and amortization and impairment expenses.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Results
of operations for the six months ended December 31, 2017 and the six months ended December 31, 2016 reflected losses of approximately
$7.9 million and $10.5 million, respectively. These losses include in part non-cash charges related to stock-based compensation,
depreciation, amortization and accretion, compensation through issuance of stock, issuance of warrants to initial investors, and
amortization of prepaid research and development offset by an unrealized gain on investment and warrant derivative income in the
amount of $877,000 for the six months ended December 31, 2017 and $4.0 million for the six months ended December 31, 2016, respectively.
The non-cash charges decreased in the six months ended 2017 primarily due to decrease in stock-compensation expense and depreciation,
amortization and accretion expense.&nbsp;</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
recognized net revenue from product sales of $1.1 million and $794,000 for the three months ended December 31, 2017 and 2016,
respectively. We recognized net revenue from product sales of $2.1 million and $1.5 million for the six months ended December
31, 2017 and 2016, respectively. Our product portfolio includes Natesto, ProstaScint, Primsol, Fiera, and the MiOXSYS and RedoxSYS
Systems, but the majority of our revenue comes from Natesto sales. Revenue from Natesto increased 429% in the second quarter of
fiscal 2018 compared to the same quarter in fiscal 2017, and increased 281% for the six months ended December 31, 2017 compared
to the six months ended December 31, 2016.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
is customary in the pharmaceutical industry, our gross product sales are subject to a variety of deductions in arriving at reported
net product sales. Provisions for these deductions are recorded concurrently with the recognition of gross product revenue and
include discounts, chargebacks, distributor fees, processing fees, as well as allowances for returns and Medicaid rebates. Provision
deductions relating to estimated amounts payable to direct customers are netted against accounts receivable and balances relating
to indirect customers are included in accounts payable and accrued liabilities. The provisions recorded to reduce gross product
sales to net product sales are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Six Months Ended December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; text-indent: -10pt; padding-left: 10pt">Gross product revenue</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,028,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,358,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">4,272,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,284,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Provisions to reduce gross product
    sales to net product sales</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(977,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(564,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,144,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(792,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Net product revenue</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,051,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">794,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,128,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,492,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Percentage of gross sales to net sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65.3</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
cost of sales of $385,000 and $551,000 recognized for the three months ended December 31, 2017 and 2016, respectively, and the
cost of sales of $673,000 and $743,000 recognized for the six months ended December 31, 2017 and 2016, respectively are related
to Natesto, ProstaScint, Primsol, Fiera and the MiOXSYS and RedoxSYS Systems. We expect cost of sales to increase in the fiscal
year 2018 due to and in line with growth in revenue from product sales.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 12.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Research
and development costs consist of clinical trials and sponsored research, manufacturing transfer expense, sponsored research &ndash;
related party and consultants and other. These costs relate solely to research and development without an allocation of general
and administrative expenses and are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Six Months Ended<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; text-indent: -10pt; padding-left: 10pt">Clinical trials and sponsored research</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(278,000</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">262,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(139,000</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">493,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Sponsored research - related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Consultants and other</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(277,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">311,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(137,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">591,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Comparison
of Three and Six Months Ended December 31, 2017 and 2016 </I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Research
and development expenses decreased $588,000, or 189.1%, for the three months ended December 31, 2017 compared to the three months
ended December 31, 2016. Research and development expenses decreased $727,000, or 123.0%, for the six months ended December 31,
2017 compared to the six months ended December 31, 2016. The decline was due primarily to switching our focus and resource commitment
to our commercial products; as well as our decision to discontinue sales of ProstaScint mid-fiscal 2019 upon expiration of the
product, for which we reversed a previously accrued liability in the amount of $398,000. We anticipate research and development
expense to decrease in fiscal 2018 as compared to fiscal 2017 as we continue to focus on our commercial products.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Selling,
general and administrative expenses consist of labor costs, including personnel costs for employees in executive, commercial,
business development and operational functions; stock-based compensation; patents and intellectual property; professional fees
including legal, auditing, accounting, investor relations, shareholder expense and printing and filing of SEC reports; occupancy,
travel and other expenses including rent, governmental and regulatory compliance, insurance, and professional subscriptions; and
directors fees. These costs are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Six Months Ended<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-indent: -10pt; padding-left: 10pt">Labor</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,371,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,775,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">4,772,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">4,030,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Stock-based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">463,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">379,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,582,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Patent costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">235,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">312,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">248,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">731,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">510,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Occupancy, travel and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,611,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,087,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,975,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,090,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Directors Fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Management fee - related party</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">51,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">102,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">4,553,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3,693,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">9,172,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">9,449,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Comparison
of Three and Six Months Ended December 31, 2017 and 2016</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Selling,
general and administrative costs increased $860,000, or 23.3%, for the three months ended December 31, 2017, compared to the three
months ended December 31, 2016. General and administrative costs decreased $277,000 or 2.9%, for the six months ended December
31, 2017 compared to the six months ended December 31, 2016. The primary increase was in labor cost, and occupancy, travel and
other which was related to the increase in commercial department staffing during the six months ended December 31, 2017 as compared
to the six months ended December 31, 2016. We expect selling, general and administrative expenses to be approximately flat for
the remainder of fiscal 2018.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amortization
of intangible assets was $384,000 and $437,000 for the three months ended December 31, 2017, compared to the three months ended
December 31, 2016. Amortization of intangible assets was $770,000 and $874,000 for the six months ended December 31, 2017 compared
to the six months ended December 31, 2016. This expense decreased due to the impairment of the ProstaScint assets in fiscal 2017,
and the corresponding amortization of its finite-lived intangible assets. We expect this expense to remain flat for the remainder
of 2018.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Net
Cash Used in Operating Activities</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the six months ended December 31, 2017, our operating activities used $7.3 million in cash, which was less than the reported net
loss of $7.9 million. Our cash use was lower than our reported net loss due to an increase in accounts payable and accrued compensation
expense, with the recognition of non-cash expenses such as depreciation, amortization and accretion, and stock-based compensation.
These were offset by derivative income, an increase in accounts receivable and prepaid expenses, and a decrease in accrued liabilities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the six months ended December 31, 2016, our operating activities used $8.2 million in cash which was less than the net loss of
$10.5 million, primarily as a result of the non-cash depreciation, amortization and accretion and stock-based compensation expenses
offset by an increase in accounts receivable, a decrease in accounts payable and accrued liabilities, and accrued compensation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Net
Cash Used in Investing Activities</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the six months ended December 31, 2017, we used $12,000 in investing activities to purchase fixed assets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the six months ended December 31, 2016, we used cash in investing activities of $2.8 million, $45,000 of which was used to purchase
fixed assets, $750,000 of which was paid as the second and third installments towards the Primsol asset and $2.0 million of which
was paid as the second installment payment of our Natesto licensing agreement.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Net
Cash from Financing Activities</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
cash provided by financing activities in the six months ended December 31, 2017 of $10.4 million was primarily related to the
private offering of $11.8 million, offset by the offering cost of $1.4 million which was paid in cash.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
cash provided by financing activities in the six months ended December 31, 2016 of $8.2 million was primarily related to the registered
offering of $8.6 million, offset by the cash offering cost of $998,000 and common stock issuance of $631,000 offset by the issuance
costs of $24,000 paid to Lincoln Park.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Results
of Operations&mdash;June 30, 2017 Compared to June&nbsp;30, 2016</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Results
of operations for the year ended June 30, 2017 (&ldquo;fiscal 2017&rdquo;) and the year ended June&nbsp;30, 2016 (&ldquo;fiscal
2016&rdquo;) reflected losses of approximately $22.5 million and $28.2 million, respectively.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
total product and service revenue recognized during 2017 was $3.2 million, related to the sales of our products Natesto, ProstaScint,
and Primsol, the MiOXSYS and RedoxSYS Systems, as well as products in the Fiera line. The product and service revenue in fiscal
2016 was $2.1 million, which was from the ProstaScint and Primsol product lines, as well as the RedoxSYS and MiOXSYS Systems.
The increase in product revenue of over 57% from fiscal 2016 to 2017 is due to our acquisitions and ensuing sales of the Natesto
and Fiera products, which occurred late in fiscal 2016 and late fiscal 2017, respectively, and expanded marketing of our commercial
products.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
is customary in the pharmaceutical industry, our gross product sales are subject to a variety of deductions in arriving at reported
net product sales. Provisions for these deductions are recorded concurrently with the recognition of gross product sales revenue
and include discounts, chargebacks, distributor fees, processing fees, as well as allowances for returns and Medicaid rebates.
Provision balances relating to estimated amounts payable to direct customers are netted against accounts receivable and balances
relating to indirect customers are included in accounts payable and accrued liabilities. The provisions recorded to reduce gross
product sales and net product sales are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year Ended June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Gross product and service revenue</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">4,694,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,657,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Provisions to reduce gross product sales to net product and service sales</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,472,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(606,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Net product and service revenue</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3,222,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,051,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Percentage to net sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77.2</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
fiscal 2017 and fiscal 2016, we recognized $0 and $512,000, respectively, in license revenue. In 2012, we received a payment of
$500,000 for our license agreement of our former product candidate Zertane with a Korean pharmaceutical company. This payment
was deferred and was being recognized over 10 years. In 2014, we received a payment of $250,000 for our license agreement of Zertane
with a Canadian-based supplier. This payment was deferred and was being recognized over seven years. At June 30, 2016, Aytu determined
that the Zertane asset has no value as Aytu does not have the resources to complete the necessary clinical trials and bring it
to market before the patents expire. Therefore, the remaining unamortized deferred revenue of $426,000 which was outstanding as
of the date it was determined not to proceed with the clinical trials was recognized as of June 30, 2016.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
cost of sales of $1.4 million and $1.0 million recognized for fiscal 2017 and fiscal 2016, respectively, are related to the Natesto,
ProstaScint and Primsol products, the MiOXSYS and RedoxSYS Systems, as well as products in the Fiera line. We expect to see cost
of sales to continue to increase in the year ending June 30, 2018 (&ldquo;fiscal 2018&rdquo;) as we expect our sales of our current
products to continue to grow.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Research
and development costs consist of clinical trials and sponsored research, labor, stock-based compensation, sponsored research &ndash;
related party and consultants and other. These costs relate solely to research and development without an allocation of general
and administrative expenses and are summarized as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year Ended June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Clinical trials and sponsored research</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">956,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,278,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Manufacturing tech transfer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,304,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Labor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">427,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Stock-based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Sponsored research - related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">388,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Consultants and other</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">30,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,348,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">6,320,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Comparison
of Years Ended June 30, 2017 and 2016</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Research
and development expenses decreased $5.0 million, or 78.7%, in fiscal 2017 compared to fiscal 2016. This was due primarily to placing
the contract for our manufacturing tech transfer on hold for our ProstaScint product, as well as shifting our focus to our existing
commercialized products. We expect that the research and development expenses will decrease in fiscal 2018 as compared to fiscal
2017 due to the fact that we will continue to focus on our existing products.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General
and administrative expenses consist of personnel costs for employees in executive, business development and operational functions
and director fees; stock-based compensation; patents and intellectual property; professional fees including legal, auditing, accounting,
investor relations, shareholder expense and printing and filing of SEC reports; occupancy, travel and other including rent, governmental
and regulatory compliance, insurance, and professional subscriptions. These costs are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></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>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year Ended June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%">Labor</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">7,488,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">3,671,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Stock-based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,227,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">814,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,133,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,630,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Occupancy, travel and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,267,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,086,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Patent costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">303,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Director fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">160,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Management fee - related party</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">165,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">308,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">17,608,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">8,825,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Comparison
of Years Ended June 30, 2017 and 2016</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General
and administrative costs increased $8.8 million, or 99.5%, in fiscal 2017 over fiscal 2016. The increase in labor costs, stock-based
compensation, and occupancy, travel and other primarily relates to increased costs related to the increase in commercial department
staffing during fiscal 2017 as compared to fiscal 2016, increased travel expense and stock options granted, as well as the continuing
vesting of stock option awards granted in previous years. We expect general and administrative expenses to remain flat in fiscal
2018.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Impairment
of intangible assets was $1.3 million for fiscal 2017, which was related to the impairment of the ProstaScint product. Impairment
of intangible assets was $7.5 million for fiscal 2016 related to the impairment of the Zertane in process research and development
(IPRD).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amortization
of intangible assets was $1.7 million and $665,000 for fiscal 2017 and fiscal 2016, respectively. This expense increased due to
the acquisition of the Natesto and Fiera businesses in late fiscal 2016 and late fiscal 2017, respectively, and the corresponding
amortization of their finite-lived intangible assets.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Net
Cash Used in Operating Activities</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
fiscal 2017, our operating activities used $13.8 million in cash. The use of cash was approximately $8.7 million lower than the
net loss due primarily to non-cash charges for asset impairment, stock-based compensation, issuance of restricted stock, depreciation,
amortization and accretion, amortization of prepaid research and development related party, common stock issued to executives,
warrants issued to initial investors, and an increase in accounts payable. These charges were offset by a decrease in accrued
compensation, accrued liabilities, and accounts receivable, a gain on the sale of an asset, and derivative income.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
fiscal 2016, our operating activities used $10.7 million in cash. The use of cash was approximately $17.5 million lower than the
net loss due primarily to non-cash charges for asset impairment, amortization of the beneficial conversion feature, stock-based
compensation, depreciation, amortization and accretion, unrecognized loss on investment, noncash interest expense, amortization
of prepaid research and development related party, an increase in accounts payable and accrued liabilities and an increase accrued
compensation offset by an increase to inventory and a decrease to deferred revenue.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Net
Cash Used in Investing Activities</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
fiscal 2017, cash was received through the sale of Primsol, the sale of our investment in Acerus and the merger with Nuelle, Inc.
Cash was used to make additional required payments for Natesto and Primsol, and to purchase fixed assets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
fiscal 2016, cash was used to acquire Natesto, our investment in Acerus common stock, Primsol, the purchase of fixed assets as
well as the refund of a deposit for office space.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Net
Cash from Financing Activities</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
cash of $10.2 million provided by financing activities during fiscal 2017 was primarily related to our warrant tender offer of
$2.2 million offset by issuance costs of $312,000, our registered public offering of $8.6 million of common stock and warrants
offset by cash issuance costs of $998,000, and the issuance of common stock to Lincoln Park Capital of $740,000 offset by issuance
costs of $91,000.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
cash of $16.7 million provided by financing activities during fiscal 2016 was primarily related to our registered public offering
of $7.5 million of common stock and warrants offset by cash issuance costs of $905,000, the issuance of convertible promissory
notes which reflects gross proceeds of $5.2 million offset by the cash portion of the debt issuance costs of $298,000, as well
as the $5.0 million stock subscription payment from Ampio and $200,000 for a sale of stock subscriptions in January 2016 as well
as the issuance costs of $30,000 related to the debt conversion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Contractual
Obligations and Commitments</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Information
regarding our Contractual Obligations and Commitments is contained in Note 7 to the Financial Statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Liquidity
and Capital Resources</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
are a relatively young company with substantial revenue growth expectations as demonstrated by the nearly 32% year-over-year revenue
growth for the three months ended December 31, 2017. Our primary activities are focused on commercializing our approved product
portfolio, including Natesto, building our commercial infrastructure, improving access to payor formularies and improving the
effectiveness and reach of our sales force. As of December 31, 2017, we had cash, cash equivalents and restricted cash totaling
$4.0 million and other current assets with an aggregate balance of $3.8 million available to fund our operations, offset by an
aggregate of $3.7 million in accounts payable and accrued liabilities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of June 30, 2017, we had cash, cash equivalents and restricted cash totaling $878,000 available to fund our operations offset
by an aggregate of $3.0 million in accounts payable and other and accrued liabilities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based
on our existing cash and current asset balance and considering our trend of increasing revenue and the sequential decline in cash
used by operations, we believe we have sufficient resources to fund our operations into the fourth quarter of fiscal 2018. We
believe that our sales will continue to grow and that our efforts and programs designed to reduce discounting of Natesto will
combine to reduce the rate of cash use. We expect to maintain research and development and selling, general and administrative
costs, at levels comparable to the quarter ended December 31, 2017. With these assumptions, we believe that we have sufficient
cash resources to fund operations for several months (not including any proceeds from this offering). We will seek to raise additional
capital at such time as we conclude that capital is available on terms that we consider to be in the best interests of our Company
and our stockholders. If we cannot raise adequate additional capital in the future when we require it, we could be required to
delay, reduce the scope of, or eliminate one or more of our commercialization efforts or our research and development programs.
We also may be required to relinquish greater or all rights to product candidates at less favorable terms than we would otherwise
choose. This may lead to impairment or other charges, which could materially affect our balance sheet and operating results. However,
since our common stock became listed on the NASDAQ stock market in October 2017, the universe of investors whose investment charters
allow for an investment in us has increased. Additionally, due to recent announcements by an FDA advisory committee voting against
allowing new product entries in the TRT market in which Natesto competes, we believe investor interest in us will increase.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
reflected in the accompanying balance sheet as of December 31, 2017, the Company had approximately $4.0 million in cash including
approximately $76,000 in restricted cash (that is expected to be released in fiscal year 2018). In addition, for the quarter ended
December 31, 2017, and for the most recent four quarters ended December 31, 2017, we used an average of $3.2 million of cash per
quarter for operating activities. Looking forward, we expect cash used in operating activities to be in the range of historical
usage rates, therefore, indicating substantial doubt about the Company&rsquo;s ability to continue as a going concern. We expect
to require additional capital during the fourth quarter of fiscal year 2018 to sustain operations.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">With
the expectation of continuing operating losses, the Company expects that its current cash resources (excluding any proceeds from
the offering under this prospectus) will not be sufficient to sustain operations for a period greater than one year from the date
of this prospectus. The ability of the Company to continue its operations is dependent on management's plans, which include continuing
to build on the historical growth trajectory of Natesto and accessing the capital markets through the sale of our securities.
Based on our ability to raise capital in the past as well as our continued growth, the Company believes additional financing will
be available and will continue to be available to support current level of operations for at least the next 12 months from the
date of this prospectus. There can be no assurance that such financing will be available or on terms which are favorable to the
Company.&nbsp;While management of the Company believes that it has a plan to fund ongoing operations, there is no assurance that
its plan will be successfully implemented or realized.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and
the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating
to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be
unable to continue as a going concern.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Off
Balance Sheet Arrangements</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
do not have off-balance sheet arrangements, financings, or other relationships with unconsolidated entities or other persons,
also known as &ldquo;variable interest entities.&rdquo;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
general, we believe that our operating expenses can be negatively impacted by increases in the cost of clinical trials due to
inflation and rising health care costs.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_11"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>BUSINESS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
are a commercial-stage specialty life sciences company focused on acquiring, developing and commercializing novel products in
the field of urology. We have multiple urology-focused products on the market, and we seek to build a portfolio of novel therapeutics
that serve large medical needs in the field of urology. We are concentrating on hypogonadism, prostate cancer, male infertility
and, recently, female sexual wellbeing and intimacy and plan to expand into other urological indications for which we believe
there are significant medical needs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
acquired exclusive U.S. rights to Natesto<SUP>&reg;</SUP> (testosterone) nasal gel, a novel formulation of testosterone delivered
via a discreet, easy-to-use nasal gel, and we launched Natesto in the United States with our direct sales force in late summer
2016. Natesto is approved by the U.S. Food and Drug Administration, or FDA, for the treatment of hypogonadism (low testosterone)
in men and is the only testosterone replacement therapy, or TRT, delivered via a nasal gel. Natesto offers multiple advantages
over currently available TRTs and competes in a $1.8 billion market. Importantly, as Natesto is delivered via the nasal mucosa
and not the skin, there is no risk of testosterone transference to others, a known potential side effect and black box warning
associated with all other topically applied TRTs, including the market leader AndroGel<SUP>&reg;</SUP>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Outside
the U.S. we market MiOXSYS<SUP>&reg;</SUP>, a novel in vitro diagnostic device that is currently CE marked (which generally enables
it to be sold within the European Economic Area) and for which we intend to initiate a clinical trial to enable FDA clearance
or approval in the U.S. &nbsp;Our MiOXSYS system is a novel, point-of-care semen analysis system with the potential to become
a standard of care in the diagnosis and management of male infertility. Male infertility is a prevalent and underserved condition
and oxidative stress is widely implicated in its pathophysiology. MiOXSYS was developed from our core oxidation-reduction potential
research platform known as RedoxSYS<SUP>&reg;</SUP>. We are advancing MiOXSYS toward FDA clearance or approval, potentially via
the De Novo Classification Request Process.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
currently market ProstaScint<SUP>&reg; </SUP>(capromab pendetide), the only radioimaging agent indicated to detect the prostate
specific membrane antigen, or PSMA, in the assessment and staging of prostate cancer. ProstaScint is approved by the FDA for use
in both newly diagnosed, high-risk prostate cancer patients and patients with recurrent prostate cancer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
May 5, 2017, we acquired Nuelle, Inc, or Nuelle, a women&rsquo;s sexual health company. This transaction expanded our product
portfolio with the addition of the Fiera<SUP>&reg;</SUP> personal care device for women. Fiera was recently launched in the U.S.
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. This acquisition adds a novel, commercial-stage product
in a complementary adjacency readily accessible by our U.S.-based commercial infrastructure. Nuelle was previously a portfolio
company of leading venture capital firm New Enterprise Associates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
the future we may seek to acquire additional urology products, including existing products we believe can offer distinct commercial
advantages. Our management team&rsquo;s prior experience has involved identifying clinical assets that can be re-launched to increase
value, with a focused commercial infrastructure specializing in urology.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Natesto&reg;
(testosterone) nasal gel.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
April 22, 2016, we entered into an agreement to acquire the exclusive U.S. rights to Natesto (testosterone) nasal gel from Acerus
Pharmaceuticals Corporation, or Acerus, which rights we acquired on July 1, 2016. Natesto is a patented, FDA-approved testosterone
replacement therapy, or TRT, and is the only nasally-administered formulation of testosterone available in the United States.
Natesto is a discreet, easy-to-administer nasal gel that may be appropriate for men with active lifestyles as Natesto is small,
portable, Transportation Security Administration, or TSA-compliant, and easy to use. Importantly, Natesto is not applied directly
to the patient&rsquo;s skin as other topically applied TRTs are. Rather, it is delivered directly into the nasal mucosa via a
proprietary nasal applicator. Thus, Natesto does not carry a black box warning related to testosterone transference to a man&rsquo;s
female partner or children &mdash; as other topically (primarily gels and solutions) administered TRTs do by virtue of their delivery
directly onto the skin. We launched Natesto in the U.S. in late summer 2016 with our direct sales force, and we are positioning
Natesto as the ideal treatment solution for men with active, busy lifestyles who suffer from hypogonadism. Additionally, recently
presented data suggests that Natesto possesses several unique characteristics which may further differentiate it from other TRTs.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MiOXSYS
is a rapid <I>in vitro </I>diagnostic semen analysis test used in the quantitative measurement of static oxidation-reduction potential,
or sORP, in human semen. MiOXSYS is a CE marked system and is an accurate, easy to use, and fast infertility assessment tool.
It is estimated that 72.4 million couples worldwide experience infertility problems. In the United States, approximately 10% of
couples are defined as infertile. Male infertility is responsible for between 40 &ndash; 50% of all infertility cases and affects
approximately 7% of all men. Male infertility is often unexplained (idiopathic), and this idiopathic infertility is frequently
associated with increased levels of oxidative stress in the semen. The November 2017 Guideline on <I>Recurrent Pregnancy Loss
</I>from the European Society of Human Reproduction and Embryology (ESHRE) concluded that the main cause of DNA damage is oxidative
stress and that such stress seems to be exacerbated by smoking, obesity and excessive exercise<I>. </I>As such, a rapid, easy-to-use
diagnostic platform to measure oxidative stress should provide a practical way for male infertility specialists to improve semen
analysis and infertility assessments without having to refer patients to outside clinical laboratories.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Male
infertility is prevalent and underserved, and oxidative stress is widely implicated in its pathophysiology. The global male infertility
market is expected to grow to over $300 million by 2020 with a CAGR of nearly 5% from 2014 to 2020. Oxidative stress is broadly
implicated in the pathophysiology of idiopathic male infertility, yet very few diagnostic tools exist to effectively measure oxidative
stress levels in men. However, antioxidants are widely available and recommended to infertile men. With the introduction of the
MiOXSYS System, we believe for the first time there will be an easy and effective diagnostic tool to assess the degree of oxidative
stress and potentially enable the monitoring of patients&rsquo; responses to antioxidant therapy as a treatment regimen for infertility.
The MiOXSYS System received CE marking in Europe in January 2016 and obtained Health Canada Class II Medical Device approval in
March 2016. We expect to advance MiOXSYS into clinical trials in the United States in order to enable FDA clearance or approval
for the system, potentially via the De Novo Classification Request process.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ProstaScint&reg;
(capromab pendetide).</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
became a commercial stage company by virtue of our acquisition of ProstaScint in May 2015 and are generating sales of this FDA-approved
prostate cancer imaging agent. Because prostate cancer is a condition commonly diagnosed and treated by urologists, ProstaScint
complements our urology-focused product portfolio and pipeline. Prostate cancer is the second most common cancer in American men.
The American Cancer Society&rsquo;s estimates for prostate cancer in the United States for 2018 are: About 164,690 new cases of
prostate cancer and about 29,430 deaths from prostate cancer. Further, there are more than 2.9 million men are alive with some
history of prostate cancer. The effect of prostate cancer on healthcare economics is substantial, which makes the need for accurate
disease staging critical for treatment and management strategies. Approximately $4.4 billion is spent annually on screening, diagnosing
and staging, and an additional $9.9 billion annually on treatment of prostate cancer patients, totaling nearly $15 billion per
year on prostate cancer in the US alone. At June 30, 2017, the ProstaScint asset was impaired based upon sales projections that
we intend to only sell this product through the end of calendar year 2018, when our existing inventory of this product expires.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fiera<SUP>&reg;
</SUP>Personal Care Device</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Fiera Personal Care Device is the first hands-free wearable product for women, specifically designed to increase interest in,
and physical readiness for sex, naturally. Fiera does this by creating a physically aroused state via the genitals. Co-created
with healthcare professionals, Fiera is a small, discreet, fast-acting, and hands-free product that is designed to be used in
advance of physical intimacy to help women feel ready and in the mood for sex. Fiera uses gentle suction coupled with stimulation
to enhance blood flow to the genitals, increase lubrication, and ultimately get a woman ready for partnered intimacy in as little
as 5 minutes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">With
the acquisition of Nuelle, Inc., Aytu is expanding into the women&rsquo;s sexual health and wellness market. Sexual wellness is
inclusive of female sexual dysfunction which is a term that describes various sexual problems, such as low desire or interest,
diminished arousal, orgasmic difficulties, and dyspareunia. Female sexual dysfunction is considered common, with an estimated
prevalence of 43% from the U.S. National Health and Social Life Survey and similar estimates from other large, population-based
surveys in the United States and the United Kingdom. In a study of over 31,000 women in the United States it was determined that
44% of women report a sexual problem. Specifically, the most common sexual problem is low desire, with a prevalence of 39%; followed
by low arousal (26%) and orgasm difficulties (21%). Additionally, the incidence of sexual dysfunction is expected to increase
through 2020 to effect more than 124 million women worldwide.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiera
has been well studied and tested by health care professionals, and consumers and is scientifically proven to enhance arousal and
interest in women of all ages, including pre and post-menopausal women. Recent consumer study results in women ages 25 &ndash;
75 showed that after 4 weeks of using Fiera:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">97%
    of women felt physically aroused;</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 13.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">96%
    looked forward to being intimate with their partner;</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 13.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">93%
    felt excited and ready for sex;</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 13.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">89%
    of women felt more &ldquo;in the mood&rdquo;;</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 13.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">87%
    felt as ready for sex as their partner did;</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 13.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">86%
    of women felt a stronger emotional connection with their partner;</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 13.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">85%
    reported their orgasm felt pleasurable and intense;</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 13.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">85%
    thought about sex more often; and</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 13.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">85%
    engaged in sexual activity more often and felt satisfied in her relationship.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Previous
studies also showed that 87% of women felt increased desire and 67% felt increased lubrication.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Key
elements of our business strategy include:</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expand
                                         the commercialization of Natesto in the U.S. for the treatment of hypogonadism with our
                                         direct sales force. We launched Natesto in late summer 2016 and are targeting high prescribing
                                         TRT prescribers with a primary emphasis on urologists and male health practitioners.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Establish
                                         MiOXSYS worldwide as a leading in vitro diagnostic device in the assessment of male infertility.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expand
                                         the commercialization in the U.S. of Fiera.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maintain
                                         the availability of FDA-approved ProstaScint for the staging of both newly diagnosed
                                         high-risk and recurrent prostate cancer patients through the end of calendar year 2018.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Acquire
                                         additional marketed products and late-stage development assets that can be efficiently
                                         marketed through our growing commercial organization.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Develop
                                         a pipeline of novel products, with a focus on identifying novel products with sufficient
                                         clinical proof of concept that require modest internal R&amp;D expense.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
may augment our core in-development and commercial assets through efficient identification of complementary therapeutics, devices,
and diagnostics related to urological disorders, but we will remain opportunistic in identifying assets outside of urology. We
would seek assets that are near commercial stage or already generating revenues. Further, we would seek to acquire products through
asset purchases, licensing, co-development, or collaborative commercial arrangements (co-promotions, co-marketing, etc.).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
management team has extensive experience across a wide range of business development activities and have in-licensed or acquired
products from large, mid-sized, and small enterprises in the United States and abroad. Through an assertive product and business
development approach, we expect that we will build a substantial portfolio of complementary urology products.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
expect to create value by implementing a focused, three-pronged strategy. Our primary focus is on expanding Natesto in the U.S,
growing our current, revenue-generating products, and building a complementary portfolio of aligned urology assets. In just over
two years since our merger we have acquired or in-licensed three FDA-approved, marketed assets (and have since divested one asset
&ndash; Primsol&reg; Solution), launched a specialty urology sales force, advanced our lead diagnostic asset MiOXSYS to CE marking,
engaged in asset purchase and licensing discussions for products aligned to our strategy, launched Natesto in the U.S. through
our own sales force and acquired Nuelle Inc., a wholly owned subsidiary focused on the Fiera product.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
believe the strategy of focusing on commercializing assets prescribed by urologists is logical for several reasons. First, urology
is a large yet concentrated specialty practice area that can be efficiently targeted. There are approximately 10,000 active urologists
in the U.S., and we believe that this audience can be efficiently reached with a relatively small, focused sales force. Additionally,
90% of urologists practice in metropolitan areas where concentrated sales targeting can be achieved and &ldquo;windshield&rdquo;
or sales representative driving time between targets can be minimized. Importantly, 81% of urologists practice in group practices,
and over 60% are in practices of four or more physicians. Further, and important in building a balanced yet focused product portfolio,
sub-specialization within large urology clinics is common whereby there is frequently individual clinical focus on specific areas
within urology including prostate cancer and conditions, infertility, sexual wellness and vitality, urinary incontinence, hypogonadism,
etc. This enables a company to offer multiple products to the various sub-specialties within these focused, concentrated customer
targets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Further,
urologists treat a wide range of conditions and are thus appropriate targets across a broad range of clinical assets (Natesto
&ndash; hypogonadism; ProstaScint &ndash; prostate cancer; MiOXSYS &ndash; male infertility; Fiera &ndash; female sexual wellness).
Importantly, in urology, direct physician office purchasing of drugs, devices, and diagnostics is common. Along with this, a significant
proportion of urology groups are privately-owned and often own and operate their own outpatient surgery centers and in-office
laboratories. Further, large urology group practices have substantial payer influence and can have the ability to negotiate as
large groups to achieve better reimbursement and coverage for favored treatments and procedures. Perhaps as important as these
other factors, urologists are exposed to relatively limited promotional focus by &ldquo;Big Pharma&rdquo; and we believe can therefore
be accessed and impacted more readily by an emerging company, such as Aytu, over time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Aytu
BioScience&rsquo;s Strategic Value Drivers&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
primary elements of our strategy are:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Expanding
    the commercialization of Natesto, our revenue-generating, FDA-approved product in the United States via our direct commercial
    infrastructure. Further commercialize Fiera in the United States, and commercialize Fiera and MiOXSYS outside the United States
    via a developing distribution network.</I>&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Natesto
is a novel, FDA-approved testosterone replacement therapy, or TRT, indicated for the treatment of hypogonadism in men. Natesto
is the only nasal formulation of testosterone and is delivered via a proprietary nasal gel to enable simple, discreet application
of testosterone into the nostrils. By virtue of applying Natesto to the nasal mucosa, and not to the man&rsquo;s skin, there is
no risk of transference to others. As such Natesto is the only TRT that does not have a black box warning associated with this
potential for transference. Additionally, Natesto is a convenient form of testosterone that does not require application to large
areas of the man&rsquo;s body (arms, shoulders, upper torso, under arms) as required with market-leading products AndroGel and
Axiron. A convenient form of TRT, applied two-to-three times a day in the nostrils, may be an appropriate option for men with
hypogonadism who have active lifestyles, travel frequently, and value having a discreet way to treat their hypogonadism.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Low
testosterone is a condition that affects approximately 13 million U.S. men. Treatments for this condition generated U.S. revenues
of an estimated $1.8 billion in 2017. The market is expected to grow and we believe multiple factors are in place to position
Natesto favorably in gaining market share in this large, growing market. By gaining less than a 5% share of the current U.S. market
(assuming similar pricing and reimbursement), a novel TRT product could achieve annual revenues in excess of $100.0 million.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Fiera Personal Care Device is the first hands-free wearable product for women, specifically designed to increase interest in,
and physical readiness for sex, naturally. Sexual wellness is inclusive of female sexual dysfunction which is a term that describes
various sexual problems, such as low desire or interest, diminished arousal, orgasmic difficulties, and dyspareunia. Female sexual
dysfunction is considered common, with an estimated prevalence of 43% from the U.S. National Health and Social Life Survey and
similar estimates from other large, population-based surveys in the United States and the United Kingdom. In a study of over 31,000
women in the United States it was determined that 44% of women report a sexual problem. Specifically, the most common sexual problem
is low desire, with a prevalence of 39%; followed by low arousal (26%) and orgasm difficulties (21%). Additionally, the incidence
of sexual dysfunction is expected to increase through 2020 to effect more than 124 million women worldwide.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>United
States</I>. We have a commercial infrastructure in the U.S. focused primarily on increased sales and distribution of Natesto in
the U.S.; we also sell ProstaScint and Fiera in the U.S. We have a highly experienced sales force that is distinctly focused on
impacting the prescribing of urologists, and through this efficient sales channel we are able to increase prescribing of our unique
urology assets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Ex-U.S</I>.
Fiera has not been previously marketed outside the U.S. until recently, therefore we believe we can realize commercial opportunities
through efficient corporate partnerships in key markets around the world. With MiOXSYS now CE Marked we have started developing
a distribution network to launch this first-in-class in vitro diagnostic device.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Developing
    a pipeline of novel urological therapeutics through assertive acquisition, licensing, or co-promotion, inclusive of both marketed
    and late-stage development assets.</I>&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
order to diversify our product portfolio and create more value, we may seek to acquire complementary products or product candidates
to develop and/or commercialize, including marketed assets. Initially, our focus will be on acquiring products or product candidates
for urological conditions but we may opportunistically consider other products or product candidates based on their ability to
create value and complement our focus. We may pursue product acquisitions, inclusive of therapeutics, diagnostics, and devices,
which we will evaluate for their strategic fit and potential for near-term and/or accretive value to us. In a little over two
years from the Company&rsquo;s merger in April 2015 we began generating revenue from the acquisition of Primsol Solution (which
we later divested), and we later launched Natesto in July 2016 and Fiera in May 2017. We may acquire additional, complementary
urology assets in the future.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Completing
    U.S. studies in male infertility with the MiOXSYS System to enable 510k clearance or approval by FDA.</I>&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">With
MiOXSYS now CE marked and available for sale in many markets outside the U.S., we are positioned to initiate our clinical trial
in the U.S. to enable FDA clearance or approval, potentially via the De Novo Classification Request Process. We expect to receive
guidance from FDA on clinical trial design and patient criteria and implement the required clinical program as soon as possible.
If cleared or approved in the U.S., MiOXSYS would be the first and only semen analysis diagnostic test authorized by the FDA for
the detection of oxidative stress in infertility.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Male
infertility is prevalent and underserved, and oxidative stress is widely implicated in its pathophysiology. As such, we have bolstered
our research focus in this area with the MiOXSYS System to complement our focus on urologic conditions. The ex-US global male
infertility market is estimated at over $800 million in diagnostics, therapeutics, and procedure costs. Oxidative stress is broadly
implicated in the pathophysiology of idiopathic male infertility, yet very few diagnostic tools exist to effectively measure oxidative
stress levels in men. However, antioxidants are widely available and recommended to infertile men. With the introduction of the
MiOXSYS System, we believe for the first time there will be an easy and effective diagnostic tool to assess degree of oxidative
stress and monitor patients&rsquo; responses to antioxidant therapy and improve diagnosis of male infertility.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Through
our extensive network of researchers developed at one of our predecessor companies, Luoxis, the RedoxSYS System has demonstrated
the potential to have broad clinical applications inclusive of male infertility in semen analysis studies. Studies have been completed
at the Cleveland Clinic, a major U.S. university and Hamad Medical Corporation, major hospital in Doha, Qatar in the evaluation
of male infertility. As such, we developed the MiOXSYS System as a line extension to RedoxSYS to specifically assess oxidative
stress in semen as a tool to assess male infertility. In January 2016, the MiOXSYS System received CE Marking and is now available
for sale in multiple ex-U.S. markets including Europe, the Middle East, and parts of Asia. In March 2016, the MiOXSYS System obtained
Health Canada Class II Medical Device approval. With Health Canada approval in place, we have begun initial marketing of the product
in Canada.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Our
FDA &ndash; Approved Urology Products&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Two
of our products have received FDA approval for marketing in the U.S.: Natesto and ProstaScint.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
April 22, 2016, we entered into and closed a license and supply agreement to acquire the exclusive U.S. rights to Natesto<SUP>&reg;
</SUP>(testosterone) nasal gel from Acerus Pharmaceuticals Corporation, or Acerus, which rights we acquired effective on July
1, 2016. Natesto is a patented, FDA-approved testosterone replacement therapy, or TRT, and is the only nasally-administered formulation
of testosterone available in the United States. Natesto is a discreet, easy-to-administer nasal gel that may be appropriate for
men with active lifestyles as Natesto is small, portable, TSA-compliant, and easy to use.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Importantly,
Natesto is not applied directly to the patient&rsquo;s skin as other topically applied TRTs are. Rather, it is delivered directly
into the nasal mucosa via a patented nasal applicator. Thus, Natesto does not carry a black box warning related to testosterone
transference to a man&rsquo;s female partner or children &mdash; as other topically (primarily gels) administered TRTs do by virtue
of their delivery directly onto the skin.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Image
of Natesto (testosterone) nasal gel&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
unique delivery of Natesto also enables simple, discreet use by a single application into each nostril two to three times daily
and may improve compliance over topical forms that are applied to large sections of the arms, shoulders, and other large areas
of the man&rsquo;s upper torso. It also offers a more discreet method of TRT administration compared to films/patches (Androderm
&amp; Testoderm, which is applied to the scrotum) and does not involve the pain, potential for site injection infections, and
the administration inconvenience of the implantable and/or injectable TRTs such as Testopel and Aveed.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
concern associated with the use of the currently marketed testosterone gels is the unintentional transfer of testosterone to women
(or children) by skin contact with the man&rsquo;s application site. In the event of a female partner receiving inadvertent testosterone
exposure due to intimate contact with her male partner, she may develop hyperandrogenism, a condition characterized by excess
levels of androgens. This condition may result in women developing acne, scalp hair loss, excessive facial or body hair, breast
atrophy, and other symptoms. Natesto, as it is nasally administered, does not present this potential complication of &lsquo;transference&rsquo;
and thus does not have a black box warning as is associated with the topically applied testosterone supplements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Natesto
is an androgen indicated for replacement therapy in adult males for conditions associated with a deficiency or absence of endogenous
testosterone including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Primary
    hypogonadism (congenital or acquired): testicular failure due to conditions such as cryptorchidism, bilateral torsion, orchitis,
    vanishing testis syndrome, orchiectomy, Klinefelter&rsquo;s syndrome, chemotherapy, or toxic damage from alcohol or heavy
    metals. These men usually have low serum testosterone concentrations and gonadotropins (follicle-stimulating hormone [FSH]
    and luteinizing hormone [LH]) above the normal range.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hypogonadotropic
    hypogonadism (congenital or acquired): gonadotropin or luteinizing hormone-releasing hormone (LHRH) deficiency or pituitary-hypothalamic
    injury from tumors, trauma, or radiation. These men have low serum testosterone concentrations but have gonadotropins in the
    normal or low range.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>The
U.S. Testosterone Replacement Therapy (TRT) Market</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
believe we have an opportunity to increase revenue with Natesto in the U.S. Natesto competes in a large, growing market. The U.S.
TRT market is large, with annual revenues in the U.S. in 2017 of $1.8 billion. At the current market size of $1.8 billion, a product
with 5% market penetration could achieve sales of $90 million annually, assuming comparatively similar product pricing and reimbursement
levels as seen with other TRTs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
U.S. prescription testosterone market consists primarily of topically applied treatments in the form of gels, solutions, and patches.
Testopel&reg; and Aveed&reg;, injectable products typically implanted directly under the skin by a physician, are also FDA-approved.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
actively marketed, FDA-approved TRTs include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 20%; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">Brand Name</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 19%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Form of Delivery</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 19%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Company</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 19%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year Approved</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 19%; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Black Box Warning</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Androderm&reg;</TD><TD>&nbsp;</TD>
    <TD>Film/Patch</TD><TD>&nbsp;</TD>
    <TD>Actavis</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1995</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">No</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>AndroGel&reg;</TD><TD>&nbsp;</TD>
    <TD>Gel</TD><TD>&nbsp;</TD>
    <TD>AbbVie</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Yes</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Aveed&reg;</TD><TD>&nbsp;</TD>
    <TD>Injection</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Endo Pharmaceuticals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">No</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Axiron&reg;</TD><TD>&nbsp;</TD>
    <TD>Solution</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Eli Lilly &amp; Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Yes</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Fortesta&reg;</TD><TD>&nbsp;</TD>
    <TD>Gel</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Endo Pharmaceuticals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Yes</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Striant&reg;</TD><TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">Extended Release Tablet</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Endo Pharmaceuticals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2003</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">No</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Testim&reg;</TD><TD>&nbsp;</TD>
    <TD>Gel</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Endo Pharmaceuticals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2002</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Yes</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Testoderm&reg;</TD><TD>&nbsp;</TD>
    <TD>Film/Patch</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Johnson &amp; Johnson</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1993</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">No</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Testopel&reg;</TD><TD>&nbsp;</TD>
    <TD>Injection</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Endo Pharmaceuticals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1972</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">No</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Vogelxo&reg;</TD><TD>&nbsp;</TD>
    <TD>Gel</TD><TD>&nbsp;</TD>
    <TD>Upsher-Smith</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Yes</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">AndroGel&reg;,
marketed by AbbVie, is the leading TRT and had 2017 revenues of $1.0 billion. AndroGel had over half of the total TRT market across
its 1.0% and 1.62% formulations of the product.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Importantly,
however, AndroGel is now facing generic threats with the expiration of key patents for its 1.0% formulation, and is beginning
to see generic equivalents to its 1.62% formulation be introduced. Other products with significant shares of the TRT market include
Axiron, Testim, Fortesta, Androderm, and Testopel.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Male
hypogonadism is a condition in which the body does not produce enough testosterone &mdash; the hormone that plays a key role in
masculine growth and development during puberty &mdash; or has an impaired ability to produce sperm or both. Men can be born with
male hypogonadism, or it can develop later in life from injury or infection.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hypogonadism
is formally defined as deficient or absent male gonadal function that results in insufficient testosterone secretion. Hypogonadism
may be caused primarily by testicular failure, or secondarily by hypothalamic-pituitary axis dysfunction, resulting in the production
or release of insufficient testosterone to maintain testosterone-dependent functions and systems. It can also result from a combination
of testicular failure and hypothalamic-pituitary axis dysfunction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hypogonadism
affects an estimated 13 million men in the United States, and although it may occur in men at any age, low testosterone levels
are especially common in older males. More than 60% of men over age 65 have free testosterone levels below the normal values of
men aged 30 to 35. Studies suggest that hypogonadism in adult men is often underdiagnosed and under treated.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Low
testosterone, as male hypogonadism is also known, is associated with a number of signs and symptoms, most notably loss of libido
and erectile dysfunction (ED). Other signs of low testosterone include depressive symptoms, a decrease in cognitive abilities,
irritability and lethargy or loss of energy. Deficient endogenous testosterone also has negative effects on bone mass and is a
significant risk factor for osteoporosis in men. Progressive decrease in muscle mass and muscle strength and testicular dysfunction,
often resulting in impaired sperm production, are also associated with low testosterone levels.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
younger patient may have pure hypogonadism as a primary event, whereas an older man may have an age-related decline in testosterone
production that is a part of his ED profile. However, because both ED and loss of libido are hallmarks of hypogonadism, for a
patient who presents with ED it is recommended that he have a basic hormone profile to determine if he has low testosterone. Treatments
to normalize testosterone can not only improve libido, energy level and the potential to have normal erections, but can also improve
the response to sildenafil, if that is deemed appropriate treatment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Natesto
Clinical Trials Demonstrating Safety and Efficacy&nbsp;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Natesto
has been shown to be safe and effective in men with hypogonadism. It was approved by the FDA in May 2014 for marketing in the
United States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
its pivotal clinical trial, Natesto was evaluated for efficacy in a 90-day, open-label, multicenter study of 306 hypogonadal men.
Eligible patients were 18 years of age and older (mean age 54 years) and had morning serum total testosterone concentrations less
than 300 ng/dL. Patients were Caucasian (89%), African-American (6%), Asian (5%), or of other ethnicities (less than 1%).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Patients
were instructed to self-administer Natesto (11 mg of testosterone) intranasally either two or three times daily.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
primary endpoint was the percentage of patients with an average serum total testosterone concentration (C<SUB>avg</SUB>) within
the normal range (300 to 1050 ng/dL) on Day 90.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
secondary endpoint was the percentage of patients with a maximum total testosterone concentration (C<SUB>max</SUB>) above three
predetermined limits: greater than 1500 ng/dL, between 1800 and 2500 ng/dL, and greater than 2500 ng/dL.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
total of 78 hypogonadal men received Natesto (11 mg of testosterone) three times daily (33 mg of testosterone daily). Of these,
a total of 73 hypogonadal men were included in the statistical evaluation of efficacy (total testosterone pharmacokinetics) on
Day 90 based on the intent-to-treat (ITT) population with last observation carried forward (LOCF). Ninety percent of these 73
patients had a C<SUB>avg</SUB> within the normal range (300 to 1050 ng/dL) on Day 90. The percentages of patients with C<SUB>avg
</SUB>below the normal range (less than 300 ng/dL) and above the normal range (greater than 1050 ng/dL) on Day 90 were 10% and
0%, respectively.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
table below (Table 3 from the Natesto Prescribing Information) summarizes the mean (SD) serum total testosterone concentrations
on Day 90 in 69 patients who had a full pharmacokinetic sampling profile and were treated with Natesto (11 mg of testosterone)
three times daily for 90 days.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Table
3: Mean (SD) Serum Total Testosterone Concentration on Day 90 Following </B></FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Administration of Natesto (11 mg of testosterone)
Three Times Daily&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 140pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Natesto
    </B></FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(11 mg of testosterone) Three Times Daily (N=69)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">C<SUB>avg</SUB>(ng/dL)</FONT></TD>
    <TD STYLE="width: 50%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">421
    (116)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">C<SUB>max</SUB>(ng/dL)</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1044
    (378)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">C<SUB>min</SUB>(ng/dL)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">215
    (74)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
the same clinical trial studying the safety and efficacy of Natesto, which was conducted at 39 U.S. outpatient sites, it was shown
that 70% of the per protocol patients in the twice-daily &lsquo;titration arm&rsquo; (n=141) achieved normal testosterone levels.
Ninety-one percent of the per protocol patients in the thrice-daily group (n=77) achieved normal testosterone levels, demonstrating
that the majority of men in both treatment groups achieved normalization of testosterone levels while taking Natesto. The efficacy
of both B.I.D. (twice daily) and T.I.D. (three times daily) dosing of Natesto is demonstrated in the graphs below:</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_004.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Natesto
Safety and Efficacy Data</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Secondary
endpoints that were measured in the above-referenced pivotal trial included the impact on Natesto &ndash; over 90 days &ndash;
on erectile function as well as on mood. The 90-day clinical trial demonstrated that &ndash; within 30 days of initiating treatment
with Natesto &ndash; subjects exhibited a statistically significant and clinically meaningful improvement in all five domains
of erectile function. Specifically, at the end of the 90-day treatment period, improvement from baseline for each domain were
as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36%
    improvement in erectile function</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">42%
    improvement in intercourse satisfaction</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35%
    improvement in orgasmic function</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31%
    improvement in sexual desire</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">38%
    improvement in overall satisfaction</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_005.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
addition to demonstrating a significant improvement in erectile function, Natesto also exhibits a substantial impact on mood as
measured by Positive Affect and Negative Affect Schedule (PANAS). As early as 30 days &ndash; and continuing up to day 90 &ndash;
Natesto demonstrates a substantial increase in Positive Affect and a substantial decrease in Negative Affect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_006.jpg" ALT=""></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
addition to efficacy parameters, safety parameters have also been examined and recently reported. Natesto restores serum testosterone
to normal levels while Follicle Stimulating Hormone (FSH) and Luteinizing Hormone (LH) remained well within the reference range
over 90 days. Also, hematocrit (increased blood thickness) was not significantly impacted by Natesto over 360 days of treatment.
Other testosterone products alter levels of Follicle Stimulating Hormone (FSH) and Luteining Hormone (LH) and increase hematocrit.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_007.jpg" ALT=""></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Natesto
Product Features and Patient Benefits</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
believe Natesto has a unique opportunity to gain market share in the $1.8 billion U.S. market given the product&rsquo;s novel
features and patient benefits including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ease
    of administration; Appropriate for men with busy, active lives;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Established
    efficacy in pivotal FDA trials with a unique, low dose of testosterone; Effective in improving serum testosterone levels while
    using a proven, lower dose of testosterone; significant symptom improvement, notably:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Natesto
    caused statistically significant improvements in each of the 5 domains of erectile function (<I>P</I> &lt; 0.0001); The majority
    of the effect on erectile dysfunction was evident by Day&nbsp;30</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Substantial
    Increase in Positive Affect <I>and</I> Substantial Decrease in Negative Affect (PANAS) as Early as Day 30 (<I>P</I> &lt; 0.0001)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Discreet
    product presentation and ease of transport (TSA compliant); Important for men who travel frequently and desire a simple, portable
    solution that travels easily with them;</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No
    risk of secondary exposure to testosterone due to dermal transference, an important consideration when thinking about a hypogonadal
    man&rsquo;s partner&rsquo;s or child&rsquo;s safety;</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Safety,
    with a lower incidence of rising PSA levels than the market leading product AndroGel; Natesto demonstrates a 5.5% rate of
    rising PSA levels in clinical trials, while AndroGel demonstrated a rising PSA rate of over 11% in clinical trials. This is
    an important consideration as physicians concerned with understanding and tracking prostate cancer risk frequently monitor
    PSA levels in men over 50 years of age. Additionally, Natesto restored serum testosterone to normal levels while Follicle
    Stimulating Hormone (FSH) and Luteinizing Hormone (LH) remained well within the reference range over 90 days.&nbsp;&nbsp;Also,
    hematocrit (increased blood thickness) was not significantly impacted by Natesto over 360 days of treatment.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Natesto
has proven efficacy and a product profile well suited for men suffering from hypogonadism who have active, busy lifestyles who
want a simple, discreet TRT option. We believe Natesto can play an important role in the treatment of hypogonadism, a condition
affecting approximately 13 million U.S. men.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have partnered with the University of Miami for an investigator-initiated trial that, if it is successful, would, in part, demonstrate
that Natesto is the first and only TRT agent with minimal or no impact on spermatogenesis. The University of Miami serves as the
sponsor of this trial and we are providing limited financial support. The study summary is below:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&ldquo;Natesto&reg;
                                         Effects on Testosterone, Luteinizing Hormone, Follicle Stimulating Hormone and Semen
                                         Parameters&rdquo;</I></FONT></TD></TR>                                                                               <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Principal
                                         Investigator: Ranjith Ramasamy, MD</FONT></TD></TR>                                                                                            <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40
                                         patients treated for 6 months</FONT></TD></TR>                                                                                       <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Natesto
                                         administered T.I.D. for 24 months</FONT></TD></TR>                                                                                           <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Primary
                                         Efficacy Objective</B>: Primary outcomes will be changes in LH, FSH, testosterone, estrogen,
                                         and quality of life from baseline, 14 weeks +/- 7 days and 26 weeks +/- 7 days</FONT></TD></TR>                                                                                                                                        <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Secondary
                                         Efficacy Objective</B>: Secondary outcomes will be changes in sperm count from baseline,
                                         14 weeks+/- 7 days, and 26 weeks+/- 7 days after treatment, as well as monitoring for
                                         adverse effects throughout the duration of our study.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Two
developments have presented a unique opportunity for Natesto that we believe will enable us to effectively compete and be well
positioned in the $1.8 billion TRT market. As previously indicated, AndroGel&rsquo;s patent expired in 2015 and we expect a generic
entrant to begin eroding AbbVie&rsquo;s market share. As a result, we expect there to be diminished promotional support in the
form of fewer physician details and lower overall promotional spending by AbbVie. Concurrently, the TRT market has received increased
scrutiny from the FDA.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On January 31, 2014 and subsequently on March 3, 2015, the FDA
issued Safety Announcements relating to the possible increased risk of non-fatal heart attacks and strokes in patients taking
testosterone. While the FDA has not concluded that the FDA-approved testosterone treatment increases the risk of stroke, heart
attack, or death, this recent safety consideration has caused patient advocates and consumer groups to ask for increased scrutiny
on the direct to consumer advertising associated with the leading testosterone replacement products, most notably AndroGel and
Axiron. As a result, we expect decreased advertising spending in the TRT category to enable newer, less-established products like
Natesto to more effectively infiltrate the market through on-label, physician-directed promotion with a direct selling effort.
Although the potential safety concerns may cause a decrease in physician prescribing, we expect that physicians will continue
to prescribe TRTs for patients for whom TRT treatment is appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leading
urology groups including the American Urological Association, or AUA, have strongly commented in favor of continued prescribing
of TRTs for appropriate patients, and the safety data precipitating the FDA&rsquo;s comments have been called into question. Importantly,
the FDA has not called for discontinuation of TRTs. Rather, patients were encouraged to speak with their health care professional
and not stop taking TRTs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
the FDA&rsquo;s initial statement about the potential cardiovascular risks associated with TRT treatment, the agency commented:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Patients
should not stop taking their prescribed testosterone products without first discussing their questions or concerns with their
health care professionals. ... The prescribing information in the drug labels of FDA-approved testosterone products should be
followed.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Importantly,
following the FDA&rsquo;s statement, the AUA issued a strong response reiterating the clinical importance of low testosterone
and maintaining their support for the appropriate use of testosterone replacement therapy:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Men
with hypogonadism may also experience reduced muscle mass and strength and increased body fat. Hypogonadism may also contribute
to reduced bone mineral density and anemia. Testosterone therapy is appropriate treatment for patients with clinically significant
hypogonadism, including those with idiopathic clinical hypogonadism that may or may not be age-related, after full discussion
of potential adverse effects.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Additional
publications publicly refuted the validity of the data that precipitated the FDA&rsquo;s safety concern in a subsequent statement
following the 2014 annual meeting of the AUA:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;During
the last several months there has been a firestorm of negative media attention regarding testosterone deficiency and its treatment,
precipitated by a study reporting an increased rate of nonfatal myocardial infarction (MI) associated with testosterone prescriptions.
This public judgment of T therapy demands a response. As researchers and clinicians with extensive experience with T deficiency
and its treatment, we disagree that the recent study published in PLOS (Public Library of Science) One presents any credible evidence
that T prescriptions increase health risks, and we find baseless the general assertion that testosterone is prescribed to men
&ldquo;who are simply reluctant to accept the fact that they are getting older.&rdquo; We object to comments questioning whether
T deficiency is real, regardless of whether it is called hypogonadism or &ldquo;low T&rdquo; as used in advertisements.&rdquo;
(Note: The PLOS is an open access online publication venue, and while peer reviewed it is not a published medical journal.)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">AbbVie&rsquo;s
sales of AndroGel dropped 5% in the first half of 2014, following the FDA&rsquo;s initial Safety Announcement and the subsequent
reaction of the AUA and others. In the face of significant new competitive entrants (Aveed, Vogelxo) at that time and the FDA&rsquo;s
expressed safety concerns, this represents a relatively insignificant sales decline. We believe this decline speaks to a real,
present need in hypogonadism and a substantial opportunity for newly marketed products like Natesto. Natesto has proven safety,
a recent FDA approval that speaks to the product&rsquo;s efficacy, and unique product features and patient benefits we believe
will set Natesto apart from the topically administered competitive products in the $1.8&nbsp;billion U.S. TRT market.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Importantly,
some recent developments concerning existing and potential future competitors to Natesto could positively impact Natesto uptake.
Specifically, Eli Lilly announced in September 2017 that Axiron&reg; was being discontinued and removed from the market in the
U.S. and worldwide. Previously, Axiron had a sizable presence with revenues in excess of $200 million in the U.S. Additionally,
three potential future competitors have received formal feedback from the FDA in recent months suggesting that each candidate
may have difficulty receiving FDA approval. Specifically, Antares Pharma received a Complete Response Letter for Xyosted testosterone
injection in October 2017 indicating serious concerns with its submissions. Antares Pharma&rsquo;s shares price dropped by as
much as 42% (compared to the intra-year high) following the announcement. On January 9, 2018, an FDA Advisory Committee voted
against approval of Clarus Therapeutics&rsquo; oral testosterone, Jatenza&reg;. The next day, another FDA Advisory Committee voted
against approval of Lipocine&rsquo;s oral testosterone, Tlando&reg;. While Advisory Committee recommendations are not binding
on the FDA, they are rarely not followed. Notably, Lipocine&rsquo;s share price dropped by as much as 74% (compared to the intra-year
high) following the announcement. These developments suggest that here may not be many &ndash; or any &ndash; near-term competitive
testosterone replacement therapies approved by the FDA.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Natesto prescription sales have grown in each sequential quarter
since acquiring exclusive U.S. rights on July 1, 2016. Specifically, from the quarter ending December 31, 2016 to the quarter
ending December 31, 2017, Natesto prescriptions have grown from 600 to 2,501, representing over 300% growth. Factory sales units
have grown similarly, with demand units increasing from 1,764 in Q3 FY17 to 7,163 units in Q2 FY18, also representing a 300% increase
in demand.</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">Among other plans, we expect to accelerate the growth rate
for Natesto through the introduction of the Natesto Support Program. This program, which was launched in February 2018, is expected
to increase prescription fill rates for first time patients while yielding a higher net selling price. We expect to achieve this
through the enlistment of an established patient support services provider (through a patient advocate) who will, upon receiving
an enrollment authorization from a participating physician&rsquo;s office, assist Natesto patients with obtaining required prior
authorizations and benefit verifications from insurance providers specifically for Natesto. Following approvals, patients will
be assisted in obtaining an initial prescription from his pharmacy and refill prescriptions through reminder calls, pharmacy stocking,
and physician office outreach.</P>

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

<P STYLE="margin: 0pt 0">Through this program we expect to improve the net selling price of the initial Natesto prescription,
reduce the potential for patient abandonment due to non-coverage or a cumbersome prior authorization process, and improve the
patients&rsquo; refill rates on Natesto through the follow-up services performed by the patient support services provider.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>MiOXSYS
In Vitro Diagnostic System for Male Infertility&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Male
infertility is a significant medical condition that urologists and infertility specialists treat frequently in the office setting
or specialized fertility centers around the world. Of all sexually active couples, approximately 10% are infertile and male infertility
is the sole cause or contributing factor up to 50% of the time. The global male infertility market is large and growing. The market
for male infertility diagnosis and treatments is expected to grow to more than $300 million globally by 2020, with a CAGR of nearly
5% from 2014 to 2020. Despite the prevalence of male infertility, difficulties remain in effectively diagnosing root causes. Oxidative
stress assessment is considered a standard practice in complex andrology laboratories around the world, but due to various factors
oxidative stress testing is not routinely employed in clinicians&rsquo; offices or standard laboratory settings.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Seminal
oxidative stress has been well established throughout the peer-reviewed literature to play a substantial role in unexplained male
infertility, and researchers and clinicians actively consider oxidative stress when conducting laboratory infertility assessment.
While oxidative stress is well established as a leading contributing factor to male infertility, a significant proportion of male
infertility remains unexplained in part because of the lack of standardized tests available to clinicians and researchers to assess
oxidative stress in semen and plasma. This lack of standardization has resulted in poor implementation of semen and plasma analysis
around the world. Further, current testing platforms are cost-prohibitive for small office settings or local medical laboratories
and require extensive training and on-site expertise. Additionally, antioxidant supplementation is frequently recommended to patients
by clinicians without an effective method of measuring treatment success. As such, we believe introducing the MiOXSYS System to
assess oxidative stress levels in semen and seminal fluid represents a significant commercial opportunity and novel way for clinicians
to assess male factor infertility and assess therapeutic responses of patients in a simple, reliable, and cost-effective way.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
MiOXSYS System was CE marked in January 2016, and we are now actively commercializing MiOXSYS in markets outside of the U.S.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">An
attractive aspect of the reproductive health market relates to reimbursement as infertility treatments and the associated diagnostic
tests are generally paid directly by patients. The current infertility treatments could cost in excess of $10,000 per treatment
cycle, so the addition of a moderately priced oxidative stress test would consume nominal relative costs while providing specific,
actionable information needed to improve the oxidative status of infertile patients. The current infertility treatments include
antioxidant supplements and lifestyle modifications that lower oxidative stress (e.g., smoking cessation, exercise, dietary changes,
etc.), so the measurements reported by the MiOXSYS System could effectively guide treatment in the infertile patients.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
global male infertility market is expected to grow to more than $300 million by 2020. With a substantial base of conditions for
which the MiOXSYS System may present utility, we believe there is significant revenue potential from this first-in-class system.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
part of our strategy to develop future clinical applications of the RedoxSYS System (the MiOXSYS System&rsquo;s predecessor product
for plasma and whole blood detection), we have conducted initial studies in male reproductive health. Male infertility is a significant
medical condition in which oxidative stress is well known to play a substantial role. As such, we believe developing a clinical
application to assess oxidative stress levels with the uniquely designed and programmed MiOXSYS System for semen analysis represents
a significant commercial opportunity. Oxidative stress is well established as a leading contributing factor to male infertility.
Further, a significant proportion of male infertility remains unexplained in part because of the lack of standardized tests available
to clinicians and researchers to assess oxidative stress in semen and seminal plasma. This lack of standardization has resulted
in poor implementation of semen and plasma analysis around the world. Further, currently available tests are cumbersome, time
consuming to perform, and costly.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
conducted initial proof-of-concept clinical trials in male infertility with a leading research center in the United States, which
demonstrated that oxidation-reduction potential effectively measures oxidative stress levels in semen and seminal plasma &mdash;
and that these levels strongly correlate with established markers of infertility. Semen analysis studies are routinely conducted
to assess causes of infertility, so we expect clinicians and oxidative stress researchers to readily integrate the MiOXSYS System
into routine use upon the completion of more extensive studies and regulatory clearance for this use. Additional studies are now
in the late planning stages that will evaluate the MiOXSYS System&rsquo;s performance in the detection of oxidative stress levels
and correlations with key semen parameters in both healthy and infertile males. The MiOXSYS System must receive device clearance
or approval from the FDA before we can market it for clinical use in the United States. Of the $300 million male infertility market
projected for 2020, the North American, Middle Eastern, and Asia Pacific markets dominate due to prevalence, awareness of treatment,
and availability of treatment resources. Thus, it is important that we have already established distribution relationships and
direct access to major oxidative stress researchers in many of these important markets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Following
our initial proof of concept studies with a leading center in the United States with the MiOXSYS system, we conducted our CE mark-enabling
study with over 300 infertile patients. The two key studies conducted with these leading centers are presented below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>United
States-Based Proof-of-Concept Clinical Trial&nbsp;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fifty-one
(51) male patients were seen in a national clinic for suspected infertility. In addition to standard semen analyses (WHO 5<SUP>th
</SUP>Edition, 2010), samples were measured for oxidative stress using the MiOXSYS System. Raw sORP values were normed to sperm
concentration (mv/10<SUP>6 </SUP>sperm/mL) and compared across six semen parameters that are associated with fertility: ejaculate
volume, concentration, total sperm number, total motility, progressive motility, and normal morphology. Higher sORP values are
associated with a higher state of oxidative stress.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Patients
with abnormally low ejaculate volume had similar sORP values as those with a normal volume. Those with an abnormally low sperm
concentration or overall total number, have significantly higher sORP values than those in the normal range. Abnormally few motile
sperm or few sperm with a progressive motility were also associated with significantly higher sORP values than those in the normal
range. Lastly, semen samples that had fewer normal sperm had slightly, but not significantly, higher sORP values. Thus, most abnormal
semen parameters appear to be associated with higher measures of oxidative stress.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">When
samples that achieve all six parameters of associated with fertile semen are compared to samples that fail one or more of the
parameters, the samples that meet the parameters have significantly lower sORP values than those that fail one or more. A cutoff
value of 1.635 mv/10<SUP>6 </SUP>sperm/mL separated those that met fertility standards from those that did not. In the current
study, 85.7% of samples that met standards fell below this cutoff value, whereas 71.8% of those that failed one or more parameters
had sORP values above this cutoff. The probability that a semen sample with a measured sORP value higher than the cutoff is abnormal
in at least one of the semen parameters, is 96.5%. Lastly, the more parameters that a semen sample falls within the abnormal range,
the higher the sORP values, thus those that are abnormal on five or six parameters have higher sORP values than those that are
abnormal on one or two.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Data
derived from patients of the national clinic confirms the results obtained in an international fertility clinic. Overall, semen
that falls into the abnormal range for concentration, total number, motility, and morphology have higher levels of oxidative stress
as indicated by higher sORP values. These values are uniquely obtained using the MiOXSYS System for semen analysis.</FONT></P>

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
April 2016, we observed encouraging data from two prospective studies of the MiOXSYS System that demonstrated its clinical utility
as a tool for measuring ORP to assess the degree of oxidative stress levels in human semen.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
first study measured sORP in the semen samples of infertile men that correlated well with the sperm concentration, motility, and
morphology. The second study further suggests that sORP is an easy to determine one-step indicator of increased oxidative stress
in semen samples of infertile men especially with leukocytospermia. The results are currently being validated in a larger cohort
of infertile men.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Three-hundred
sixty-six (366) male partners from couples seeking fertility advisement in an international clinic were recruited. In addition
to standard semen analyses (WHO 5<SUP>th</SUP> Edition, 2010), samples were measured for oxidative stress using the MiOXSYS System.
Raw sORP values were normed to sperm concentration (mv/10<SUP>6</SUP> sperm/mL) and compared across six semen parameters that
are associated with fertility: ejaculate volume, concentration, total sperm number, total motility, progressive motility, and
normal morphology. Higher sORP values are associated with a higher state of oxidative stress.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Patients
with abnormally low ejaculate volume had similar sORP values as those with a normal volume. Those with an abnormally low sperm
concentration or overall total number, have significantly higher sORP values than those in the normal range. Abnormally few motile
sperm or few sperm with a progressive motility were also associated with significantly higher sORP values than those in the normal
range. Lastly, semen samples that had fewer normal sperm had significantly higher sORP values than those that fell into the range
of normal morphology. Thus, most abnormal semen parameters appear to be associated with higher measures of oxidative stress.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">When
samples that achieve all six parameters associated with fertile semen are compared to samples that fail one or more of the parameters,
the samples that meet the parameters have significantly lower sORP values than those that fail one or more. A cutoff value of
1.635 mv/10<SUP>6 </SUP>sperm/mL separated those that met fertility standards from those that did not. In the current study, 91.43%
of samples that met fertility standards fell below this cutoff value whereas 59.5% of those that failed one or more had sORP values
above this cutoff. The probability that a semen sample with a measured sORP value higher than the cutoff is abnormal in at least
one of the semen parameters, is 98.6%. Lastly, the more parameters that a semen samples falls within the abnormal range, the higher
the sORP values, thus those that are abnormal on five or six parameters have higher sORP values than those that are abnormal on
one or two.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Data
derived from patients at this international clinic confirms the results obtained in United States fertility clinic. Overall, semen
that falls into the abnormal range for concentration, total number, motility, and morphology have higher levels of oxidative stress
as indicated by higher sORP values. These values are obtained uniquely using the MiOXSYS System for semen analysis.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proof
of concept clinical trials have been conducted at the Cleveland Clinic&rsquo;s Department of Urology, and two posters were presented
at the 2015 American Society for Reproductive Medicine in November 2015. These abstracts are presented below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Establishing
the Oxidation-Reduction Potential in Semen and Seminal Plasma&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A.
Agarwal,<SUP>1</SUP> S. S. Du Plessis,<SUP>1,2</SUP> R. Sharma,1 L. Samanta,<SUP>1,3</SUP> A. Harlev,<SUP>1,4</SUP> G. Ahmad,<SUP>1,5
</SUP>S. Gupta,<SUP>1 </SUP>E. S. Sabanegh<SUP>6</SUP>; 1. Center For Reproductive Medicine, Cleveland Clinic, Cleveland, OH,
2. Medical Physiology, Stellenbosch University, Tygerberg, South Africa, 3. Redox Biology Laboratory, School of Life Sciences,
Ravenshaw University, Orissa, India, 4. Soroka Medical Center, Ben-Gurion University, Beer Sheva, Israel, 5. Physiology and Cell
Biology, University of Health Sciences, Lahore, Pakistan, 6. Department of Urology, Cleveland Clinic, Cleveland, OH</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Objective:
</B>Oxidation-reduction potential (ORP) is a novel measure of oxidative stress or redox imbalance in biological samples. Static
ORP (sORP) provides an integrated measure of the balance between total oxidants and reductants in a biological system, whereas
capacity ORP (cORP) equates to the amount of antioxidant reserves. sORP has been shown to correlate well with illness and injury
severity that accompanies the state of oxidative stress; cORP correlates with the ability to respond to illness or injury. Our
objectives were to evaluate whether 1) ORP can be measured in semen and seminal plasma samples and 2) ORP levels correlate with
sperm motility.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Design:
</B>Prospective study measuring ORP in both semen and seminal plasma.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Materials
and Methods:</B> Semen samples (n=18) from normal control subjects were divided into two fractions and the seminal plasma was
isolated from one fraction (300 x g, 7min). Sperm count and motility were assessed manually. sORP (mV/106 sperm) and cORP (&mu;C/106
sperm) were measured in both fractions (RedoxSYS&reg;, Aytu BioScience). Values are reported as Mean &plusmn; SEM. Spearman correlation
and Receiver Operating Characteristic curves (ROC) were used for statistical analysis.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Results:
</B>sORP and cORP levels in semen correlated significantly with the levels in seminal plasma. A significant negative correlation
existed between sperm motility and sORP in both semen (r=-0.609; p=0.004) and seminal plasma (r=-0.690; p=0.002). Furthermore,
a sORP cutoff of 4.73mV/106 sperm in semen (sensitivity = 100%, specificity = 89.5%, AUC=0.947) and 4.65mV/106 sperm in seminal
plasma (sensitivity = 100%, specificity = 93.8%, AUC = 0.969) was highly predictive of abnormal sperm motility.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Conclusions:
</B>RedoxSYS&reg; accurately measured sORP and cORP in both semen and seminal plasma samples. Based on high sensitivity as assessed
by ROC analysis, sORP levels can be used to screen infertile men with oxidative stress. These results are being validated in a
larger cohort of infertile men.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Effect
of Time on Oxidation-Reduction Potential in Semen and Seminal Plasma&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R.
Sharma,<SUP>1</SUP> S. S. Du Plessis,<SUP>1,2</SUP> A. Agarwal,<SUP>1</SUP> A. Harlev,<SUP>1,3</SUP> L. Samanta,<SUP>1,4</SUP>
G. Ahmad,<SUP>1,5</SUP> S. Gupta,<SUP>1 </SUP>E. S. Sabanegh<SUP>6</SUP>; 1. Center For Reproductive Medicine, Cleveland Clinic,
Cleveland, OH, 2. Medical Physiology, Stellenbosch University, Tygerberg, South Africa, 3. Soroka Medical Center, Ben-Gurion University,
Beer Sheva, Israel, 4. Redox Biology Laboratory, School of Life Science, Ravenshaw University, Orissa, India, 5. Physiology and
Cell Biology, University of Health Sciences, Lahore, Pakistan, 6. Department of Urology, Cleveland Clinic, Cleveland, OH</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Objective:
</B>Oxidation-reduction potential (ORP) is a novel measure of oxidative stress or redox imbalance in biological fluids. Reactive
oxygen species (ROS) are highly reactive and have a very short half-life. ROS levels in the seminal ejaculate should be measured
within an hour after collection to prevent a reduction in ROS levels over time. The traditional methods of measuring seminal ROS
are time sensitive and time consuming, making it difficult to use them for diagnostic purposes. It would be highly advantageous
to employ a method that is independent of semen age and provides results in real time. The objective was to assess the effect
of time on static ORP (sORP), which provides a snapshot of current redox balance, and capacity ORP (cORP) which is indicative
of the amount of antioxidant reserves available.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Design:
</B>Prospective study measuring ORP in semen and seminal plasma samples at time 0 and 120 minutes. Materials and Methods: The
sORP and cORP of both semen (n=18) and seminal plasma (n=15) samples from normal control subjects were measured after liquefaction
(time 0) and after 120 minutes of incubation at room temperature (RedoxSYS&reg;, Aytu BioScience). Values are mean &plusmn; SEM.
Spearman correlation was used for statistical analysis.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Results:
</B>A significant correlation was seen between sORP at time 0 and 120 minutes in semen and seminal plasma. Similar correlations
were found for cORP values at both time intervals.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Conclusions:
</B>ORP values are not affected by the age of semen or seminal plasma for up to 120 minutes, making it easier to employ this new
technology for diagnostic use.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Recently
additional studies have further demonstrated the clinical utility of the MiOXSYS System in Male Infertility. </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Correlation
of Sperm DNA fragmentation and Seminal oxidation reduction potential in infertile men. </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">M.
Arafa<SUP>1</SUP>, El Bardisi<SUP>1</SUP>, A. Majzoub<SUP>1</SUP>, S. Alsaid<SUP>1</SUP>, H. Al Nawasra<SUP>1</SUP>, K. Khalafalla<SUP>1</SUP>,
K. Al Rumaihi<SUP>1</SUP>, A. Agarwal<SUP>2</SUP>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.
Hamad Medical Corporation, Urology, Doha, Qatar, 2. Cleveland Clinic, American Center for reproductive medicine, Cleveland, OH.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Objective:
</B>To determine if Sperm DNA fragmentation is really correlated to seminal oxidative stress.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Design:
</B>Prospective study performed on 312 patients attending the male infertility clinic at a tertiary medical center between February
and August, 2016. Patients receiving medical or surgical treatment for infertility prior to their presentation or who had a sperm
concentration less than 5 million/ml sperm were excluded. Patients were subjected to history taking, clinical examination as well
as semen analysis and SDF assessment using Halosperm kit (cut off value &lt;30%) and static oxidation reduction potential (sORP)
using MiOXSYS system. Patients were divided according to SDF result (normal/ high) and to age (&lt;40 years / &gt; 40 years).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Results:
</B>A total number of 312 patients were included in the study. Patients with high SDF had significantly higher age than those
with normal SDF. The mean total and progressive motility was significantly higher in the normal SDF group while sORP was significantly
lower in the normal SDF group compared with the high SDF group. Presence of varicocele did not significantly affect SDF level
(Table 1). SDF was negatively correlated with total (-0.526, p&lt;0.001) and progressive motility (-0.415, p&lt;0.001) and positively
correlated with abnormal morphology, sORP and age (0.351, 0.222 and 0.192, respectively, p&lt;0.001 for all). SDF was significantly
lower while total motility was significantly higher in patients &lt;40 years compared with patients &gt;40 years of age.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Conclusions:
</B>Sperm DNA fragmentation is positively correlated with seminal oxidative stress measured by Seminal oxidation reduction potential.
Sperm DNA fragmentation and seminal oxidation reduction potential should be included in assessment of male infertility. Using
ORP testing can help in detecting the target patients for antioxidant therapy.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Effect
of seminal ORP value on embryo quality and clinical pregnancy rate</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A.
Ayaz<SUP>1</SUP>, B. Balaban<SUP>2</SUP>, S. Sikka<SUP>2</SUP>, A. Isiklar<SUP>2</SUP>, M. Tasdemir<SUP>2</SUP>, B. Urman<SUP>2</SUP>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.
Tulane University, Department of Urology, New Orleans, LA, USA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.
VKF American Hospital, Assisted Reproduction Unit, Istanbul, Turkey.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Objective:
</B>To determine whether ORP in semen of men undergoing ART affects embryo quality during IVF and plays any role in predictive
value for clinical pregnancy.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Design:
</B>Prospective study was carried out in the VKF American Hospital, Assisted Reproduction Unit, Istanbul, Turkey. The study was
approved by Koc University the institutional review board and patients signed a consent prior to participation. The 154 male patients
who were visiting Andrology laboratory (between May 31, 2016 and Jan 1, 2017) were grouped in according to semen ORP values. IVF
was performed using the semen samples by our routine established protocol. Exclusion criteria included azoospermia, presence of
STD or chronic disease, use of any prescription drug or OTC medications or antioxidants. Semen samples were collected and assessed
for routine parameters using the WHO-2010 guidelines. sORP was measured (mV) using the MiOXSYS system and normalized to concentration
(mV/10 sperm/mL). Embryo was graded based on the quality (Grade 1 for best quality and Grade 5 is poor).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Results:
</B>All semen samples were grouped as 'High ORP&rdquo; and 'Low ORP&rdquo; based upon seminal ORP cut-off value of 1.36 mV/10
sperm. Mean Grade 1 embryo quality in High ORP group (n=81) and low ORP group (n=26) was 2.88 &plusmn; 1.76 and 1.33 &plusmn;
0.47 respectively. In addition, Mean Grade 2 embryo in High ORP group was 2.47 &plusmn; 1.54 and in low group was 4 &plusmn; 1.63
accordingly. Clinical pregnancy rate (Mean 0.48; 19/40) was significantly higher (p=0.006) in low ORP group compared to high ORP
group (1/8) however there was no significant difference in embryo quality in both high and low ORP groups (Grade I embryo p=0.67,
Grade II G2 embryo p=0.33). Also, mean mother age in two groups was not significantly different (low ORP = 37.2 years and high
ORP=35.2 years; p=0.23). These data suggest that ORP may play an important role in determining the success of clinical pregnancy
irrespective of oocyte quality in women &gt;35 yrs. of age.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Conclusions:
</B>Semen ORP measurement can be used as an indicator of oxidative stress and help determine the successful embryo development
during IVF. These findings may have important diagnostic and prognostic implications for couples experiencing male infertility
and undergoing assisted reproductive technique (ART). Further studies are warranted to explore the mechanism of increased ORP
in a subset of couples (male factor, no female factor) undergoing ART to corroborate the significance of these findings.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>High
levels of seminal oxidation reduction potential (ORP) in infertile men with clinical varicocele</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R.
Saleh<SUP>1</SUP>, A. Agarwal<SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.
Faculty of Medicine- Sohag University, Dermatology- Venereology and Andrology, Sohag, Egypt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.
Cleveland Clinic, American Center for reproductive medicine, Cleveland, OH.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Objective:
</B>To determine if seminal oxidation reduction potential (ORP) increases in infertile men with clinical varicocele.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Design:
</B>A prospective controlled pilot study was conducted on 36 men seeking medical advice for an infertility problem between October,
2016 and January, 2017. Following clinical examination, and scrotal color Doppler ultrasound, infertile men were divided into
two groups. Group1: infertile men with clinical varicocele; and group 2: infertile men with idiopathic infertility (no detectable
abnormality in their genital examination). Patients were examined in an infertility center by the same Andrologist. Semen analysis
was performed according to the WHO manual (2010). Seminal ORP was measured using the MiOXSYS system (Aytu BioScience, Inc., Englewood,
CO, USA). Absolute values of ORP, in millivolts (mV), were normalized for sperm concentrations and results were expressed as mV/10
sperm/mL. Quantitative measures were presented as median and inter-quartile range (25 and 75 centiles). P value less than 0.05
was considered significant.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Results:
</B>The study included 17 patients in group 1 and 19 in group 2. Patient's age and duration of infertility in group 1 [ 32 (30,
34) years] &amp; [4 (1.5, 5) years] were not significantly different from group 2 [33 (30, 36.5) years] &amp; [2 (1.25, 3.5) years]
(P values = 0.64 &amp; 0.27; respectively). Patients in group 1 had significantly lower sperm concentrations [ 20 (5, 30) &times;
10 /mL], and normal forms [3 (2, 4) %] as compared to those in group 2 [ 30 (20, 72.5 &times; 10 /mL]; and [ 4 (3, 5) %] (P values
= 0.03 &amp; 0.005; respectively). Levels of seminal ORP were significantly higher in group 1 [3.04 (1.94, 7.75) mV/10 sperm/mL]
as compared to group 2 [1.12 (0.42, 2.25) mV/10 sperm/mL]. A significant inverse correlation was found between ORP and sperm concentration
(= -0.531, = 0.001), total sperm count ( = -0.453, = 0.008), progressive motility ( = -0.460, = 0.007), total motility ( = -0.526,
= 0.002) and normal forms ( = -0.597, &lt; 0.001). A significant positive correlation was found between ORP and seminal leukocytes
( = 0.476, = 0.003).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Conclusions:
</B>Seminal ORP is significantly higher in infertile men with clinical varicocele as compared to those with no detectable abnormality
in their genital examination (idiopathic infertility). These findings may have important diagnostic and therapeutic implications.
Further studies are warranted to explore the mechanism of increased ORP in a subset of infertile men with clinical varicocele.
In addition, future studies may help determine those patients who would benefit from antioxidant therapy and/or surgical repair
of varicocele.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RedoxSYS
System for Research Use&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
completed the development of the RedoxSYS System (MiOXSYS&rsquo; predecessor product) during the two years preceding the April
2015 Merger. In 2014, we received ISO 13485 certification, demonstrating our compliance with global quality standards in medical
device manufacturing. This enabled the launch of the RedoxSYS System into the research market around the world. We also received
a CE marking in Europe in January 2016 and Health Canada clearance in March 2016 to begin the market development of the RedoxSYS
System as a clinical diagnostic in Europe, Canada, and elsewhere around the world where CE marking is recognized. We launched
sales efforts into the research market in late 2014 and since that time have placed the RedoxSYS System at a number of prominent
research centers in the United States, Europe, and Israel. We expect to leverage these research relationships and build numerous
applications in areas where researchers are studying oxidative stress. Currently, there are no available research platforms that
measure oxidation-reduction potential in biologic fluids (i.e., blood, plasma, serum, semen, seminal fluid, cerebrospinal fluid,
tissue, and cells). While oxidative stress is commonly studied in research settings around the world (both academia and industry),
the current assessment methods are incomplete, time consuming, and often impractical for assessing oxidative stress completely.
To position the RedoxSYS System effectively in the research market, we have placed key personnel in the United States, Europe,
and Asia to develop direct research business relationships as well as distribution networks. Through these proof of concept studies
and clinical exploratory studies, we identified the application of oxidation-reduction potential in male infertility assessment.
Accordingly, MiOXSYS was developed specifically for assessing semen and seminal plasma ORP levels. While we expect additional
clinical applications to be developed through these applications, our near-term focus is on completing the development of MiOXSYS
for use in semen analysis for male infertility assessment.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Background
on the MiOXSYS System&nbsp;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MiOXSYS
is a novel, portable device that measures oxidation-reduction potential, or ORP, a global measure of oxidative stress. MiOXSYS
is the first and only system that measures ORP in biologic specimens to provide a complete measure of redox balance, which is
broadly implicated across a wide range of both acute and chronic conditions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Potential
Role of ORP in Diagnosing Male Infertility&nbsp;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Oxidation-reduction
potential is defined in the published literature as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;ORP
in a biological system is an integrated measure of the balance between total oxidants and reductants. In plasma, many constituents
contribute to the ORP. Reactive oxygen species (ROS), such as the superoxide ion, hydroxyl radical, hydrogen peroxide, nitric
oxide, peroxynitrite, transition metal ions, and hypochlorous acid, contribute to the oxidative potential. Plasma reductants include
thiols, vitamin C, tocopherol, &beta;-carotene, lycopene, uric acid, bilirubin, and flavonoids. Enzymes such as superoxide dismutase,
or SOD, catalase, and glutathione peroxidase, are involved in the conversion of ROS into less reactive species. ORP monitoring
of plasma represents a single measurement that integrates the overall quantitative balance among the oxidants and reductants of
the system.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Given
that ORP represents a single, global measure of oxidative stress in a biological system, we believe the potential for ORP to serve
as a standardized marker in semen analysis and other aspects of infertility assessment is significant. A major limitation of oxidative
stress assays relates to the fact that there is poor standardization in testing. As many factors contribute to oxidative stress
(e.g., free radical proliferation, antioxidant depletion, DNA damage, etc.), it is important to have an integrated measure that
combines all known and unknown oxidants and reductants in the respective system into one measurement. We believe ORP is an integrated
measure of oxidative stress that can be easily and quickly measured with the MiOXSYS System.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
the context of infertility, having an integrated value representing all relevant biologic constituents contributing to oxidative
stress will enable simple, robust analysis in a two to three minute test. There are various techniques in use to assess semen
in cases of male infertility. The most commonly implemented techniques involve DNA fragmentation, oxidative stress analysis, microscopic
examination, sperm penetration assays, sperm agglutination, computer assisted semen analysis, and others. The currently available
oxidative stress analysis tools are widely considered expensive and cumbersome to use in routine clinical practice. In both developed
countries as well as in the developing world, expensive analysis tools and recurring reagent expenses make routine testing nearly
impossible to implement with regularity.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
November 2017 the European Society of Human Reproduction and Embryology (ESHRE) - and specifically the ESHRE Early Pregnancy Guideline
Development Group &ndash; published a new Guideline on <I>Recurrent Pregnancy Loss. </I>As stated in the guideline:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;The
main cause of DNA damage is Oxidative Stress and this seems to be exacerbated by smoking, obesity and excessive exercise. Testing
to assess DNA damage should be offered to couples following even a single miscarriage after fertility treatment.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
third party publication by ESHRE is an important validation of the importance of measuring oxidative stress which we believe may
help to further advance the adoption of MiOXSYS.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
MiOXSYS System is comprised of two distinct, patented components that enable a system capable of measuring the ORP and antioxidant
capacity of a biological fluid: an analyzer and sensor strips. In mechanical terms, ORP is defined as the potential between a
working electrode, and a reference electrode at equilibrium. The legacy RedoxSYS System has been specifically studied in human
whole blood, serum, semen, seminal plasma, blood plasma, and other biological fluids.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
MiOXSYS System measures two distinct elements to determine a patient&rsquo;s oxidation reduction potential:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Static
    ORP &mdash; the standard potential between a working electrode and a reference electrode with no driving current (or extremely
    small current). This is proportional to the balance of redox agents and is what is classically defined as ORP. Low ORP values
    mean that the biological sample is in the normal range of oxidative stress. Higher than normal ORP values means that the biological
    sample is in a higher oxidation state.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capacity
    &mdash; the measure of antioxidant reserve available in the body&rsquo;s system. High capacity values mean that the biological
    sample has levels of antioxidant reserves. Lower than normal capacity values means that the biological sample has below normal
    antioxidant reserves.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
MiOXSYS analyzer is a portable, lightweight desktop platform that may be used in a clinical or research laboratory or near a patient
care area. The analyzer is a small device that accepts an inserted sensor that has collected a small specimen as obtained by traditional
specimen collection procedures. The analyzer is battery powered and equipped with a custom 5 lead strip connector. The reader
consists of a Galvanostat analog circuit with greater than 1012 MHz input impedance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
analyzer contains a 10 MHz external crystal (internal 4X PLL for 40 MHz operation), and a programming/serial header is externally
accessible. The device has internal power/heart-beat indicator LED, primary storage of 128Mbit (16Mbyte) SPI Flash (3.3V) (Bulk
data storage), and secondary storage of 2Mbit (256Kbyte) SPI FRAM (3.3V) (Hi-Speed Storage).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
MiOXSYS analyzer contains a user-friendly interface that is flexibly designed to accommodate multiple endpoints depending upon
the specific clinical condition being considered. The interface is LCD, 16x2, with a white backlight, variable delay auto-off
time-out. Two status LED indicators are visible through front panel mounted lenses. Further, the reader contains three DPDT push-button
switches (Left, Center, Right), power on button(s) for battery mode operation, switch usage switch, audible alerts, strip detection,
and test completion signals.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Further,
the MiOXSYS analyzer enables data transfer, has USB serial communication, and is configured for data download to a connected PC.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
MiOXSYS analyzer&rsquo;s power management consists of an external 5VDC power jack with input capacitance and filtering, a boost
converter supplied by external 5VDC power or internal Li-Ion battery, and provides main 5VDC digital board supply. The reader
functions with or without the battery connected. The battery lasts in excess of 24 hours with continuous operation to enable prolonged
use outside of a laboratory setting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Image
of the MiOXSYS Analyzer</I></B></FONT></P>

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

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><IMG SRC="image_008.jpg" ALT=""></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
MiOXSYS sensor strips, via standard biological specimen collection techniques, receive 20 &ndash; 40 microliters of a specimen
from which the ORP clinical analysis is performed. The ORP sensor strips are small, disposable, and biocompatible and consist
of a ceramic substrate and a five-lead configuration. Significant intellectual property surrounds the design, construct, and electrochemical
algorithms associated with the sensors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Image
of the MiOXSYS Sensor Strips&nbsp;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_009.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
achieved ISO 13485: 2003 in late 2013 following the successful development of a compliant medical device quality system. Following
the issuance of our ISO certification, we obtained CE marking for the RedoxSYS System, which has enabled initial market development
in Europe and markets that accept a CE marking. In December 2015, we achieved CE marking for MiOXSYS following technical validation
and clinical study completion in male infertility. In March 2016, we obtained Health Canada Class II Medical approvals for MiOXSYS.
In the United States, we intend to pursue device clearance or approval with the FDA for the MiOXSYS System, potentially via the
De Novo Classification Request process.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
FDA permits commercial distribution of a new medical device only after the device has received clearance under section 510(k)
of the Federal Food, Drug, and Cosmetic Act, or FDCA, (unless the device is exempt from the 510(k) requirements), has been classified
pursuant to a De Novo Classification Request, or is the subject of an approved premarket approval application, or PMA. The FDA
will permit marketing of a lower risk medical device through the 510(k) process if the manufacturer demonstrates that the new
product is substantially equivalent to another 510(k)-cleared product, referred to as a predicate device. Devices deemed to pose
the greatest risk, such as life-sustaining, life-supporting, or implantable devices, or devices not deemed substantially equivalent
to a previously cleared device, require the approval of a PMA. The PMA process is more costly, lengthy and uncertain than the
510(k) clearance process. A PMA application must be supported by extensive data, including, but not limited to, technical, preclinical,
clinical trial, manufacturing and labeling data, to demonstrate to the FDA a reasonable assurance of the safety and efficacy of
the device for its intended use.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
FDA has not issued a regulation classifying a particular type of device as Class I, and if there is no known predicate for a device,
the device is automatically Class III, regardless of the risk the device poses. If a device is automatically/statutorily classified
into Class III in this manner, a company can petition FDA to reclassify the category of devices into Class II or Class I via a
process known as the De Novo Classification Request process. This direct De Novo process allows a company to request that a new
product classification be established without the company first submitting a 510(k) notification for the device. When FDA agrees
that the device is Class II or Class I and grants a De Novo Request, the device may then be marketed under the FDCA and can serve
as a predicate for future 510(k) submissions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
MiOXSYS System is subject to premarket review by the FDA prior to its marketing for commercial use in the United States, and to
regulatory approvals beyond CE marking required by certain foreign governmental entities prior to its marketing outside the United
States. FDA may require a De Novo Classification Request, a 510(k) notification, or a PMA for MiOYSYS, and we intend to obtain
feedback from FDA regarding the most appropriate premarket review pathway for the device using the pre-submission program for
industry.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
the clinical studies to measure oxidative stress in male infertility are successful, we expect to pursue that intended use for
the MiOXSYS System. If cleared or approved by the FDA (see discussion above) for the infertility intended use, we intend to seek
to commercialize the MiOXSYS System as a new tool for the assessment of oxidative stress in infertility in men. We envision pursuing
a direct sales effort to high priority urology/andrology laboratories, infertility clinics and reference centers across the United
States. We have identified the primary, influential centers in the United States and believe our commercial deployment will be
efficient through a focused sales and marketing effort. We intend to seek to sell the MiOXSYS System into individual centers and
laboratories but will focus our revenue model on the repeat ordering of the disposable, single use MiOXSYS sensor strips. We expect
to realize a favorable gross margin on the basis of estimated low cost of goods sold on both components of the system. We envision
an average selling price for the disposable sensors of approximately $25. We envision selling the MiOXSYS analyzers for approximately
$2,500 but will also pursue an instrument rental agreement model with minimum disposable sensor purchase requirements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
also intend to leverage our urology commercialization efforts with other products with a focus on urology centers, infertility
clinics, and reproductive health laboratories around the United States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
believe a focused sales force at the onset of commercialization will enable effective representation of our products and penetration
of the reproductive health market. Our sales efforts into the research markets will be enabled initially through a full-time business
development professional who will focus on collaborative research and research sales to major oxidative stress centers in the
United States. We expect to pursue identical pricing in the research market and the clinical diagnostics markets.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
intend to undertake a similar strategy outside the United States for the RedoxSYS and MiOXSYS Systems while complementing our
efforts in infertility and research with adjunct applications in critical care conditions. To efficiently execute across our strategy,
we intend to utilize a network of established distributors in the target markets in Europe and Asia. We have already established
distribution arrangements with multiple distributors in multiple countries, and through these distributors, we have sold MiOXSYS
in over 20 countries around the world. We anticipate slightly reduced pricing outside the U.S. for the disposable sensors given
the anticipated lower pricing observed ex-US for diagnostic and research products.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Nuelle
and the Fiera&reg; Personal Care Device</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fiera is a revenue-generating women&rsquo;s personal care product
marketed in the United States primarily through direct-to-consumer promotion. Fiera is the first of its kind, hands-free, personal
care device for women that enhances physical arousal and interest in sex. 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 by the same experts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiera
was created with OB-GYNs and has multiple&nbsp;scientific studies&nbsp;showing it works. Fiera helps women who have changing levels
of arousal, interest, and vaginal dryness, enter a sexual experience with enhanced&nbsp;levels of excitement and interest. Fiera
works naturally with a woman&rsquo;s body and provides a hands-free experience thanks to the innovative design. &nbsp;Fiera uses
light stimulation and a gentle suction action to enhance blood flow and increase lubrication in advance of sex, in as little as
5 minutes.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Product
Features of <I>Fiera </I>Personal Care Devices</B>:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proprietary
    dual-action technology enhances blood flow to the genitals</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Small,
    fast-acting and hands-free, typically worn for 5-15 minutes and then removed in preparation for sexual activity</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Features
    pattern and intensity settings for a customizable experience</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Made
    with comfortable, body-safe materials (phthalate free)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Uses
    rechargeable battery</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Does
    not require a prescription (consumer device)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT><IMG SRC="image_010.jpg" ALT=""></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The
    Fiera Device</B></FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The
    Fiera Device + Remote</B></FONT></TD></TR>
</TABLE>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_011.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The
Fiera SofSense&trade; Rings</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Fiera SofSense&trade; ring refills are available and sold in two&nbsp;styles, for a custom fit. Each refill box contains three
SofSense&trade; rings, and each ring is designed to be used up to five times.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>United
States-Based Consumer Study</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiera
has been extensively studied and tested by consumers and physicians. Fiera is scientifically proven to enhance genital arousal
in women of all ages, including pre and post-menopausal women.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consumer
study results in women ages 25-75 showed that after 4 weeks of using Fiera + Remote:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">97%
    of women felt physically aroused</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">96%
    looked forward to being intimate with their partner</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">93%
    felt excited and ready for sex</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">89%
    of women felt more &ldquo;in the mood&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">87%
    felt as ready for sex as their partner did</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Previous
studies also showed that 87% of women felt increased desire and 67% felt increased lubrication. In a separate scientific study
of pre and post-menopausal women, arousal occurred on average in 5 minutes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Clinical
Data on the Fiera Personal Care Device</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiera
serves several important functions:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It
    helps to encourage blood flow in the clitoris (vasocongestion), a key physical reaction that signals your body that you are
    ready for sex.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It
    provides direct stimulation, accelerating the effect of the suction.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
    soft, silicone ring adheres with a gentle suction holding the product in place so that your hands are free.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiera
is tucked under the labia and worn over the clitoris, a woman&rsquo;s most sensitive sexual organ to enhance arousal through a
proprietary combination of gentle suction and multi-focal stimulation. As the nerve endings in the clitoris respond, a woman begins
to experience enhanced sensation to the genital area, which triggers a physical state of arousal.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
research shows that use of Fiera regularly over a 4-week period also increases a woman&rsquo;s level of sexual desire. Women also
report looking forward to and enjoying sexual activity more.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
study of 14 sexually active, <I>premenopausal</I> women was conducted to determine the degree of engorgement &ndash; as measured
by temperature change in the external genitalia &ndash; produced by Fiera. Fiera produced statistically significant increases
in vulvar temperatures, which is a marker of genital blood flow and engorgement. 100% of study participants reported feeling &ldquo;In
the Mood&rdquo; for sex after use of Fiera. Additionally, 100% of study participants experienced genital sexual arousal during
use of Fiera. Another study of 12 sexually active, postmenopausal women demonstrated that Fiera produced statistically significant
increases in vulvar temperature. Use of Fiera in this population of postmenopausal women produced sexual desire in 100% of the
subjects while 83% experienced genital arousal.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ProstaScint
for the Detection of Prostate Cancer and the Prostate Cancer Market&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
May 20, 2015, we acquired ProstaScint&reg; from Jazz Pharmaceuticals. Importantly, ProstaScint is the only FDA-approved radiopharmaceutical
(for use in radioimmunoscintigraphy) specifically indicated for prostate cancer screening and is specifically highlighted in the
American Cancer Society practice guidelines for prostate cancer screening and staging.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">According
to the American Cancer Society prostate cancer is the most common cancer among men in the United States. , <FONT STYLE="color: #1E1E23">The
American Cancer Society&rsquo;s estimates for prostate cancer in the United States for 2018 are: About 164,690 new cases of prostate
cancer and about 29,430 deaths from prostate cancer. </FONT>Further, there are more than 2.9 million men alive with some history
of prostate cancer. The effect of prostate cancer on healthcare economics is substantial, which makes the need for accurate disease
staging critical for treatment and management strategies. Approximately $4.4 billion is spent annually on screening, diagnosing
and staging, and an additional $9.9 billion annually on treatment of prostate cancer patients, totaling nearly $15 billion per
year on prostate cancer in the US alone. &nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prostate
cancer is classified into four stages based on severity: Stages 1 through 4. Stage 3 is considered &ldquo;high risk&rdquo; and
Stage 4 is when cancer has become metastatic. Radioimmunoscintigraphy has been established as a diagnostic to stage cancer malignancy
and one of the most widespread clinical uses has been for the detection of prostate cancer. Further, ProstaScint has demonstrated
efficacy in patients classified as high risk or with recurrent prostate cancer. ProstaScint has been approved by the FDA and Health
Canada, and significant clinical data exist demonstrating the significant predictive value in prostate cancer staging.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
ProstaScint Kit, or capromab pendetide, is a radio-labeled monoclonal antibody, which is a biologic product that targets a specific
antigen. ProstaScint targets prostate specific membrane antigen, or PSMA, a protein uniquely expressed by prostate tissue. A radioactive
substance called Indium (In 111) is attached to the proprietary, mouse-derived antibody. The radiolabeled antibody is infused
into the patient and is taken up by prostate cancer cells which can be detected and visualized with a special nuclear medicine
scan (single-photon emission tomography, or SPECT). ProstaScint has been shown to be clinically effective in determining the course
of treatment for a patient who has had a prostatectomy and/or has suspected metastasis (spread of the cancer cells beyond the
prostate).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
late fiscal 2017, we decided to implement a harvest strategy for the ProstaScint product, due to increased competition and the
cost to continue manufacturing it. At June 30, 2017, the ProstaScint asset was impaired based upon projection that we intend to
only sell this product through the end of the 2018 calendar year, when our existing supplies will expire.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Our
Business Development Strategy &mdash; Identifying &amp; Acquiring Complementary Urology Assets&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
fiscal 2018, our primary focus will be on growing revenues of our current core assets &ndash; with an emphasis on Natesto - and
working towards cash-flow breakeven. However, going forward an additional potential growth and value driver for our Company will
be the ongoing identification and acquisition of novel urology products for commercialization. We may seek to identify unique
products with urologic indications that may be non-strategic, undervalued or under-resourced by the company that currently markets
the product. We believe that we may be able to acquire strategically aligned products at an appropriate valuation and grow the
sales of those products via our focused sales and marketing efforts. We may also consider acquiring novel, late-stage development
products that represent unique commercial opportunities and can be efficiently developed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
will assess unique product assets to acquire based on specific attributes including but not limited to: therapeutic area/indication;
growth potential; intellectual property position (patents, regulatory, manufacturing or development technicalities, etc.); valuation;
strategic fit; commercial orientation and other factors. Indications of interest include products to treat conditions such as
urinary incontinence, sexual wellness and vitality, hypogonadism, prostate and other urological cancers, urinary tract infections,
and other urological conditions.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">While
we do not have any pharmaceutical product candidates that we are actively developing as of the date of this prospectus, we may
in the future acquire such products. Currently, we are developing two medical device candidates, the RedoxSYS and MiOXSYS Systems,
for which we must receive regulatory approval before we can market them within the United States. Regulatory approval processes
for our current and any future product candidates are discussed below.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Approval
Process for Pharmaceutical Products&nbsp;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>FDA
Approval Process for Pharmaceutical Products&nbsp;</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
the United States, pharmaceutical products are subject to extensive regulation by the FDA. The Federal Food, Drug, and Cosmetic
Act, or the FDC Act, and other federal and state statutes and regulations, govern, among other things, the research, development,
testing, manufacture, storage, recordkeeping, approval, labeling, promotion and marketing, distribution, post-approval monitoring
and reporting, sampling, and import and export of pharmaceutical products. Failure to comply with applicable U.S. requirements
may subject a company to a variety of administrative or judicial sanctions, such as FDA refusal to approve pending new drug applications,
NDAs, warning letters, product recalls, product seizures, total or partial suspension of production or distribution, injunctions,
fines, civil penalties, and criminal prosecution.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pharmaceutical
product development in the United States typically involves the performance of satisfactory nonclinical, also referred to as pre-clinical,
laboratory and animal studies under the FDA&rsquo;s Good Laboratory Practice, or GLP, regulation, the development and demonstration
of manufacturing processes, which conform to FDA mandated current good manufacturing requirements, or cGMP, including a quality
system regulating manufacturing, the submission and acceptance of an IND application, which must become effective before human
clinical trials may begin in the United States, obtaining the approval of Institutional Review Boards, or IRBs, at each site where
we plan to conduct a clinical trial to protect the welfare and rights of human subjects in clinical trials, adequate and well-controlled
clinical trials to establish the safety and effectiveness of the drug for each indication for which FDA approval is sought, and
the submission to the FDA for review and approval of an NDA. Satisfaction of FDA requirements typically takes many years and the
actual time required may vary substantially based upon the type, complexity, and novelty of the product or disease.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-clinical
tests generally include laboratory evaluation of a product candidate, its chemistry, formulation, stability and toxicity, as well
as certain animal studies to assess its potential safety and efficacy. Results of these pre-clinical tests, together with chemistry,
manufacturing controls and analytical data and the clinical trial protocol, which details the objectives of the trial, the parameters
to be used in monitoring safety, and the effectiveness criteria to be evaluated, along with other requirements must be submitted
to the FDA as part of an IND, which must become effective before human clinical trials can begin. The entire clinical trial and
its protocol must be in compliance with what are referred to as good clinical practice, or GCP, requirements. The term, GCP, is
used to refer to various FDA laws and regulations, as well as international scientific standards intended to protect the rights,
health and safety of patients, define the roles of clinical trial sponsors and assure the integrity of clinical trial data.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">An
IND automatically becomes effective 30 days after receipt by the FDA, unless the FDA, within the 30-day time period, raises concerns
or questions about the intended conduct of the trials and imposes what is referred to as a clinical hold. Pre-clinical studies
generally take several years to complete, and there is no guarantee that an IND based on those studies will become effective,
allowing clinical testing to begin. In addition to FDA review of an IND, each medical site that desires to participate in a proposed
clinical trial must have the protocol reviewed and approved by an independent IRB or Ethics Committee, or EC. The IRB considers,
among other things, ethical factors, and the selection and safety of human subjects. Clinical trials must be conducted in accordance
with the FDA&rsquo;s GCP requirements. The FDA and/or IRB may order the temporary, or permanent, discontinuation of a clinical
trial or that a specific clinical trial site be halted at any time, or impose other sanctions for failure to comply with requirements
under the appropriate entity jurisdiction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Clinical
trials to support NDAs for marketing approval are typically conducted in three sequential phases, but the phases may overlap.
In Phase 1 clinical trials, a product candidate is typically introduced either into healthy human subjects or patients with the
medical condition for which the new drug is intended to be used.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
main purpose of the trial is to assess a product candidate&rsquo;s safety and the ability of the human body to tolerate the product
candidate. Phase 1 clinical trials generally include less than 50 subjects or patients. During Phase 2 trials, a product candidate
is studied in an exploratory trial or trials in a limited number of patients with the disease or medical condition for which it
is intended to be used in order to: (i) further identify any possible adverse side effects and safety risks, (ii) assess the preliminary
or potential efficacy of the product candidate for specific target diseases or medical conditions, and (iii) assess dosage tolerance
and determine the optimal dose for Phase 3 trials. Phase 3 trials are generally undertaken to demonstrate clinical efficacy and
to further test for safety in an expanded patient population with the goal of evaluating the overall risk-benefit relationship
of the product candidate. Phase 3 trials are generally designed to reach a specific goal or endpoint, the achievement of which
is intended to demonstrate the candidate product&rsquo;s clinical efficacy and adequate information for labeling of the approved
drug.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There
are three main types of NDAs, which are covered by Section 505 of the FDC Act: (1) an application that contains full reports of
investigations of safety and efficacy (Section 505(b)(1)); (2) an application that contains full reports of investigations of
safety and effectiveness but where at least some of the information required for approval comes from studies not conducted by
or for the applicant and for which the application has not obtained a right of reference (Section 505(b)(2)); and (3) an application
that contains information to show that the proposed product is identical in active ingredient, dosage form, strength, route of
administration, labeling, quality, performance characteristics, and intended use, among other things, to a previously approved
product (Section 505(j)). Section 505(b)(2) expressly permits the FDA to rely, for approval of an NDA, on data not developed by
the applicant.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">After
completion of the required clinical testing, an NDA is prepared and submitted to the FDA. FDA approval of the NDA is required
before marketing of the product may begin in the U.S. The NDA must include the results of all pre-clinical, clinical, and other
testing and a compilation of data relating to the product&rsquo;s pharmacology, chemistry, manufacture, and controls. The cost
of preparing and submitting an NDA is substantial. Under federal law, the submission of most NDAs is additionally subject to a
substantial application user fee, currently exceeding $2.3 million and the manufacturer and/or sponsor under an approved NDA are
also subject to annual product and establishment user fees, currently approximately $100,000 per product and $600,000 per establishment.
These fees are typically increased annually.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
FDA has 60 days from its receipt of an NDA to determine whether the application will be accepted for filing based on the FDA&rsquo;s
threshold determination that it is sufficiently complete to permit substantive review. Once the submission is accepted for filing,
the FDA begins an in-depth review. The FDA has agreed to certain performance goals in the review of NDAs. Most such applications
for standard review drug products are reviewed within ten months; most applications for priority review drugs are reviewed in
six months. Priority review can be applied to drugs that the FDA determines offer major advances in treatment, or provide a treatment
where no adequate therapy exists. The review process for both standard and priority review may be extended by the FDA for three
additional months to consider certain late-submitted information, or information intended to clarify information already provided
in the submission. The FDA may also refer applications for novel drug products, or drug products which present difficult questions
of safety or efficacy, to an advisory committee &mdash; typically a panel that includes clinicians and other experts &mdash; for
review, evaluation, and a recommendation as to whether the application should be approved. The FDA is not bound by the recommendation
of an advisory committee, but it generally follows such recommendations. Before approving an NDA, the FDA will typically inspect
one or more clinical sites to assure compliance with GCP. Additionally, the FDA will inspect the facility or the facilities at
which the drug is manufactured. The FDA will not approve the product unless compliance with cGMP is satisfactory and the NDA contains
data that provide substantial evidence that the drug is safe and effective in the indication studied.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">After
the FDA evaluates the NDA and the manufacturing facilities, it issues either an approval letter or a complete response letter.
A complete response letter generally outlines the deficiencies in the submission and may require substantial additional testing
or information in order for the FDA to reconsider the application. If and when those deficiencies have been addressed to the FDA&rsquo;s
satisfaction in a resubmission of the NDA, the FDA will issue an approval letter. The FDA has committed to reviewing such resubmissions
in two or six months depending on the type of information included. An approval letter authorizes commercial marketing of the
drug with specific prescribing information for specific indications. As a condition of NDA approval, the FDA may require a risk
evaluation and mitigation strategy, or REMS, to help ensure that the benefits of the drug outweigh the potential risks.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">REMS
can include medication guides, communication plans for healthcare professionals, and elements to assure safe use, or ETASU. ETASU
can include, but are not limited to, special training or certification for prescribing or dispensing, dispensing only under certain
circumstances, special monitoring, and the use of patient registries. The requirement for a REMS can materially affect the potential
market and profitability of the drug. Moreover, product approval may require substantial post-approval testing and surveillance
to monitor the drug&rsquo;s safety or efficacy. Once granted, product approvals may be withdrawn if compliance with regulatory
standards is not maintained or problems are identified following initial marketing.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Hatch-Waxman Act&nbsp;</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
seeking approval for a drug through an NDA, applicants are required to list with the FDA each patent whose claims cover the applicant&rsquo;s
product. Upon approval of a drug, each of the patents listed in the application for the drug is then published in the FDA&rsquo;s
Approved Drug Products with Therapeutic Equivalence Evaluations, commonly known as the Orange Book. Drugs listed in the Orange
Book can, in turn, be cited by potential competitors in support of approval of an abbreviated new drug application, or ANDA. An
ANDA provides for marketing of a drug product that has the same active ingredients in the same strengths and dosage form as the
listed drug and has been shown through bioequivalence testing to be therapeutically equivalent to the listed drug. Other than
the requirement for bioequivalence testing, ANDA applicants are not required to conduct, or submit results of, pre-clinical or
clinical tests to prove the safety or effectiveness of their drug product. Drugs approved in this way are commonly referred to
as &ldquo;generic equivalents&rdquo; to the listed drug, and can often be substituted by pharmacists under prescriptions written
for the original listed drug.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
ANDA applicant is required to certify to the FDA concerning any patents listed for the approved product in the FDA&rsquo;s Orange
Book that: 1) the required patent information has not been filed; 2) the listed patent has expired; 3) the listed patent has not
expired, but will expire on a particular date and approval is sought after patent expiration; or 4) the listed patent is invalid
or will not be infringed by the new product. A certification that the new product will not infringe the already approved product&rsquo;s
listed patents, or that such patents are invalid, is called a Paragraph IV certification. If the applicant does not challenge
the listed patents, the ANDA application will not be approved until all the listed patents claiming the referenced product have
expired.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
the ANDA applicant has provided a Paragraph IV certification to the FDA, the applicant must also send notice of the Paragraph
IV certification to the NDA and patent holders once the ANDA has been accepted for filing by the FDA. The NDA and patent holders
may then initiate a patent infringement lawsuit in response to the notice of the Paragraph IV certification. The filing of a patent
infringement lawsuit within 45 days of the receipt of a Paragraph IV certification automatically prevents the FDA from approving
the ANDA until the earlier of 30 months, expiration of the patent, settlement of the lawsuit, or a decision in the infringement
case that is favorable to the ANDA applicant.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
ANDA application also will not be approved until any non-patent exclusivity listed in the Orange Book for the referenced product
has expired. Federal law provides a period of five years following approval of a drug containing no previously approved active
ingredients during which ANDAs for generic versions of those drugs cannot be submitted, unless the submission contains a Paragraph
IV challenge to a listed patent &mdash; in which case the submission may be made four years following the original product approval.
Federal law provides for a period of three years of exclusivity during which FDA cannot grant effective approval of an ANDA based
on the approval of a listed drug that contains previously approved active ingredients but is approved in a new dosage form, route
of administration or combination, or for a new use; the approval of which was required to be supported by new clinical trials
conducted by, or for, the applicant.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Even
if a product candidate receives regulatory approval, the approval is typically limited to specific clinical indications. Further,
even after regulatory approval is obtained, subsequent discovery of previously unknown problems with a product may result in restrictions
on its use or even complete withdrawal of the product from the market. Any FDA-approved products manufactured or distributed by
us are subject to continuing regulation by the FDA, including record-keeping requirements and reporting of adverse events or experiences.
Further, drug manufacturers and their subcontractors are required to register their establishments with the FDA and state agencies,
and are subject to periodic inspections by the FDA and state agencies for compliance with cGMP, which impose rigorous procedural
and documentation requirements upon us and our contract manufacturers. We cannot be certain that we or our present or future contract
manufacturers or suppliers will be able to comply with cGMP regulations and other FDA regulatory requirements. Failure to comply
with these requirements may result in, among other things, total or partial suspension of production activities, failure of the
FDA to grant approval for marketing, and withdrawal, suspension, or revocation of marketing approvals.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
the FDA approves one or more of our product candidates, we and the contract manufacturers we use for manufacture of clinical supplies
and commercial supplies must provide certain updated safety and efficacy information. Product changes, as well as certain changes
in the manufacturing process or facilities where the manufacturing occurs or other post-approval changes may necessitate additional
FDA review and approval. The labeling, advertising, promotion, marketing and distribution of a drug or biologic product or medical
devices, also must be in compliance with FDA and Federal Trade Commission, or FTC, requirements which include, among others, standards
and regulations for direct-to-consumer advertising, off-label promotion, industry sponsored scientific and educational activities,
and promotional activities involving the Internet. The FDA and FTC have very broad enforcement authority, and failure to abide
by these regulations can result in penalties, including the issuance of a warning letter directing us to correct deviations from
regulatory standards and enforcement actions that can include seizures, fines, injunctions and criminal prosecution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Approval
Process for Medical Devices&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
the United States, the FDCA, FDA regulations and other federal and state statutes and regulations govern, among other things,
medical device design and development, preclinical and clinical testing, premarket clearance or approval, registration and listing,
manufacturing, labeling, storage, advertising and promotion, sales and distribution, export and import, and post-market surveillance.
The FDA regulates the design, manufacturing, servicing, sale and distribution of medical devices, including molecular diagnostic
test kits and instrumentation systems. Failure to comply with applicable U.S. requirements may subject a company to a variety
of administrative or judicial sanctions, such as FDA refusal to approve pending applications, warning letters, product recalls,
product seizures, total or partial suspension of production or distribution, injunctions, fines, civil penalties and criminal
prosecution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unless
an exemption applies, each medical device we wish to distribute commercially in the United States will require marketing authorization
from the FDA prior to distribution. The two primary types of FDA marketing authorization applicable to a device are premarket
notification, also called 510k clearance, and premarket approval, also called PMA approval. The type of marketing authorization
is generally linked to the classification of the device. The FDA classifies medical devices into one of three classes (Class I,
II or III) based on the degree of risk the FDA determines to be associated with a device and the level of regulatory control deemed
necessary to ensure the device&rsquo;s safety and effectiveness. Devices requiring fewer controls because they are deemed to pose
lower risk are placed in Class I or II. Class I devices are deemed to pose the least risk and are subject only to general controls
applicable to all devices, such as requirements for device labeling, premarket notification and adherence to the FDA&rsquo;s current
Good Manufacturing Practices, or cGMP, known as the Quality System Regulations, or QSR. Class II devices are intermediate risk
devices that are subject to general controls and may also be subject to special controls such as performance standards, product-specific
guidance documents, special labeling requirements, patient registries or post-market surveillance. Class III devices are those
for which insufficient information exists to assure safety and effectiveness solely through general or special controls and include
life sustaining, life-supporting or implantable devices, devices of substantial importance in preventing impairment of human health,
or which present a potential, unreasonable risk of illness or injury.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Most
Class I devices and some Class II devices are exempted by regulation from the 510k clearance requirement and can be marketed without
prior authorization from the FDA. Some Class I devices that have not been so exempted and Class II devices are eligible for marketing
through the 510k clearance pathway. By contrast, devices placed in Class III require PMA approval prior to commercial marketing.
The PMA approval process is more stringent, time-consuming and expensive than the 510k clearance process, however, the 510k clearance
process has also become increasingly stringent and expensive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
FDA has not issued a regulation classifying a particular type of device as Class I, and if there is no known predicate for a device,
the device is automatically Class III, regardless of the risk the device poses. If a device is automatically/statutorily classified
into Class III in this manner, a company can petition FDA to reclassify the category of devices into Class II or Class I via a
process known as the De Novo Classification Request process. This direct De Novo process allows a company to request that a new
product classification be established without the company first submitting a 510(k) notification for the device. When FDA agrees
that the device is Class II or Class I and grants a De Novo Request, the device may then be marketed under the FDCA and can serve
as a predicate for future 510(k) submissions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
MiOXSYS System is subject to premarket review by the FDA prior to its marketing for commercial use in the United States, and to
regulatory approvals beyond CE marking required by certain foreign governmental entities prior to its marketing outside the United
States. FDA may require a De Novo Classification Request, a 510(k) notification, or a PMA for MiOYSYS, and we intend to obtain
feedback from FDA regarding the most appropriate premarket review pathway for the device using the pre-submission program for
industry.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">510k
Clearance. To obtain 510k clearance for a medical device, an applicant must submit a premarket notification to the FDA demonstrating
that the device is &ldquo;substantially equivalent&rdquo; to a device legally marketed in the United States that is not subject
to PMA approval, commonly known as the &ldquo;predicate device.&rdquo; A device is substantially equivalent if, with respect to
the predicate device, it has the same intended use and has either (i) the same technological characteristics or (ii) different
technological characteristics and the information submitted demonstrates that the device is as safe and effective as a legally
marketed device and does not raise different questions of safety or effectiveness. A showing of substantial equivalence sometimes,
but not always, requires clinical data. Generally, the 510k clearance process can exceed 90 days and may extend to a year or more.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">After
a device has received 510k clearance for a specific intended use, any change or modification that significantly affects its safety
or effectiveness, such as a significant change in the design, materials, method of manufacture or intended use, may require a
new 510k clearance or PMA approval and payment of an FDA user fee. The determination as to whether or not a modification could
significantly affect the device&rsquo;s safety or effectiveness is initially left to the manufacturer using available FDA guidance;
however, the FDA may review this determination to evaluate the regulatory status of the modified product at any time and may require
the manufacturer to cease marketing and recall the modified device until 510k clearance or PMA approval is obtained. The manufacturer
may also be subject to significant regulatory fines or penalties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Before
we can submit a medical device for 510k clearance, approval, or De Novo Classification, we may have to perform a series of generally
short studies over a period of months, including method comparison, reproducibility, interference and stability studies to ensure
that users can perform the test successfully. Some of these studies may take place in clinical environments, but are not usually
considered clinical trials. For PMA submissions, we would generally be required to conduct a longer clinical trial over a period
of years that supports the clinical utility of the device and how the device will be used.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Although
clinical investigations of most devices are subject to the investigational device exemption, or IDE, requirements, clinical investigations
of diagnostic tests, including our products and products under development, are generally exempt from the IDE requirements. Thus,
clinical investigations by intended users for intended uses of our products generally do not require the FDA&rsquo;s prior approval
but may require approval of an Institutional Review Board, or IRB, and written informed consent by the patient, provided the clinical
evaluation testing is non-invasive, does not require an invasive sampling procedure that presents a significant risk, does not
intentionally introduce energy into the subject and is not used as a diagnostic procedure without confirmation by another medically
established test or procedure. In addition, our products must be labeled per FDA regulations &ldquo;for research use only-RUO&rdquo;
or &ldquo;for investigational use only-IUO,&rdquo; and distribution controls must be established to assure that our products distributed
for research, method comparisons or clinical evaluation studies are used only for those purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Regulation
after FDA Clearance or Approval&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
devices we manufacture or distribute pursuant to clearance or approval by the FDA are subject to pervasive and continuing regulation
by the FDA and certain state agencies. We are required to adhere to applicable regulations setting forth detailed cGMP requirements,
as set forth in the QSR, which include, among other things, testing, control and documentation requirements. Noncompliance with
these standards can result in, among other things, fines, injunctions, civil penalties, recalls or seizures of products, total
or partial suspension of production, refusal of the government to grant 510k clearance or PMA approval of devices, withdrawal
of marketing approvals and criminal prosecutions, fines and imprisonment. Our contract manufacturers&rsquo; facilities operate
under the FDA&rsquo;s cGMP requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Foreign
Regulatory Approval&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Outside
of the United States, our ability to market our product candidates will be contingent also upon our receiving marketing authorizations
from the appropriate foreign regulatory authorities, whether or not FDA approval has been obtained. The foreign regulatory approval
process in most industrialized countries generally encompasses risks similar to those we will encounter in the FDA approval process.
The requirements governing conduct of clinical trials and marketing authorizations, and the time required to obtain requisite
approvals, may vary widely from country to country and differ from those required for FDA approval.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
the European Union, we are required under the European Medical Device Directive (Council Directive 93/42/EEC) to affix the CE
mark to certain of our products in order to sell the products in member countries of the European Union. The CE mark is an international
symbol that represents adherence to certain essential principles of safety and effectiveness mandated in the European Medical
Device Directive, which are referred to as the &ldquo;essential requirements&rdquo;. Once affixed, the CE mark enables a product
to be sold within the European Economic Area, or EEA, which is composed of the 28 member states of the EU plus Norway, Iceland
and Liechtenstein as well as other countries that accept the CE mark.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
demonstrate compliance with the essential requirements, we must undergo a conformity assessment procedure which varies according
to the type of medical device and its classification. Except for low risk medical devices (Class I with no measuring function
and which are not sterile) where the manufacturer can issue an EC Declaration of Conformity based on a self-assessment of the
conformity of its products with the essential requirements of the Medical Devices Directive, a conformity assessment procedure
requires the intervention of an organization accredited by a member state of the EEA to conduct conformity assessments, or a notified
body. Depending on the relevant conformity assessment procedure, the notified body would typically audit and examine the technical
file and the quality system for the manufacture, design and final inspection of our devices. The notified body issues a CE certificate
of Conformity following successful completion of a conformity assessment procedure conducted in relation to the medical device
and its manufacturer and their conformity with the essential requirements. This certificate entitles the manufacturer to affix
the CE mark to its medical devices after having prepared and signed a related EC Declaration of Conformity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
we modify our devices, we may need to apply for permission to affix the CE mark to the modified product. Additionally, we may
need to apply for a CE mark for any new products that we may develop in the future. Certain products regulated as medical devices
according to EC-Directives are subject to vigilance requirements for reporting of adverse events.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
will be subject to additional regulations in other countries in which we market, sell and import our products, including Canada.
We or our distributors must receive all necessary approvals or clearance prior to marketing and/or importing our products in those
markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
International Standards Organization, or ISO, promulgates internationally recognized standards, including those for the requirements
of quality systems. To support ISO certifications, surveillance audits are conducted by a notified body yearly and recertification
audits every three years that assess continued compliance with the relevant ISO standards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Other
Regulatory Matters&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Manufacturing,
sales, promotion and other activities following product approval are also subject to regulation by numerous regulatory authorities
in addition to the FDA, including, in the United States, the Centers for Medicare &amp; Medicaid Services, other divisions of
the Department of Health and Human Services, the Drug Enforcement Administration, the Consumer Product Safety Commission, the
Federal Trade Commission, the Occupational Safety &amp; Health Administration, the Environmental Protection Agency and state and
local governments. In the United States, sales, marketing and scientific/educational programs must also comply with state and
federal fraud and abuse laws. Pricing and rebate programs must comply with the Medicaid rebate requirements of the U.S. Omnibus
Budget Reconciliation Act of 1990 and more recent requirements in the Health Care Reform Law, as amended by the Health Care and
Education Affordability Reconciliation Act, or ACA. If products are made available to authorized users of the Federal Supply Schedule
of the General Services Administration, additional laws and requirements apply. The handling of any controlled substances must
comply with the U.S. Controlled Substances Act and Controlled Substances Import and Export Act. Products must meet applicable
child-resistant packaging requirements under the U.S. Poison Prevention Packaging Act. Manufacturing, sales, promotion and other
activities are also potentially subject to federal and state consumer protection and unfair competition laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
distribution of pharmaceutical products is subject to additional requirements and regulations, including extensive recordkeeping,
licensing, storage and security requirements intended to prevent the unauthorized sale of pharmaceutical products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
failure to comply with regulatory requirements subjects firms to possible legal or regulatory action. Depending on the circumstances,
failure to meet applicable regulatory requirements can result in criminal prosecution, fines, imprisonment or other penalties,
injunctions, recall or seizure of products, total or partial suspension of production, denial or withdrawal of product approvals,
or refusal to allow a firm to enter into supply contracts, including government contracts. In addition, even if a firm complies
with FDA and other requirements, new information regarding the safety or effectiveness of a product could lead the FDA to modify
or withdraw product approval. Prohibitions or restrictions on sales or withdrawal of future products marketed by us could materially
affect our business in an adverse way.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes
in regulations, statutes or the interpretation of existing regulations could impact our business in the future by requiring, for
example: (i) changes to our manufacturing arrangements; (ii) additions or modifications to product labeling; (iii) the recall
or discontinuation of our products; or (iv) additional record-keeping requirements. If any such changes were to be imposed, they
could adversely affect the operation of our business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>United
States Patent Term Restoration and Marketing Exclusivity&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depending
upon the timing, duration and other specific aspects of the FDA approval of our drug candidates, some of our U.S. patents may
be eligible for limited patent term extension under the Drug Price Competition and Patent Term Restoration Act of 1984, commonly
referred to as the Hatch-Waxman Amendments. The Hatch-Waxman Amendments permit a patent restoration term of up to five years as
compensation for patent term lost during product development and the FDA regulatory review process. However, patent term restoration
cannot extend the remaining term of a patent beyond a total of 14 years from the product&rsquo;s approval date. The patent term
restoration period is generally one-half the time between the effective date of an IND and the submission date of an NDA plus
the time between the submission date of an NDA and the approval of that application. Only one patent applicable to an approved
drug is eligible for the extension and the application for the extension must be submitted prior to the expiration of the patent.
The U.S. Patent and Trademark Office, in consultation with the FDA, reviews and approves the application for any patent term extension
or restoration. In the future, if any of our NDA&rsquo;s are approved, we intend to apply for restoration of patent term for one
of our currently owned or licensed patents to add patent life beyond the current expiration date, depending on the expected length
of the clinical trials and other factors involved in the filing of the relevant NDA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Market
exclusivity provisions under the FDCA can also delay the submission or the approval of certain marketing applications. The FDCA
provides a five-year period of non-patent marketing exclusivity within the United States to the first applicant to obtain approval
of an NDA for a new chemical entity, or NCE. A drug is a new chemical entity if the FDA has not previously approved any other
new drug containing the same active moiety, which is the molecule or ion responsible for the action of the drug substance. Recently,
the FDA stated that it may change its interpretation of 5-year NCE exclusivity determinations to apply to each drug substance
in a fixed-combination drug product, not for the drug product as a whole. If this change is implemented, for example, a fixed-combination
drug product that contains a drug substance with a single, new active moiety would be eligible for 5 year NCE exclusivity, even
if the fixed-combination also contains a drug substance with a previously approved active moiety. During the exclusivity period,
the FDA may not accept for review an abbreviated new drug application, or ANDA, or a Section 505(b)(2) NDA submitted by another
company for another drug based on the same active moiety, regardless of whether the drug is intended for the same indication as
the original innovator drug or for another indication, where the applicant does not own or have a legal right of reference to
all the data required for approval. However, an application may be submitted after four years if it contains a certification of
patent invalidity or non-infringement to one of the patents listed with the FDA by the innovator NDA holder. The FDCA also provides
three years of marketing exclusivity for an NDA, or supplement to an existing NDA if new clinical investigations, other than bioavailability
studies, that were conducted or sponsored by the applicant are deemed by the FDA to be essential to the approval of the application,
for example new indications, dosages or strengths of an existing drug. This three-year exclusivity covers only the modification
for which the drug received approval on the basis of the new clinical investigations and does not prohibit the FDA from approving
ANDAs for drugs containing the active agent for the original indication or condition of use. Five-year and three-year exclusivity
will not delay the submission or approval of a full NDA. However, an applicant submitting a full NDA would be required to conduct
or obtain a right of reference to all of the pre-clinical studies and adequate and well-controlled clinical trials necessary to
demonstrate safety and effectiveness. Orphan drug exclusivity, as described above, may offer a seven-year period of marketing
exclusivity, except in certain circumstances. Pediatric exclusivity is another type of regulatory market exclusivity in the United
States. Pediatric exclusivity, if granted, adds six months to existing exclusivity periods and patent terms. This six-month exclusivity,
which runs from the end of other exclusivity protection or patent term, may be granted based on the voluntary completion of a
pediatric trial in accordance with an FDA-issued &ldquo;Written Request&rdquo; for such a trial.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Reimbursement&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Natesto
is covered by many commercial insurance providers and pharmacy benefit management companies and is largely dependent upon reimbursement
for continued use in the U.S. market. Natesto is also covered under a Rebate Agreement between us and Centers for Medicare and
Medicaid Services. This, in turn, enables states to offer public payer coverage of Natesto through their separate Medicare and
public assistance programs. Additionally, privately managed Medicare Part D plans may choose to cover Natesto prescriptions through
their plans&rsquo; pharmacy benefits. ProstaScint is dependent upon reimbursement for continued use in the U.S. market, and ProstaScint
does have a reimbursement code as assigned by the American Medical Association. ProstaScint is currently reimbursed by Medicare,
Medicaid, and various private health plans. However, reimbursement is not universally available throughout the United States for
ProstaScint. We do not anticipate that the sales of the MiOXSYS System, if approved for sale in the U.S., will be heavily dependent
upon reimbursement by third-party payors. Traditionally, sales of pharmaceuticals, diagnostics, ad devices that are not &ldquo;lifestyle&rdquo;
indications depend, in part, on the extent to which products will be covered by third-party payors, such as government health
programs, commercial insurance and managed healthcare organizations. These third-party payors are increasingly reducing reimbursements
for medical products and services. The sexual wellness market is typically known as a cash payor market, and because Fiera is
not classified as a pharmaceutical or a medical device by the FDA, there will be no reimbursement paid by third parties on the
product.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lack
of third-party reimbursement for our product candidate or a decision by a third-party payor to not cover our product candidates
could reduce physician usage of the product candidate and have a material adverse effect on our sales, results of operations and
financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
addition, in some foreign countries, the proposed pricing for a drug must be approved before it may be lawfully marketed. The
requirements governing drug pricing vary widely from country to country. For example, the European Union provides options for
its member states to restrict the range of medicinal products for which their national health insurance systems provide reimbursement
and to control the prices of medicinal products for human use. A member state may approve a specific price for the medicinal product
or it may instead adopt a system of direct or indirect controls on the profitability of the company placing the medicinal product
on the market. There can be no assurance that any country that has price controls or reimbursement limitations for pharmaceutical
products will allow favorable reimbursement and pricing arrangements for any of our products. Historically, products launched
in the European Union do not follow price structures of the United States and generally tend to be significantly lower.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>DEA
Regulation&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Natesto,
already approved by the FDA, is a &ldquo;controlled substance&rdquo; as defined in the Controlled Substances Act of 1970, or CSA,
because it contains testosterone. As a result, the U.S. Drug Enforcement Agencies, or DEA, regulate Natesto and have listed it
as a Schedule III substance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Annual
registration is required for any facility that manufactures, distributes, dispenses, imports or exports any controlled substance.
The registration is specific to the particular location, activity and controlled substance schedule. For example, separate registrations
are needed for import and manufacturing, and each registration will specify which schedules of controlled substances are authorized.
Similarly, separate registrations are also required for separate facilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
DEA typically inspects a facility to review its security measures prior to issuing a registration and on a periodic basis. Reports
must also be made for thefts or losses of any controlled substance, and to obtain authorization to destroy any controlled substance.
In addition, special permits and notification requirements apply to imports and exports of narcotic drugs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
DEA establishes annually an aggregate quota for how much of a controlled substance may be produced in total in the United States
based on the DEA&rsquo;s estimate of the quantity needed to meet legitimate scientific and medicinal needs. The DEA may adjust
aggregate production quotas and individual production and procurement quotas from time to time during the year, although the DEA
has substantial discretion in whether or not to make such adjustments. Our or our manufacturers&rsquo; quotas of an active ingredient
may not be sufficient to meet commercial demand or complete clinical trials. Any delay, limitation or refusal by the DEA in establishing
our or our manufacturers&rsquo; quota for controlled substances could delay or stop our clinical trials or product launches, which
could have a material adverse effect on our business, financial position and results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
enforce these requirements, the DEA conducts periodic inspections of registered establishments that handle controlled substances.
Failure to maintain compliance with applicable requirements, particularly as manifested in loss or diversion, can result in administrative,
civil or criminal enforcement action that could have a material adverse effect on our business, results of operations and financial
condition. The DEA may seek civil penalties, refuse to renew necessary registrations, or initiate administrative proceedings to
revoke those registrations. In some circumstances, violations could result in criminal proceedings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Individual
states also independently regulate controlled substances. We and our manufacturers will be subject to state regulation on distribution
of these products, including, for example, state requirements for licensures or registration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Consumer
Product Regulation Applicable to Fiera</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
consumer-directed sexual wellness product, Fiera, is subject to Federal and State prohibitions on false advertising and other
consumer protection laws. The FTC has the authority to regulate traditional and digital advertising for most types of consumer
products, including our Fiera product. FTC broadly interprets Section 5 of the Federal Trade Commission Act prohibiting un fair
or deceptive acts or practices in commerce and oversees express and implied claims in advertising as well as certain promotional
activities such as the use of social media influencers by advertising companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
FTC revised its Guides Concerning the Use of Endorsements and Testimonials in Advertising, or Guides, which became effective on
December&nbsp;1, 2009. Although the Guides are not binding, they explain how the FTC interprets Section&nbsp;5 of the FTC Act&rsquo;s
prohibition on unfair or deceptive acts or practices when advertisers use experts or laypersons to endorse their products. Consequently,
the FTC can bring a Section&nbsp;5 enforcement action based on practices that are inconsistent with the Guides. Under the revised
Guides, advertisements that feature a consumer and convey his or her atypical experience with a product or service are required
to clearly disclose the results that consumers can generally expect. The revised Guides also add new examples to illustrate the
long-standing principle that &ldquo;material connections.&rdquo; The FTC also recently issued a Native Advertising Guide for Businesses
that explains the Commission&rsquo;s perspectives on deceptively formatted advertisements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
marketing, advertising, and promotional activities for the consumer product Fiera must continually adhere to the FTC Act&rsquo;s
requirement for truthful, non-misleading and adequately substantiated claims. If Fiera advertising does not comply with FTC and
similar State requirements, we could become subject to an investigation by FTC or a consent decree, which could have a material
adverse impact on our business and reputation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Intellectual
Property&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aytu has an exclusive license from Acerus Pharmaceuticals Corporation
for the United States to intellectual property related to a nasal gel drug product containing testosterone to treat hypogonadism
in males, including the FDA approved product Natesto&reg;, as well as an authorized generic version and OTC versions thereof.
The license includes sublicense rights to intellectual property owned by Mattern Pharmaceuticals and exclusively licensed to Acerus
by Mattern Pharmaceuticals. The sublicensed intellectual property includes four Orange Book listed patents directed at nasal gel
formulations containing testosterone or methods of testosterone replacement therapy by nasal administration of the same. It further
includes three patents that are not listed in the Orange Book directed at a testosterone formulation, a method of making a testosterone
formulation and a method for reducing physical or chemical interactions between a nasal testosterone formulation and a plastic
container.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Acerus license also grants rights to intellectual property owned by Acerus. Intellectual Property includes at least two pending
applications directed to methods for treating testosterone deficiency in men.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have an extensive range of intellectual property for MiOXSYS, RedoxSYS, Fiera and ProstaScint. We have patent protection in the
United States and several other large markets worldwide. Specifically, we have numerous patents issued and pending for the RedoxSYS/MiOXSYS
systems and their use in the U.S., Europe, Canada, Israel, Japan, and China.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
patent portfolio related to RedoxSYS/MiOXSYS is focused on the United States and core foreign jurisdictions which include Europe,
Canada, Israel, Japan and China. The portfolio is supported in the United States and core foreign jurisdictions and consists of
22 issued patents and 23 pending applications.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
portfolio primarily consists of seven families filed in the United States and in core foreign jurisdictions. The first family
includes seven issued patents and three pending applications with claims directed to the measurement of the oxidation-reduction
potential (ORP) of a patient sample to evaluate various conditions. The standard 20-year expiration for patents in this family
is in 2028. The second family includes two pending United States applications, two issued United States patents and four pending
applications in core foreign jurisdictions with claims directed to the measurement of the ORP capacity of a patient sample to
evaluate various conditions. The standard 20-year expiration for patents in this family is in 2033. The third family includes
ten issued patents and one pending application with claims directed to devices and methods for the measurement of ORP and ORP
capacity. The standard 20-year expiration for patents in this family is in 2032. The fourth family includes one pending United
States application, one issued United States patent, two issued patents in core foreign jurisdictions and three pending applications
in core foreign jurisdictions with claims directed to multiple layer gel test strip measurement devices and methods of making
for use in measuring ORP and ORP capacity. The standard 20-year expiration for patents in this family is in 2033. The fifth family
includes one pending United States application with claims directed to methods for monitoring food production and quality. The
standard 20-year expiration for patents in this family is in 2035. The sixth family includes one pending United States application
and six pending applications in core foreign jurisdictions with claims directed to methods for determining fertility characteristics
from the ORP of a biological sample. The standard 20-year expiration for patents in this family is in 2035. The seventh family
includes one pending United States application with claims directed to methods for evaluating stroke patients from the ORP characteristics
of a biological sample. The standard 20-year expiration for patents in this family is in 2036.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Fiera portfolio includes multiple utility patent families in the United States and foreign jurisdictions with claims to the Fiera
device. The United States portfolio includes two issued patents and eight pending applications; the foreign portfolio includes
seven issued patents and seven pending applications. In addition, Fiera is protected by a substantial design patent portfolio
with four issued United States design patents and three pending United States design applications. As well, the design portfolio
includes forty-one issued foreign design patents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ProstaScint
is protected by significant trade secrets and manufacturing know-how related to the production of the product and linkage of the
base monoclonal antibody and imaging component. The antibody in the ProstaScint product is produced by a proprietary cell line.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
also maintain trade secrets and proprietary know-how that we seek to protect through confidentiality and nondisclosure agreements.
These agreements may not provide meaningful protection or adequate remedies in the event of unauthorized use or disclosure of
confidential and proprietary information. If we do not adequately protect our trade secrets and proprietary know-how, our competitive
position and business prospects could be materially harmed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
expect to seek United States and foreign patent protection for drug and diagnostic products we discover, as well as therapeutic
and diagnostic products and processes. We expect also to seek patent protection or rely upon trade secret rights to protect certain
other technologies which may be used to discover and characterize drugs and diagnostic products and processes, and which may be
used to develop novel therapeutic and diagnostic products and processes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
patent positions of companies such as ours involve complex legal and factual questions and, therefore, their enforceability cannot
be predicted with any certainty. Our issued and licensed patents, and those that may be issued to us in the future, may be challenged,
invalidated or circumvented, and the rights granted under the patents or licenses may not provide us with meaningful protection
or competitive advantages. Our competitors may independently develop similar technologies or duplicate any technology developed
by us, which could offset any advantages we might otherwise realize from our intellectual property. Furthermore, even if our product
candidates receive regulatory approval, the time required for development, testing, and regulatory review could mean that protection
afforded us by our patents may only remain in effect for a short period after commercialization. The expiration of patents or
license rights we hold could adversely affect our ability to successfully commercialize our pharmaceutical drugs or diagnostics,
thus harming our operating results and financial position.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
will be able to protect our proprietary intellectual property rights from unauthorized use by third parties primarily to the extent
that such rights are covered by valid and enforceable patents or are effectively maintained as trade secrets. If we must litigate
to protect our intellectual property from infringement, we may incur substantial costs and our officers may be forced to devote
significant time to litigation-related matters. The laws of certain foreign countries do not protect intellectual property rights
to the same extent as do the laws of the United States. Our pending patent applications, or those we may file or license from
third parties in the future, may not result in patents being issued. Until a patent is issued, the claims covered by an application
for patent may be narrowed or removed entirely, thus depriving us of adequate protection. As a result, we may face unanticipated
competition, or conclude that without patent rights the risk of bringing product candidates to market exceeds the returns we are
likely to obtain. We are generally aware of the scientific research being conducted in the areas in which we focus our research
and development efforts, but patent applications filed by others are maintained in secrecy for at least 18 months and, in some
cases in the United States, until the patent is issued. The publication of discoveries in scientific literature often occurs substantially
later than the date on which the underlying discoveries were made. As a result, it is possible that patent applications for products
similar to our drug or diagnostic products and product candidates may have already been filed by others without our knowledge.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
biotechnology and pharmaceutical industries are characterized by extensive litigation regarding patents and other intellectual
property rights, and it is possible that our development of products and product candidates could be challenged by other pharmaceutical
or biotechnology companies. If we become involved in litigation concerning the enforceability, scope and validity of the proprietary
rights of others, we may incur significant litigation or licensing expenses, be prevented from further developing or commercializing
a product or product candidate, be required to seek licenses that may not be available from third parties on commercially acceptable
terms, if at all, or subject us to compensatory or punitive damage awards. Any of these consequences could materially harm our
business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Competition&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
healthcare industry is highly competitive and subject to significant and rapid technological change as researchers learn more
about diseases and develop new technologies and treatments. Significant competitive factors in our industry include product efficacy
and safety; quality and breadth of an organization&rsquo;s technology; skill of an organization&rsquo;s employees and its ability
to recruit and retain key employees; timing and scope of regulatory approvals; government reimbursement rates for, and the average
selling price of, products; the availability of raw materials and qualified manufacturing capacity; manufacturing costs; intellectual
property and patent rights and their protection; and sales and marketing capabilities. Market acceptance of our current products
and product candidates will depend on a number of factors, including: (i) potential advantages over existing or alternative therapies
or tests, (ii) the actual or perceived safety of similar classes of products, (iii) the effectiveness of sales, marketing, and
distribution capabilities, and (iv) the scope of any approval provided by the FDA or foreign regulatory authorities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
are a very small life sciences company compared to other companies that we are competing against. Our current and potential competitors
include large pharmaceutical, biotechnology, diagnostic, and medical device companies, as well as specialty pharmaceutical and
generic drug companies. Many of our current and potential competitors have substantially greater financial, technical and human
resources than we do and significantly more experience in the marketing, commercialization, discovery, development and regulatory
approvals of products, which could place us at a significant competitive disadvantage or deny us marketing exclusivity rights.
Specifically, our competitors will most likely have larger sales teams and have more capital resources to support their products
then we do.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accordingly,
our competitors may be more successful than we may be in achieving widespread market acceptance and obtaining FDA approval for
product candidates. We anticipate that we will face intense and increasing competition as new products enter the market, as advanced
technologies become available and as generic forms of currently branded products become available. Finally, the development of
new treatment methods for the diseases we are targeting could render our products non-competitive or obsolete.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
cannot assure you that any of our products that we acquire or successfully develop will be clinically superior or scientifically
preferable to products developed or introduced by our competitors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
current approved products compete in highly competitive fields whereby there are numerous options available to clinicians including
generics. These generic treatment options are frequently less expensive and more widely available.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Natesto</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Natesto
competes in a growing market. The U.S. TRT market is large, with annual revenues in the U.S. in 2017 of approximately $1.8 billion.
At the current market size of approximately $1.8 billion, a product with 5% market penetration could achieve sales of approximately
$90 million annually, assuming comparatively similar product pricing and reimbursement levels as seen with other TRTs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
U.S. prescription testosterone market is comprised primarily of topically applied treatments in the form of gels, solutions, and
patches. Testopel&reg; and Aveed&reg;, injectable products typically implanted directly under the skin by a physician, are also
FDA-approved. AndroGel is the market-leading TRT and is marketed by AbbVie.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>ProstaScint&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Currently,
there are several FDA approved imaging techniques for cancer in general, however there is only one SPECT-specific agent targeting
prostate cancer &mdash; ProstaScint. The other imaging methods are F18-fluorodeoxyglucose (F18-FDG), C11-Acetate, and C11-Choline.
The primary advantage of these methods is that they all use PET imaging, a technique with better resolution than SPECT. The use
of PET is also a disadvantage, however, since it uses radiolabels with short half-lives necessitating the need for a local or
on-site cyclotron to generate the labels. The half-life of fluorine-18 (F18) and of carbon-11 (C11) are approximately 110 and
20 minutes, respectively. The radiolabel used by ProstaScint is Indium-11, with a half-life of about 2 &ndash; 3 days. This longer
time period allows the radiolabel to be made remotely and shipped to the imaging facility; however, it does use SPECT as the imaging
modality.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
indicated, ProstaScint is the only radio-imaging marker that is specific for prostate specific membrane antigen (PMSA). ProstaScint
is based on radiolabeling the antibody against PSMA, a protein express by prostate cells. This specificity for prostate cells
is what allows ProstaScint to detect the metastases of prostate cancer regardless of location. The mechanism of labeling for F18-FDG,
C11-Acetate, and C11-Choline is the intracellular accumulation of these markers in cancer cells, due to the fact that cancer cells
typically have a higher cellular metabolism than non-cancerous cells. Thus, these markers can accumulate in any type of cancer
cell with a high metabolism. Unfortunately for these technologies, prostate cancer cells tend to have a lower cellular metabolism
resulting in higher false positives attributed to hyperplasia and prostatitis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
a meta-analysis of 21 studies evaluating accuracy, sensitivity, specificity, positive/negative predictive values, ProstaScint
using combined SPECT/CT imaging was comparable to PET/CT imaging based on F18-FDG and C11-Choline.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>MiOXSYS/RedoxSYS&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">With
respect to MiOXSYS competitive offerings, there are other oxidative stress diagnostic tests available throughout the world, although
none are approved in the United States for clinical use. Diagnostic systems that are marketed for clinical use outside the United
States include the FRAS 4 system (H&amp;D srl), FREE Carpe Diem (Diacron International), and the FORM and FORMPlus systems (Callegari
srl). These systems are used in both research and clinical settings but do not generate significant sales in the clinical setting.
If approved in the United States for clinical use, these systems could present competition to the MiOXSYS System. However, their
testing parameters differ significantly from MiOXSYS and would need to demonstrate clinical superiority to MiOXSYS in order to
substantially detract from MiOXSYS prescribing and sales. Additionally, to our knowledge these systems have not demonstrated clinical
feasibility in human semen or seminal plasma.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Research
and Development&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
strategy is to minimize our research and development activities. When we do conduct research and development, we intend to utilize
consultants with domain experience for research, development and regulatory guidance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
MiOXSYS System has been developed in conjunction with numerous medical device and diagnostic development consultants. Further,
we have relationships with regulatory consultants who are actively assisting in the development of our regulatory strategy with
the FDA. To complement our internal clinical research efforts with the MiOXSYS System, we have engaged with numerous universities
around the world to identify and develop research and clinical applications for the MiOXSYS System. Through these engagements
we have access to data and analyses that enable us to develop new uses for the MiOXSYS and RedoxSYS systems. Additionally, we
have formal research agreements in place with two prominent U.S.-based universities and one prominent European university for
which we are paying a research fee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Manufacturing&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
business strategy is to use cGMP compliant contract manufacturers for the manufacture of clinical supplies as well as for commercial
supplies if required by our commercialization plans, and to transfer manufacturing responsibility to our collaboration partners
when possible.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Natesto</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
April 22, 2016, we entered into a license and supply agreement with Acerus pursuant to which we will pay Acerus a supply price
per unit of the greater of (i) a fixed percentage of Acerus&rsquo; cost of goods sold for Natesto, not to exceed a fixed ceiling
price and (ii) a low double digit percentage of the net selling price for the first year of the agreement, that increases in each
of the second and third years and remains constant after that.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>ProstaScint&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have acquired a two-year supply of ProstaScint through our asset purchase agreement with Jazz Pharmaceuticals, which we project
to last through fiscal 2018 and the first half of fiscal 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>MiOXSYS/RedoxSYS&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have completed the technical development of the RedoxSYS System by engaging contract development and manufacturing companies in
the United States. We secured supply and quality agreements with manufacturers for both the RedoxSYS and MiOXSYS instruments as
well as the RedoxSYS and MiOXSYS sensor strips. Both manufacturers hold long-standing ISO 13485:2003 certifications and are established
medical device manufacturers. Both manufacturers have high volume manufacturing capacity such that production volumes can be easily
scaled. Both manufacturers have been audited by our quality engineers and are fully compliant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Employees&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of February 1, 2018, we had 53 full-time employees and utilized the services of a number of consultants on a temporary basis.
Overall, we have not experienced any work stoppage and do not anticipate any work stoppage in the foreseeable future. None of
our employees is subject to a collective bargaining agreement. Management believes that relations with our employees are good.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Properties</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
August 19, 2015, Aytu entered into a 37-month non-cancellable operating lease for new office space effective September 1, 2015.
The new lease has initial base rent of $8,500 per month beginning in October 2015, with the total base rent over the term of the
lease of approximately $318,000 which includes rent abatements. In October 2017, the Company signed an amendment to the 37-month
operating lease in Englewood, Colorado. The amendment extended the lease for an additional 24 months beginning October 1, 2018.
The base rent will remain at $9,000 a month. We have also leased a 1,333 square foot office in Raleigh, North Carolina for which
the lease runs until July 31, 2018. We believe our current office space is sufficient to meet our current needs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
recognize rental expense of the facility on a straight-line basis over the term of the lease. Differences between the straight-line
net expenses on rent payments are classified as liabilities between current deferred rent and long-term deferred rent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Legal
Proceedings</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
are currently not party to any material legal or administrative proceedings and are not aware of any material pending or threatened
legal or administrative proceedings in which we will become involved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Available
Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
principal executive offices are located at 373 Inverness Parkway, Suite 206, Englewood, Colorado 80112 USA, and our phone number
is (720) 437-6580.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
maintain a website on the internet at <I>http://aytubio.com</I>. We make available free of charge through our website, by way
of a hyperlink to a third-party site that includes filings we make with the SEC website (<I>www.sec.gov)</I>, our annual reports
on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports electronically filed
or furnished pursuant to Section 15(d) of the Exchange Act. The information on our website is not, and shall not be deemed to
be, a part of this prospectus or incorporated into any other filings we make with the SEC. In addition, the public may read and
copy any materials we file with the SEC at the SEC&rsquo;s Public Reference Room at 100 F Street, N.E., Washington D.C., 20549.
Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Code
of Ethics </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have adopted a written code of ethics that applies to our officers, directors and employees, including our principal executive
officer and principal accounting officer. We intend to disclose any amendments to, or waivers from, our code of ethics that are
required to be publicly disclosed pursuant to rules of the SEC by filing such amendment or waiver with the SEC. This code of ethics
and business conduct can be found in the corporate governance section of our website, <I><U>http://www.aytubio.com</U></I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_12"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>MANAGEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth the names and ages of all of our directors and executive officers. Our Board of Directors is currently
comprised of five members, who are elected annually to serve for one year or until their successor is duly elected and qualified,
or until their earlier resignation or removal. Executive officers serve at the discretion of the Board of Directors and are appointed
by the Board of Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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; border-bottom: Black 1.5pt solid">Name</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Age</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Position</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%; font: 10pt Times New Roman, Times, Serif; text-align: justify">Joshua R. Disbrow</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: center">42</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 66%; font: 10pt Times New Roman, Times, Serif; text-align: justify">Chairman and Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Jarrett T. Disbrow</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">42</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Chief Operating Officer</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">David A. Green</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">55</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Chief Financial Officer, Secretary, and Treasurer</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Michael Macaluso</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">66</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Director</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Carl C. Dockery</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">55</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Director</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">John A. Donofrio, Jr.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Director</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Gary V. Cantrell</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Director</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following is a biographical summary of the experience of our executive officers and directors during the past five years, and
an indication of directorships held by the director in other companies subject to the reporting requirements under the federal
securities law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Joshua
R. Disbrow &ndash; Chairman and Chief Executive Officer</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Joshua
R. Disbrow has been employed by us since April 16, 2015. Prior to the closing of the Merger, Mr. Disbrow was the Chief Executive
Officer of Luoxis since January 2013. Mr. Disbrow was also the Chief Operating Officer of Ampio since December 2012. Prior to
joining Ampio, he served as the Vice President of Commercial Operations at Arbor Pharmaceuticals, a specialty pharmaceutical company,
from May 2007 through October 2012. He joined Arbor as that company&rsquo;s second full-time employee. Mr. Disbrow led the company&rsquo;s
commercial efforts from inception to the company&rsquo;s acquisition in 2010 and growth to over $127 million in net sales in 2011.
By the time Mr. Disbrow departed Arbor in late 2012, he had led the growth of the commercial organization to comprise over 150
people in sales, marketing sales training, managed care, national accounts, and other commercial functions. Mr. Disbrow has spent
over 17 years in the pharmaceutical, diagnostic and medical device industries and has held positions of increasing responsibility
in sales, marketing, sales management, commercial operations and commercial strategy. Prior to joining Arbor, Mr. Disbrow served
as Regional Sales Manager with Cyberonics, Inc., a medical device company focused on neuromodulation therapies from June 2005
through April 2007. Prior to joining Cyberonics he was the Director of Marketing at LipoScience, an in vitro diagnostics company.
Mr. Disbrow holds an MBA from Wake Forest University and BS in Management from North Carolina State University. Mr. Disbrow&rsquo;s
experience in executive management and marketing within the pharmaceutical industry, monetizing company opportunities, and corporate
finance led to the conclusion that he should serve as a director of our Company in light of our business and structure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Jarrett
T. Disbrow &ndash; Chief Operating Officer</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jarrett
Disbrow has been employed by us since April 16, 2015. Prior to the closing of the Merger, Mr. Disbrow was the Chief Executive
Officer of Vyrix from November 2013. Mr. Disbrow joined Vyrix from Eurus Pharma LLC, or Eurus Pharma, where he held the position
of general manager from 2011 to 2013. Prior to joining Eurus Pharma, Mr. Disbrow was the founder, president and chief executive
officer of Arbor Pharmaceuticals, Inc., or Arbor Pharmaceuticals from 2006 to 2010. Following Arbor Pharmaceuticals&rsquo; acquisition
in 2010, Mr. Disbrow remained with the company as vice president of commercial development. Prior to founding Arbor Pharmaceuticals
in 2006, he was head of marketing for Accentia Biopharmaceuticals, Inc. from 2002 to 2006. Mr. Disbrow began his career with GlaxoWellcome,
Inc. (now GlaxoSmithKline plc) from 1997 to 2001, where he held positions of increasing responsibility in sales and later marketing.
Mr. Disbrow received a BS in business management from North Carolina State University in Raleigh, NC. Mr. Disbrow served on our
Board of Directors from April 2015 to July 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>David
A. Green &ndash; Chief Financial Officer, Secretary and Treasurer</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr.
Green has served as our Chief Financial Officer, Secretary and Treasurer since December 18, 2017. Prior to joining the Company,
Mr. Green served as Chief Accounting Officer from May 2016 until February 2017 at Intarcia Therapeutics, Inc., a biopharmaceutical
company currently engaged in late stage clinical development. Mr. Green is a Consultant at DAG Advisors, a position he has held
since October 2014. From February 2012 until October 2014, he was Chief Financial Officer of Catheter Connections, a commercial-stage
medical device company that was acquired by Merit Medical. Preceding Catheter Connections, Mr. Green was CFO at Specialized Health
Products International, a publicly traded medical device company that was acquired by C.R. Bard. Prior to his time serving in
senior financial leadership roles at commercial-stage specialty life sciences companies, Mr. Green was a Managing Director at
Duff &amp; Phelps, a global investment banking and corporate finance advisory firm for nearly a decade. Mr. Green was also a founding
member of Ernst &amp; Young's Palo Alto Center for Strategic Transactions, where he advised the firm's clients on using strategic
transactions to accelerate growth. Mr. Green earned a Bachelor of Science from the State University of New York, a Master of Business
Administration from the University of Rochester, and is a Certified Public Accountant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Michael
Macaluso &ndash; Director</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael
Macaluso has been a member of our Board of Directors since April 2015. Mr. Macaluso is also the Chairman and Chief Executive Officer
of Ampio. Mr. Macaluso has been a member of Ampio Pharmaceuticals&rsquo; Board of Directors since March 2010 and Ampio&rsquo;s
Chief Executive Officer since January 2012. Mr. Macaluso served in the roles of president and Chief Executive Officer of Isolagen,
Inc. (AMEX: ILE) from June 2001 until September 2004. Mr. Macaluso also served on the board of directors of Isolagen from June
2001 until April 2005. From October 1998 until June 2001, Mr. Macaluso was the owner of Page International Communications, a manufacturing
business. Mr. Macaluso was a founder and principal of International Printing and Publishing, a position Mr. Macaluso held from
1989 until 1997, when he sold that business to a private equity firm. Mr. Macaluso&rsquo;s experience in executive management
and marketing within the pharmaceutical industry, monetizing company opportunities, and corporate finance led to the conclusion
that he should serve as a director of our company in light of our business and structure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Carl
C. Dockery &ndash; Director</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Carl
Dockery joined our Board in April 2016. Mr. Dockery is a financial executive with 30 years of experience as an executive in the
insurance and reinsurance industry and more recently in 2006 as the founder and president of a registered investment advisory
firm, Alpha Advisors, LLC. Mr. Dockery&rsquo;s career as an insurance executive began in 1988 as an officer and director of two
related and closely held insurance companies, including serving as secretary of Crossroads Insurance Co. Ltd. of Bermuda and as
vice president of Gulf Insurance Co. Ltd. of Grand Cayman. Familiar with the London reinsurance market, in the 1990s, Mr. Dockery
worked at Lloyd&rsquo;s and the London Underwriting Centre brokering various types of reinsurance placements. Mr. Dockery serves
as a director of CytoDyn Inc. (OTCQB: &ldquo;CYDY&rdquo;), a biotechnology company. Mr. Dockery graduated from Southeastern University
with a Bachelor of Arts in Humanities. Mr. Dockery&rsquo;s financial expertise and experience, as well as his experience as a
director of a publicly traded biopharmaceutical company, led to the conclusion that he should serve as a director of our company
in light of our business and structure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>John
A. Donofrio, Jr. &ndash; Director</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">John
Donofrio </FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">joined our Board in July 2016. He <FONT STYLE="background-color: white">is
a Senior Finance Executive with </FONT>24 years of experience in the pharmaceutical industry across a broad range of areas, including
consolidated financial reporting, international accounting and internal controls, financial systems development and implementation,
cost accounting, inventory management, supply chain, transfer pricing, budget and forecast planning, integration of mergers and
acquisitions and business development. <FONT STYLE="background-color: white">He has served as the </FONT>Chief Financial Officer
and Head of North American Business Development for Merz North America, or Merz, since August 2013. Merz is a specialty healthcare
company that develops and commercializes innovative treatment solutions in aesthetics, dermatology and neurosciences in the U.S.
and Canada.&nbsp;At Merz, Mr. Donofrio is accountable for financial performance, cost management, business development and strategic
business planning and analysis for the finance organization in North America. Prior to joining Merz, Mr. Donofrio served as Vice
President, Stiefel Global Finance, U.S. Specialty Business and Puerto Rico for Stiefel, a GlaxoSmithKline plc company from July
2009 to July 2013. In that role, Mr. Donofrio was responsible for the financial strategy, management reporting, and overall control
framework for the Global Dermatology Business Unit. He was also the Senior Finance Partner accountable for the U.S. Specialty
Business Units of GlaxoSmithKline plc. Mr. Donofrio served as a director of Vyrix Pharmaceuticals from February 2014 to April
2015. Mr. Donofrio holds a degree in Accounting from North Carolina State University. Mr. Donofrio&rsquo;s financial expertise
and experience in the pharmaceutical industry, led to the conclusion that he should serve as a director of our company in light
of our business and structure.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Gary
V. Cantrell &ndash; Director</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gary
Cantrell joined our Board in July 2016. He has 30 years of experience in the life sciences industry ranging from clinical experience
as a respiratory therapist to his current business development consulting roles with several pharmaceutical companies. Mr. Cantrell
served as CEO of Yasoo Health Inc., a global specialty nutritional company from 2007 through June 2016, highlighted by the sale
of its majority asset AquADEKs to Actavis in March 2016. Previously, he was President of The Catevo Group, a U.S.-based healthcare
consulting firm. Prior to that, he was Executive Vice President, Sales and Marketing for TEAMM Pharmaceuticals, an Accentia Biopharmaceuticals
company, where he led all commercial activities for a public specialty pharmaceutical business. His previous 22 years were at
GlaxoSmithKline plc where he held progressively senior management positions in sales, marketing and business development. Mr.
Cantrell is a graduate of Wichita State University and serves as an advisor to several emerging life science companies. He served
as a director for Yasoo Health Inc., Yasoo Health Limited and Flexible Stenting Solutions, Inc., a leading developer of next generation
peripheral arterial, venous, neurovascular and biliary stents, which was sold to Cordis, while a Division of Johnson &amp; Johnson
in March 2013. Mr. Cantrell served as a director of Vyrix Pharmaceuticals from February 2014 to April 2015. Mr. Cantrell&rsquo;s
experience in consulting and executive management within the pharmaceutical industry led to the conclusion that he should serve
as a director of our company in light of our business and structure.&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Family
Relationships&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jarrett
T. Disbrow, our Chief Operating Officer, is the brother of Joshua R. Disbrow, our Chief Executive Officer and a director. There
are no other family relationships among or between any of our current or former executive officers and directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Involvement
in Certain Legal Proceedings&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None
of our directors or executive officers has been involved in any legal proceeding in the past 10 years that would require disclosure
under Item 401(f) of Regulation S-K promulgated under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Code
of Ethics </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have adopted a code of ethics that is available on our website at <U>www.aytubio.com</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Board
Committees </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
Board has established an Audit Committee, Compensation Committee and Nominating and Governance Committee.&nbsp;Our Audit Committee
consists of Mr. Donofrio (Chair), Mr. Cantrell and Mr. Dockery.&nbsp;Our Compensation Committee consists of Mr. Cantrell (Chair),
Mr. Dockery and Mr. Donofrio.&nbsp;Our Nominating and Governance Committee consists of Mr. Dockery (Chair), Mr. Cantrell and Mr.
Donofrio.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
of the above-referenced committees operates pursuant to a formal written charter. The charters for these committees, which have
been adopted by our Board, contain a detailed description of the respective committee&rsquo;s duties and responsibilities and
are available on our website at <U>http://www.aytubio.com </U>under the &ldquo;Investor Relations&mdash;Corporate Governance&rdquo;
tab.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
Board has determined Mr. Donofrio qualifies as an audit committee financial expert, as defined in Item&nbsp;407(d)(5) of Regulation
S-K promulgated by the SEC.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Executive
Compensation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
accordance with Item 402 of Regulation S-K promulgated by the SEC, we are required to disclose certain information regarding the
makeup of and compensation for our company&rsquo;s directors and named executive officers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
establishing executive compensation, our Board is guided by the following goals:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">compensation
                                         should consist of a combination of cash and equity awards that are designed to fairly
                                         pay the executive officers and directors for work required for a company of our size
                                         and scope;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">compensation
                                         should align the executive officers&rsquo; and directors&rsquo; interests with the long-term
                                         interests of stockholders; and</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">compensation
    should assist with attracting and retaining qualified executive officers and directors.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Compensation
of Directors&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
current compensation package for non-employee directors, effective July 1, 2017, consists of: an annual cash retainer of $40,000
for the board chair, $25,000 for each other director, $10,000 for each committee chair and $5,000 for each other committee member;
a grant of 65,000 restricted shares of stock upon appointment to the board; and an annual stock option grant of 15,000 shares
thereafter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table provides information regarding all compensation paid to non-employee directors of Aytu during the fiscal year
ended June 30, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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: left; border-bottom: Black 1.5pt solid">Name</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Fees
    Earned&nbsp;or<BR> Paid in Cash</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Stock
    Option<BR> Awards (1)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">All
    Other<BR> Compensation<BR> (2)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 68%; font: 10pt Times New Roman, Times, Serif; text-align: left">Gary V. Cantrell (3)</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">45,000</TD><TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">46,860</TD><TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">209,950</TD><TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">301,810</TD><TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Carl C. Dockery (3)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">45,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20,840</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">209,950</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">275,790</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John A. Donofrio Jr. (3)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">45,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">46,860</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">209,950</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">301,810</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Michael E. Macaluso (3)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">70,331</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">209,950</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">305,281</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
    column reflects the aggregate grant date fair value computed in accordance with Financial Accounting Standards Board, or FASB,
    issued Accounting Standards Update, or ASC, Topic 718</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
    column reflects the aggregate grant date fair value of restricted stock.</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
    of June 30, 2017, the number of shares underlying options and restricted shares held by each non-employee director was as
    follows: 750 options and 3,250 restricted shares for Mr. Cantrell; 334 options and 3,250 restricted shares for Mr. Dockery;
    750 options and 3,250 restricted shares for Mr. Donofrio; 1,125 options and 3,250 restricted shares for Mr. Macaluso. Gary
    V. Cantrell and John A. Donofrio Jr. were each appointed a director in July 2016 and therefore received no compensation or
    equity awards from Aytu in the fiscal year ended June 30, 2016.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Executive
Officer Compensation&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth all cash compensation earned, as well as certain other compensation paid or accrued for the years ended
June 30, 2017 and 2016 to each of the following named executive officers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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">Name and Principal<BR>
    Position</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Year</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Salary ($)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Bonus ($)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Stock<BR> Award ($)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Option<BR> Award<BR> ($)(1)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Non-Equity<BR> Incentive Plan<BR>
    Compensation<BR> ($)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Change in<BR> Pension Value<BR>
    and<BR> Nonqualified<BR> Deferred<BR> Compensation<BR> Earnings ($)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">All Other<BR> Compensation ($)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total ($)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">(a)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">(b)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">(c)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">(d)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">(e)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">(f)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">(g)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">(h)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">(i)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">(j)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif"><U>Named Executive Officers</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Joshua R. Disbrow</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Chief Executive
    Officer</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: center">2017</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">250,000</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">614,000</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">189,000</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,053,000</TD><TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-left: 10pt">since December 2012</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">2016</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">313,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">559,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,122,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Jarrett T. Disbrow</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Chief Operating Officer,
    Secretary</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">2017</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">533,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">189,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">972,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">and Treasurer</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">2016</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">288,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">559,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,097,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Gregory A. Gould (2)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Chief Financial Officer</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">2017</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">533,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">79,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">622,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-left: 10pt">since June 2014</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">2016</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Jonathan H. McGrael (3)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">VP of Commercial Operations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">2017</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">144,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">75,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">452,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">91,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">61,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(4)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">823,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">2016</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">140,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">238,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">186,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(4)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">577,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Option
    awards are reported at fair value at the date of grant. See &ldquo;Notes to the Financial Statements &mdash; Note 11 &mdash;
    Equity Instruments.&rdquo;</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr.
    Gould was appointed to Chief Financial Officer, Secretary and Treasurer full time effective June 16, 2017. Mr. Gould resigned
    as Chief Financial Officer, Secretary and Treasurer effective November 15, 2017.</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr.
    McGrael was hired in September 2015 and he resigned in March, 2017.</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Represents
    reimbursed relocation expenses and severance.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
executive officers are reimbursed by us for any out-of-pocket expenses incurred in connection with activities conducted on our
behalf. Executives are reimbursed for business expenses directly related to Aytu business activities, such as travel, primarily
for business development as we grow and expand our product lines. On average, each executive incurs between $1,000 to $3,000 of
out-of-pocket business expenses each month. The executive management team meets weekly and determines which activities they will
work on based upon what we determine will be the most beneficial to our company and our shareholders. No interest is paid on amounts
reimbursed to the executives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Grants
of Plan-Based Awards&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth certain information regarding grants of plan-based awards to the Named Executive Officers during the
year ended June 30, 2017:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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: left; border-bottom: Black 1.5pt solid">Name</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Grant Date</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">All
    Other Option<BR> Awards: Number of<BR> Securities<BR> Underlying Options<BR> (#)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Exercise
    Price<BR> of Option<BR> Awards<BR> ($/Share)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Grant
    Date<BR> Fair Value of<BR> Option Awards<BR> ($)(1)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left">Named Executive Officers</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 42%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Joshua R Disbrow</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 19%; font: 10pt Times New Roman, Times, Serif; text-align: center">7/7/2016</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">16.40</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">188,895</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Jarrett T Disbrow</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">7/7/2016</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16.40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">188,895</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Gregory A Gould</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">7/7/2016</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16.40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">78,706</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    amounts reported in this column represent the aggregate grant date fair value computed in accordance with FASB ASC 718, excluding
    the effect of any estimated forfeitures and may not correspond to the actual value that will be realized by the named executive
    officer.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Outstanding
Equity Awards at Fiscal Year-End 2017 </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table contains certain information concerning unexercised options for the Named Executive Officers as of June 30, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Option
    Awards</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Stock
    Awards</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1.5pt solid">Name</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Number
    of<BR> Securities<BR> Underlying<BR> Unexercised<BR> Options<BR> Exercisable (#)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Number
    of<BR> Securities<BR> Underlying<BR> Unexercised<BR> Options<BR> Unexercisable<BR> (#)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Equity
    Incentive<BR> Plan Awards:<BR> Number of<BR> Securities<BR> Underlying<BR> Unexercised<BR> Unearned<BR> Options (#)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Option<BR>
    Exercise<BR> Price ($)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Option<BR>
    Expiration<BR> Date</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Number
    of<BR> Shares or<BR> Units of Stock<BR> That Have Not<BR> Vested (#)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Market
    Value<BR> of Shares or <BR> Units of Stock<BR> That Have Not<BR> Vested ($) (1)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Equity<BR>
    Incentive Plan<BR> Awards:<BR> Number of<BR> Unearned<BR> Shares, Units<BR> or Other<BR> Rights That<BR> Have Not<BR> Vested
    (#)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Equity<BR>
    Incentive<BR> Plan Awards:<BR> Market or<BR> Payout Value<BR> of Unearned<BR> Shares, Units<BR> or Other<BR> Rights That<BR>
    Have Not<BR> Vested ($)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><U>Named Executive Officers</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 14.5%">Joshua R. Disbrow</TD><TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">834</TD><TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,666</TD><TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">16.40</TD><TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: center">11/11/2025</TD><TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">9,500</TD><TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">112,100</TD><TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="width: 0.5%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Joshua R. Disbrow</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16.40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">7/7/2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Jarrett T. Disbrow</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">834</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,666</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16.40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">11/11/2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">97,350</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Jarrett T. Disbrow</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16.40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">7/7/2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Gregory A. Gould</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,042</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16.40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">11/11/2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">825</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">97,350</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Gregory A. Gould</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">417</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">833</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16.40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">7/7/2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Jonathan H. McGrael</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">834</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16.40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">11/11/2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Jonathan H. McGrael</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,167</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16.40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">7/7/2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based
    on $11.80 per share which was the closing price of our common stock on OTCQX on June 30, 2017, the last trading day of that
    fiscal year.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Employment
Agreements&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
entered into an employment agreement with Joshua Disbrow in connection with his employment as our Chief Executive Officer. The
agreement is for a term of 24 months beginning on April 16, 2015, subject to termination by us with or without Cause or as a result
of officer&rsquo;s disability, or by the officer with or without Good Reason (as discussed below). Mr. Disbrow is entitled to
receive $250,000 in annual salary, plus a discretionary performance bonus with a target of 125% of his base salary. Mr. Disbrow
is also eligible to participate in the benefit plans maintained by us from time to time, subject to the terms and conditions of
such plans. On April 16, 2017, we extended this agreement for another 24 months.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
entered into an employment agreement with Jarrett Disbrow, our Chief Operating Officer, in connection with his employment with
us. The agreement is for a term of 24 months beginning on April 16, 2015, subject to termination by us with or without Cause or
as a result of the officer&rsquo;s disability, or by the officer with or without Good Reason (as discussed below). Mr. Disbrow
is entitled to receive $250,000 in annual salary, plus a discretionary performance bonus with a target of 125% of his base salary.
Mr. Disbrow is also eligible to participate in the benefit plans maintained by us from time to time, subject to the terms and
conditions of such plans. On April 16, 2017, we extended this agreement for another 24 months.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 15, 2017, we entered into an employment agreement with Gregory A. Gould, effective June 16, 2017, to serve as our Chief Financial
Officer. Mr. Gould had been serving as our Chief Financial Officer on a part-time basis since April 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
agreement was identical to the two-year employment agreement entered into effective April 16, 2017, with Jarrett Disbrow, our
Chief Operating Officer, except for the position that Mr. Gould was to occupy. The agreement was for a term of 24 months beginning
on June 16, 2017, subject to termination by us with or without Cause (as defined below) or as a result of Mr. Gould&rsquo;s disability,
or by Mr. Gould with or without Good Reason (as defined below). Mr. Gould was entitled to receive $250,000 in annual salary, plus
a discretionary performance bonus with a target of 125% of his base salary, based on his individual achievements and company performance
objectives established by the board or the compensation committee in consultation with Mr. Gould. Mr. Gould was also eligible
to participate in the benefit plans maintained by us from time to time, subject to the terms and conditions of such plans. Mr.
Gould resigned effective November 15, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
December 18, 2017, we entered into an employment agreement with David Green. Pursuant to the employment agreement, Mr. Green will
receive a base salary at an annual rate of $250,000 and is eligible for a discretionary annual bonus of up to 50% of his base
salary as determined by the Compensation Committee of the Board. As further consideration for Mr. Green&rsquo;s services, the
Company agreed to grant to Mr. Green, on or promptly after January 1, 2018, 75,000 restricted shares of the Company&rsquo;s common
stock pursuant to the Company&rsquo;s 2015 Stock Option and Incentive Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr.
Green&rsquo;s employment agreement may be terminated by the Company with or without Cause, as defined in the employment agreement,
or as a result of Mr. Green&rsquo;s Disability, as defined in the employment agreement or by Mr. Green with our without Good Reason,
as defined in the employment agreement. Pursuant to the employment agreement, if the Company ends the term for Cause, as defined
in the employment agreement, if Mr. Green resigns for reasons other than Good Reason, as defined in the employment agreement,
or if Mr. Green dies while employed by the Company, he will be entitled to his Accrued Compensation, as defined in the employment
agreement. In the event the Company terminates Mr. Green&rsquo;s employment without Cause, as defined in the employment agreement,
or because of Disability, as defined in the employment agreement or Mr. Green terminates employment with Good Reason, as defined
in the employment agreement, he will be entitled to his Accrued Compensation, as defined in the employment agreement and a lump
sum equal to 100% of this base salary as well as continued participation in our health and welfare plans for up to twelve months.
In addition, Mr. Green&rsquo;s Restricted Shares will vest in accordance with the terms of the restricted stock agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr.
Green&rsquo;s employment agreement further provides that, upon the occurrence of a Change of Control, as defined therein, all
stock options, restricted stock and other stock-based grants issued to Mr. Green will immediately and irrevocably vest and become
exercisable upon the occurrence of a Change of Control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Payments
Provided Upon Termination for Good Reason or Without Cause&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the employment agreements, in the event employment is terminated without Cause by us or the officer terminates his employment
with Good Reason, we will be obligated to pay him any accrued compensation and a lump sum payment equal to two times his base
salary in effect at the date of termination, as well as continued participation in the health and welfare plans for up to two
years. All vested stock options shall remain exercisable from the date of termination until the expiration date of the applicable
award. So long as a Change in Control is not in effect, then all options which are unvested at the date of termination Without
Cause or for Good Reason shall be accelerated as of the date of termination such that the number of option shares equal to 1/24<SUP>th
</SUP>the number of option shares multiplied by the number of full months of such officer&rsquo;s employment shall be deemed vested
and immediately exercisable by the officer. Any unvested options over and above the foregoing shall be cancelled and of no further
force or effect, and shall not be exercisable by such officer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Good
Reason&rdquo; means, without the officer&rsquo;s written consent, there is:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a
    material reduction in the officer&rsquo;s overall responsibilities or authority, or scope of duties (it being understood that
    the occurrence of a Change in Control shall not, by itself, necessarily constitute a reduction in the officer&rsquo;s responsibilities
    or authority);</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a
    material reduction of the level of the officer&rsquo;s compensation (excluding any bonuses) (except where there is a general
    reduction applicable to the management team generally, provided, however, that in no case may the base salary be reduced below
    certain specified amounts); or</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a
    material change in the principal geographic location at which the officer must perform his services.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Cause&rdquo;,
means:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">conviction
    of, or entry of a plea of guilty to, or entry of a plea of nolo contendere with respect to, any crime, other than a traffic
    violation or a misdemeanor;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">willful
    malfeasance or willful misconduct by the officer in connection with his employment;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">gross
    negligence in performing any of his duties;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">willful
    and deliberate violation of any of our policies;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">unintended
    but material breach of any written policy applicable to all employees adopted by us which is not cured to the reasonable satisfaction
    of the board;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">unauthorized
    use or disclosure of any proprietary information or trade secrets of us or any other party as to which the officer owes an
    obligation of nondisclosure as a result of the officer&rsquo;s relationship with us;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">willful
    and deliberate breach of his obligations under the employment agreement; or</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
    other material breach by officer of any of his obligations which is not cured to the reasonable satisfaction of the board.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Payments
Provided Upon a Change in Control&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
the event of a Change in Control of us, all stock options, restricted stock and other stock-based grants granted or may be granted
in the future by us to the officers will immediately vest and become exercisable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Change
in Control&rdquo; means: the occurrence of any of the following events:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    acquisition by any individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (the
    &ldquo;Acquiring Person&rdquo;), other than us, or any of our Subsidiaries, of beneficial ownership (within the meaning of
    Rule 13d-3- promulgated under the Exchange Act) of 50% or more of the combined voting power or economic interests of the then
    outstanding voting securities of us entitled to vote generally in the election of directors (excluding any issuance of securities
    by us in a transaction or series of transactions made principally for bona fide equity financing purposes); or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    acquisition of us by another entity by means of any transaction or series of related transactions to which we are party (including,
    without limitation, any stock acquisition, reorganization, merger or consolidation but excluding any issuance of securities
    by us in a transaction or series of transactions made principally for bona fide equity financing purposes) other than a transaction
    or series of related transactions in which the holders of the voting securities of us outstanding immediately prior to such
    transaction or series of related transactions retain, immediately after such transaction or series of related transactions,
    as a result of shares in us held by such holders prior to such transaction or series of related transactions, at least a majority
    of the total voting power represented by the outstanding voting securities of us or such other surviving or resulting entity
    (or if we or such other surviving or resulting entity is a wholly-owned subsidiary immediately following such acquisition,
    its parent); or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    sale or other disposition of all or substantially all of the assets of us in one transaction or series of related transactions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
only obligation to Joshua Disbrow, Jarrett Disbrow and Gregory A. Gould had a Change in Control occurred as of June 30, 2017,
would be the acceleration of the vesting of all options held by them at that date. On June 30, 2017, the closing price of our
common stock was below the exercise price for all of the options held by Joshua Disbrow, Jarrett Disbrow and Gregory A. Gould
and therefore there would have been no economic benefit to them upon the acceleration of vesting of those options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_13"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TRANSACTIONS
WITH RELATED PERSONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 55.05pt; text-indent: -55.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Related
Party Transactions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 55.05pt; text-indent: -55.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
describe below all transactions and series of similar transactions, other than compensation arrangements, during the last three
fiscal years, to which we were a party or will be a party, in which:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    amounts involved exceeded or will exceed $120,000; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         of our directors, executive officers or holders of more than 5% of our capital stock,
                                         or any member of the immediate family of the foregoing persons, had or will have a direct
                                         or indirect material interest.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Services
Agreements&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
January 2013, Luoxis entered into a services agreement with Ampio whereby Ampio provides corporate overhead services and a shared
facility with Luoxis in exchange for $15,000 per month. The amount can be modified in writing upon the consent of both parties.
The agreement may be terminated at any time by either party. In January 2014, Vyrix entered into a services agreement with Ampio
whereby Ampio provides corporate overhead services to Vyrix in exchange for $7,000 per month. The amount can be modified in writing
upon the consent of both parties. The agreement may be terminated at any time by either party. Both agreements were assigned to
us upon the closing of the Merger.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
July 2015, the prior service agreements were canceled and Aytu entered into agreements with Ampio whereby Aytu agreed to pay Ampio
$30,000 per month for shared overhead which includes costs related to the shared facility, corporate staff, and other miscellaneous
overhead expenses. This agreement will be in effect until it is terminated in writing by both parties. This agreement was amended
periodically to reflect the amount of resources used from Ampio, the final amount was $4,000 for the month of June 2017. This
agreement was cancelled in June 2017 and Ampio is no longer considered a related party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Sponsored
Research Agreement&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
June 2013, Luoxis entered into a sponsored research agreement with TRLLC, an entity controlled by Ampio&rsquo;s director and Chief
Scientific Officer, Dr. Bar-Or. The agreement, which was amended in September 2013 and provides for Luoxis to pay $6,000 per month
to TRLLC in consideration for services related to research and development of Luoxis&rsquo; RedoxSYS System. In March 2014, Luoxis
also agreed to pay a sum of $615,000 which was being amortized over the contractual term of 60.5 months and was divided between
current and long-term on the balance sheet; this amount had been paid in full. This agreement was set to expire March 2019 and
could not be terminated prior to March 2017. This agreement was cancelled in March 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Review,
Approval or Ratification of Transactions with Related Persons&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effective
upon its adoption in July 2016, pursuant to the Audit Committee Charter, the Audit Committee is responsible for reviewing and
approving all related party transactions as defined under Item 404 of Regulation S-K, after reviewing each such transaction for
potential conflicts of interests and other improprieties. Our policies and procedures for review and approval of transactions
with related persons are in writing in our Code of Conduct and Ethics available on our website at&nbsp;<U>http://www.aytubio.com</U>&nbsp;under
the &ldquo;Investor Relations&mdash;Corporate Governance&rdquo; tab.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prior
to the adoption of the Audit Committee Charter, and due to the small size of our company, we did not have a formal written policy
regarding the review of related party transactions, and relied on our Board of Directors to review, approve or ratify such transactions
and identify and prevent conflicts of interest. Our Board of Directors reviewed any such transaction in light of the particular
affiliation and interest of any involved director, officer or other employee or stockholder and, if applicable, any such person&rsquo;s
affiliates or immediate family members.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Director
Independence&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Three of our five directors are independent under the NASDAQ
Marketplace Rules. The other two directors are not independent due to (i) being an executive officer of our Company, in the case
of Josh Disbrow, and (ii) the payments we made to Ampio under the services agreement with Aytu, in the case of Mr. Macaluso.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_14"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth information with respect to the beneficial ownership of our common stock as of February 1, 2018 for:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">each
                                         beneficial owner of more than 5% of our outstanding common stock;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>&#9679;</TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">each of our director
                                and named executive officers; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>&#9679;</TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">all of our directors
                                and executive officers as a group.</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Beneficial
ownership is determined in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities
to persons who possess sole or shared voting power or investment power with respect to those securities and include common stock
that can be acquired within 60 days of February 1, 2018. The percentage ownership information shown in the table is based upon
4,969,638 shares of common stock outstanding as of February 1, 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except
as otherwise indicated, all of the shares reflected in the table are shares of common stock and all persons listed below have
sole voting and investment power with respect to the shares beneficially owned by them, subject to applicable community property
laws. The information is not necessarily indicative of beneficial ownership for any other purpose.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
computing the number of shares of common stock beneficially owned by a person and the percentage ownership of that person, we
deemed outstanding shares of common stock subject to options and warrants held by that person that are immediately exercisable
or exercisable within 60 days of February 1, 2018. We did not deem these shares outstanding, however, for the purpose of computing
the percentage ownership of any other person. Beneficial ownership representing less than 1% is denoted with an asterisk (*).
The information in the table below is based on information known to us or ascertained by us from public filings made by the stockholders.
Except as otherwise indicated in the table below, addresses of the director, executive officers and named beneficial owners are
in care of Aytu BioScience, Inc., 373 Inverness Parkway, Suite 206, Englewood, Colorado 80112.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">
    <TD STYLE="border-bottom: black 1.5pt solid; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name&nbsp;of&nbsp;Beneficial&nbsp;Owner</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number&nbsp;of
    Shares Beneficially Owned</B> &nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 107%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Percentage&nbsp;of
    Shares Beneficially Owned</B> &nbsp;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">James
    E. Besser&nbsp;<SUP>(8)</SUP></FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">323,768</FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.5</FONT></TD>
    <TD STYLE="width: 1%; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Steven Boyd <SUP>(9)</SUP></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">502,881</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.99</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Armistice Capital,
    LLC <SUP>(9)</SUP></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">502,881</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.99</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Armistice Capital
    Master Fund Ltd. <SUP>(9)</SUP></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">502,881</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.99</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">G. Nicholas Farwell
    &amp; Gale Farwell TTEE U/A 12-2-98 FBO Farwell Family Trust <SUP>(10)</SUP></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">525,671</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.99</FONT></TD>
    <TD STYLE="line-height: 107%">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pacific Capital Mgmt
    LLC <SUP>(11)</SUP></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">291,663</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.7</FONT></TD>
    <TD STYLE="line-height: 107%">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Directors and Named
    Executive Officers:</B></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Joshua R. Disbrow
    <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">393,958</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.7</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jarrett T. Disbrow
    <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">341,052</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.7</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">David A. Green <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75,000</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.5</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael Macaluso <SUP>(4)</SUP></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">56,802</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.1</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Carl C. Dockery <SUP>(5)</SUP></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">95,865</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.9</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Donofrio <SUP>(6)</SUP></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54,000</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.1</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gary Cantrell <SUP>(7)</SUP></FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">57,521</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.2</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All directors and
    executive officers as a group (seven persons)</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,074,198</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20.5</FONT></TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists of (i) 105,344
    shares, (ii) 159,500 restricted shares, (iii) 2,667 vested options to purchase shares of stock, and (iv) 126,447 shares issuable
    upon the exercise of warrants. Does not include 2,328 shares held by an irrevocable trust for estate planning in which Mr.
    Disbrow is a beneficiary. Mr. Disbrow does not have or share investment control over the shares held by the trust, Mr. Disbrow
    is not the trustee of the trust (nor is any member of Mr. Disbrow&rsquo;s immediate family) and Mr. Disbrow does not have
    or share the power to revoke the trust. As such, under Rule 16a-8(b) and related rules, Mr. Disbrow does not have beneficial
    ownership over the shares purchased and held by the trust.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of (i) 105,135 shares, (ii) 108,250 restricted shares, (iii) shares underlying 2,667 vested options to purchase shares of
    common stock and (iv) 125,000 shares issuable upon the exercise of warrants. Does not include 2,328 shares held by an irrevocable
    trust for estate planning in which Mr. Disbrow is a beneficiary. Mr. Disbrow does not have or share investment control over
    the shares held by the trust, Mr. Disbrow is not the trustee of the trust (nor is any member of Mr. Disbrow&rsquo;s immediate
    family) and Mr. Disbrow does not have or share the power to revoke the trust. As such, under Rule 16a-8(b) and related rules,
    Mr. Disbrow does not have beneficial ownership over the shares purchased and held by the trust.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of restricted shares.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of (i) 1,489 shares, (ii) 53,250 restricted shares, and (iii) shares underlying vested options to purchase 2,063 shares of
    common stock.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of (i) 53,250 restricted shares, (ii) shares underlying vested options to purchase 750 shares of common stock, and (iii) 41,865
    shares held by Alpha Venture Capital Partners, L.P Mr. Dockery is the President of the general partner of Alpha Venture Capital
    Partners, L.P. and therefore may be deemed to beneficially own the shares beneficially owned by Alpha Venture Capital Partners,
    L.P.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(6)</SUP></FONT></TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of (i) 53,250 restricted shares, and (ii) shares underlying vested options to purchase 750 shares of common stock.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(7)</SUP></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of (i) 53,250 restricted shares, (ii) 3,521 shares, and (iii) vested options to purchase 750 shares of common stock.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(8)</SUP></TD><TD STYLE="text-align: justify">Based
                                         on Schedule 13G/A filed with the SEC on February 14, 2018. Includes 200,000 shares directly
                                         owned by advisory clients of Manchester Management Company, LLC. Mr. Besser has shared
                                         voting and dispositive power over 200,000 shares and sole voting and dispositive power
                                         over 123,768 shares.</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; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><SUP>(9)</SUP></TD><TD STYLE="text-align: justify">Based on Schedule 13G/A
                                         filed with the SEC on February 14, 2018. Represents shares issuable upon exercise of
                                         warrants held by Armistice Capital Master Fund Ltd . The warrants are not exercisable
                                         to the extent such exercise would result in the holder beneficially owning more than
                                         9.99% of the Company&rsquo;s outstanding common stock. Mr. Boyd, Armistice Capital, LLC
                                         and Armistice Capital Master Fund Ltd. each have shared voting and dispositive power
                                         over such 502,881 shares underlying the warrants.</TD>
</TR>               <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><SUP>(10)</SUP></TD><TD STYLE="text-align: justify">The stockholder owns 233,334 shares of
                                         common stock and warrants to purchase 350,000 shares of common stock. The warrants may
                                         not be exercised to the extent such exercise would result in the holder beneficially
                                         owning more than 9.99% of the outstanding common stock. The number of shares deemed beneficially
                                         owned is limited accordingly. The address of G. Nicholas Farwell &amp; Gale Farwell TTEE
                                         U/A 12-2-98 FBO Farwell Family Trust is 1240 Arbor Road, Menlo Park, California 94025.</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><SUP>(11)</SUP></TD><TD STYLE="text-align: justify">Consists of 116,665 shares of common stock
                                         and 174,998 shares of common stock issuable upon the exercise of warrants. The address
                                         of Pacific Capital Management is 11601 Wilshire Blvd., Suite 1925, Los Angeles, California,
                                         90025.</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_15"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DESCRIPTION
OF CAPITAL STOCK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>General</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
are authorized to issue up to 100,000,000 shares of common stock, $0.0001 par value per share, and 50,000,000 shares of preferred
stock, $0.0001 par value per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of February 1, 2018, a total of 4,969,638 shares of our common stock were issued and outstanding and 1,900 shares of our Series
A Preferred Stock were issued and outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Common
Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
holders of common stock are entitled to one vote per share. Our Certificate of Incorporation does not expressly prohibit cumulative
voting. The holders of our common stock are entitled to receive ratably such dividends, if any, as may be declared by the Board
of Directors out of legally available funds. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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 the Board of Directors and issued
in the future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Preferred
Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our Certificate of Incorporation provides
our Board of Directors with the authority to divide the preferred stock into series and to fix and determine the rights and preferences
of the shares of any series of preferred stock established to the full extent permitted by the laws of the State of Delaware and
the Certificate of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; text-align: left">We have designated 10,000 shares as Series A Preferred Stock. 1,900 shares of Series
A Preferred Stock are outstanding as of February 1, 2018.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shares of Series A Preferred Stock are convertible into a number
of shares of common stock equal to the stated value of $1,000 per share divided by the conversion price of $3.00 (as adjusted
for our 1-for-20 reverse stock split completed in August 2017).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Holders
may not convert shares of Series A Preferred Stock to common stock to the extent such conversion would result in the holder, together
with its affiliates, beneficially owning more than 9.99% of our outstanding shares of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except
as otherwise expressly provided by law, the holders of shares of Series A Preferred Stock are entitled to vote with the common
stock, as if converted into shares of common stock, provided, however, that in no event will a holder of shares of Series A Preferred
Stock be entitled to vote a number of shares in excess of such holder&rsquo;s beneficial ownership limitation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <B>Series B Preferred Stock</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"> <I>The following is a summary of the material terms of the
Series B Preferred. This summary is not complete. The following summary is qualified in its entirety by reference to the form
of Certificate of Designation of Series B Preferred Stock, which has been filed as an exhibit to the registration statement of
which this prospectus is a part.</I> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <I>&nbsp;</I> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <I>General. </I>Our board of directors has designated up
to 5,000&nbsp;shares of the 50,000,000 authorized shares of preferred stock as Series B Convertible Preferred Stock. When issued,
the shares of Series B Preferred will be validly issued, fully paid and non-assessable. Each share of Series B Preferred will
have a stated value of $1,000 per share. </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"> <I>Rank. </I>The Series B Preferred will rank on parity
to 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"> <I>Conversion. </I>Each share of Series B Preferred will
be convertible into shares of our common stock at any time at the option of the holder at a conversion price equal to the public
offering price of the Class A Units in this offering (subject to adjustment as provided in the certificate of designation). Holders
of Series B Preferred will be prohibited from converting Series B Preferred into shares of our common stock if, as a result of
such conversion, the holder, together with its affiliates, would beneficially own more than 4.99% (or upon the election by a holder
prior to the issuance of any shares of Series B Preferred, 9.99%) of the total number of shares of our common stock then issued
and outstanding. </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"> <I>Liquidation Preference.</I> In the event of our liquidation,
dissolution or winding-up, holders of Series B Preferred will be entitled to receive the same amount that a holder of our common
stock would receive if the Series B Preferred were fully converted into shares of our common stock at the conversion price (disregarding
for such purposes any conversion limitations) which amounts shall be paid <I>pari passu</I> with all holders of 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"> <I>Voting Rights.</I> Shares of Series B Preferred will
vote on an as-converted to common stock basis provided, however, in no event will a holder of shares of Series B Preferred Stock
be entitled to vote a number of shares in excess of such holder&rsquo;s beneficial ownership limitation. In addition, the affirmative
vote of the holders of a majority of the then outstanding shares of Series B Preferred is required to, (a) alter or change adversely
the powers, preferences or rights given to the Series B Preferred, (b) amend our certificate of incorporation or other charter
documents in any manner that materially adversely affects any rights of the holders, (c) increase the number of authorized shares
of Series B Preferred, or (d) enter into any agreement with respect to any of the foregoing. </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"> <I>Dividends. </I>Shares of Series B Preferred will not
be entitled to receive any dividends, unless and until specifically declared by our board of directors. The holders of the Series
B Preferred will participate, on an as-if-converted-to-common stock basis, in any dividends to the holders of 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"> <I>Redemption. </I>We will be not obligated to redeem or
repurchase any shares of Series B Preferred. Shares of Series B Preferred will not otherwise be entitled to any redemption rights
or mandatory sinking fund or analogous fund provisions. </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"> <I>Exchange Listing.</I> We do not plan on making an application
to list the Series B Preferred on any national securities exchange or other nationally recognized trading system. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Warrants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of February 1, 2018, we had outstanding warrants to purchase
an aggregate of 6,600,720 shares of our common stock, consisting of:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants
    to purchase 444 shares that were originally issued by Luoxis in 2013 and, in connection with the Merger, were converted into
    warrants to purchase shares of our common stock at a purchase price of $1,087.20 per share. These warrants expire on May 30,
    2018;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants
    to purchase 686 shares of our common stock that were issued in February 2016 to the placement agents in our private placement
    of convertible notes that we conducted in July and August 2015. These placement agents&rsquo; warrants have a term of five
    years from the date of issuance of the related notes in July and August 2015, have an exercise price of $156.00, and provide
    for cashless exercise;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants
    to purchase 429 shares of our common stock that were issued in February 2016 to the placement agents in our private placement
    of convertible notes that we conducted in July and August 2015. These placement agents&rsquo; warrants have a term of five
    years from the date of issuance of the related notes in July and August 2015, have an exercise price of $15.00, and provide
    for cashless exercise;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants
    to purchase 1,129 shares of our common stock that were issued in May 2016 to the placement agents in our private placement
    of convertible notes that we conducted in July and August 2015. These placement agents&rsquo; warrants have a term of five
    years from the date of issuance of the related notes in July and August 2015, have an exercise price of $96.00, and provide
    for cashless exercise;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants
    to purchase 27,202 shares of our common stock that were issued in the public offering of common stock and warrants we completed
    on May 6, 2016. These warrants are exercisable for five years from issuance and have an exercise price equal to $120.00;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants
    to purchase 15,279 shares of our common stock that were issued upon the closing of our public offering on May 5, 2016. These
    warrants are exercisable for five years from issuance and have an exercise price equal to $120.00;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants
    to purchase 5,474 shares of common stock issued to the underwriters of our public offering. These warrants are exercisable
    beginning May 2, 2017 until May 2, 2021 and have an exercise price equal to $15.00;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants
    with a release to purchase 4,402 shares of common stock issued to the Luoxis stockholders. These warrants expire on July 7,
    2021 and have an exercise price equal to $80.00;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants
    to purchase 210,927 shares of our common stock that were issued upon the closing of our public offering on November 2, 2016.
    These warrants are exercisable for five years from issuance and have an exercise price equal to $37.20;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants
    to purchase 20,077 shares of common stock issued to the underwriters of our public offering. These warrants are exercisable
    beginning May 2, 2017 until May 2, 2021 and have an exercise price equal to $15.00;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants
    to purchase 5,920,002 shares of our common stock that were issued in the public offering of common stock, preferred stock
    and warrants we completed on August 15, 2017. These warrants are exercisable for five years from issuance and have an exercise
    price equal to $3.60; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants
    to purchase 394,669 shares of our common stock that were issued in August 2017 to the placement agents in our public offering
    of common stock, preferred stock and warrants we completed on August 15, 2017. These placement agents&rsquo; warrants have
    a term of five years from August 25, 2017, and have an exercise price of $3.60, and provide for cashless exercise.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <B>Warrants to be issued in this offering </B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 7pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The following is a summary of the material terms of the
warrants. This summary is not complete and is qualified in its entirety by reference to the warrants, the form of which has been
filed as an exhibit to the registration statement of which this prospectus is a part. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <B>&nbsp;</B> </P>

<P STYLE="margin: 0pt 0"> <I>Form</I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The warrants
will be issued as individual warrant agreements to the investors in the offering. You should review a copy of the form of warrant,
which is filed as an exhibit to the registration statement of which this prospectus forms a part, for a complete description of
the terms and conditions applicable to the warrants.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <I>Exercisability</I>. The warrants are exercisable at any
time after their original issuance, expected to be &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2018,
and at any time up to the date that is five years after their original issuance. The warrants will be exercisable, at the option
of each holder, in whole or in part by delivering to us a duly executed exercise notice and, at any time a registration statement
registering the issuance of the shares of common stock underlying the warrants under the Securities Act is effective and available
for the issuance of such shares, by payment in full in immediately available funds for the number of shares of common stock purchased
upon such exercise. If a registration statement registering the issuance of the shares of common stock underlying the warrants
under the Securities Act is not effective or available, the holder may, in its sole discretion, elect to exercise the warrant
through a cashless exercise, in which case the holder would receive upon such exercise the net number of shares of common stock
determined according to the formula set forth in the warrant. No fractional shares of common stock will be issued in connection
with the exercise of a warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional
amount multiplied by the exercise price. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <I>Exercise Limitation</I>. A holder will not have the right
to exercise any portion of the warrant if the holder (together with its affiliates) would beneficially own in excess of 4.99%
(or, upon election by a holder prior to the issuance of any warrants, 9.99%) of the number of shares of our common stock outstanding
immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the
warrants. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <I>Exercise Price</I>. The exercise price per share of common
stock purchasable upon exercise of the warrants will be equal to 120% of the public offering price per Class A Unit. The warrants
may also be exercised via cashless exercise, whereby the holder will receive upon exercise of the warrant (either in whole or
in part) the net number of shares of common stock determined according to a formula set forth in the warrant. The exercise price
is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations,
reclassifications or similar events affecting our common stock and also upon any distributions of assets, including cash, stock
or other property to our stockholders. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <I>Transferability. </I>Subject to applicable laws, the
warrants may be offered for sale, sold, transferred or assigned without our consent. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <I>Exchange Listing.</I> We do not plan on making an application
to list the warrants on any national securities exchange or other nationally recognized trading system. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <I>Fundamental Transactions.</I> In the event of a fundamental
transaction, as described in the warrants and generally including any reorganization, recapitalization or reclassification of
our common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation
or merger with or into another person, the acquisition of more than 50% of our outstanding common stock, or any person or group
becoming the beneficial owner of 50% of the voting power represented by our outstanding common stock, the holders of the warrants
will be entitled to receive upon exercise of the warrants the kind and amount of securities, cash or other property that the holders
would have received had they exercised the warrants immediately prior to such fundamental transaction. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <I>Rights as a Stockholder.</I> Except as otherwise provided
in the warrants or by virtue of such holder&rsquo;s ownership of shares of our common stock, the holder of a warrant does not
have the rights or privileges of a holder of our common stock, including any voting rights, until the holder exercises the warrant. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Options</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 1, 2015, our stockholders approved the 2015 Stock Option and Incentive Plan, which provides for the award of stock options,
stock appreciation rights, restricted stock and other equity awards for up to an aggregate of 3.0 million shares of common stock.
The shares of common stock underlying any awards that are forfeited, canceled, reacquired by us prior to vesting, satisfied without
any issuance of stock, expire or are otherwise terminated (other than by exercise) under the 2015 Plan will be added back to the
shares of common stock available for issuance under the 2015 Plan.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of February 1, 2018, we had outstanding options to purchase an aggregate of 36,795 shares of our common stock at a weighted average
exercise price of $16.30 per share. Of these, an aggregate of 27,031 are exercisable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
9,764 options that are unvested, will vest per the following schedule: 2,342 options on November 11, 2018, 468 options on November
11, 2019, an aggregate of 104 options on August 7, 2018 and 2019, 3,426 options on July 7, 2018 and 3,424 options on July 7, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
2015 Plan is administered by our Board or a committee designated by the Board (as applicable, the Administrator). The Administrator
has full power to select, from among the individuals eligible for awards, the individuals to whom awards will be granted, to make
any combination of awards to participants, and to determine the specific terms and conditions of each award, subject to the provisions
of the 2015 Plan. The Administrator may delegate to our Chief Executive Officer the authority to grant stock options and other
awards to employees who are not subject to the reporting and other provisions of Section 16 of the Exchange Act and not subject
to Section 162(m) of the Code, subject to certain limitations and guidelines.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Persons
eligible to participate in the 2015 Plan are full or part-time officers, employees, non-employee directors, directors and other
key persons (including consultants and prospective officers) of our company and its subsidiaries as selected from time to time
by the Administrator in its discretion. Approximately 30 individuals are currently eligible to participate in the 2015 Plan, which
includes officers, employees who are not officers, non-employee director, former employees and other individuals who are primarily
consultants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
2015 Plan provides that upon the effectiveness of a &ldquo;sale event&rdquo; as defined in the 2015 Plan, except as otherwise
provided by the Administrator in the award agreement, all stock options, stock appreciation rights and other awards will be assumed
or continued by the successor entity and adjusted accordingly to take into account the impact of the transaction. To the extent,
however, that the parties to such sale event do not agree that all stock options, stock appreciation rights or any other awards
shall be assumed or continued, then such stock options and stock appreciation rights shall become fully exercisable and the restrictions
and conditions on all such other awards with time-based conditions will automatically be deemed waived. Awards with conditions
and restrictions relating to the attainment of performance goals may become vested and non-forfeitable in connection with a sale
event in the Administrator&rsquo;s discretion. In addition, in the case of a sale event in which our stockholders will receive
cash consideration, we may make or provide for a cash payment to participants holding options and stock appreciation rights equal
to the difference between the per share cash consideration and the exercise price of the options or stock appreciation rights
in exchange for the cancellation thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Quotation
on the NASDAQ Capital Market</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
common stock is quoted on the NASDAQ Capital Market under the symbol &ldquo;AYTU&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Transfer
Agent</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
transfer agent of our common stock is VStock Transfer. Their address is 18 Lafayette Place, Woodmere, NY 11598.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Delaware
Anti-Takeover Law and Provisions of Our Certificate of Incorporation and Bylaws</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Delaware
Anti-Takeover Law.</I> 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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">upon
    consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder
    owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding specified
    shares; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">at
    or subsequent to the date of the transaction, the business combination is approved by the board of directors 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: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
203 defines a &ldquo;business combination&rdquo; to include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
    merger or consolidation involving the corporation and the interested stockholder;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
    sale, lease, exchange, mortgage, pledge, transfer or other disposition of 10% or more of the assets of the corporation to
    or with the interested stockholder;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">subject
    to exceptions, any transaction involving the corporation that has the effect of increasing the proportionate share of the
    stock of any class or series of the corporation beneficially owned by the interested stockholder; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
general, Section 203 defines an &ldquo;interested stockholder&rdquo; as any person that is:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    owner of 15% or more of the outstanding voting stock of the corporation;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an
    affiliate or associate of the corporation who was the owner of 15% or more of the outstanding voting stock of the corporation
    at any time within three years immediately prior to the relevant date; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    affiliates and associates of the above.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Under
specific circumstances, Section 203 makes it more difficult for an &ldquo;interested stockholder&rdquo; to effect various business
combinations with a corporation for a three-year period, although the stockholders may, by adopting an amendment to the corporation&rsquo;s
certificate of incorporation or bylaws, elect not to be governed by this section, effective 12 months after adoption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
certificate of incorporation and bylaws do not exclude us from the restrictions of Section 203. We anticipate that the provisions
of Section 203 might encourage companies interested in acquiring us to negotiate in advance with our board of directors since
the stockholder approval requirement would be avoided if a majority of the directors then in office approve either the business
combination or the transaction that resulted in the stockholder becoming an interested stockholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Certificate
of Incorporation and Bylaw. </I>Provisions of our certificate of incorporation and bylaws may delay or discourage transactions
involving an actual or potential change of control or change in our management, including transactions in which stockholders might
otherwise receive a premium for their shares, or transactions that our stockholders might otherwise deem to be in their best interests.
Therefore, these provisions could adversely affect the price of our common stock. Among other things, these provisions include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    authorization of 50,000,000 shares of &ldquo;blank check&rdquo; preferred stock, the rights, preferences and privileges of
    which may be established and shares of which may be issued by our Board of Directors at its discretion from time to time and
    without stockholder approval;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">limiting
    the removal of directors by the stockholders;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">allowing
    for the creation of a staggered board of directors;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">eliminating
    the ability of stockholders to call a special meeting of stockholders; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -13.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">establishing
    advance notice requirements for nominations for election to the board of directors or for proposing matters that can be acted
    upon at stockholder meetings.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_16"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNDERWRITING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Joseph Gunnar &amp; Co., LLC is acting as representative of
the underwriters (the &ldquo;Representative&rdquo;). We have entered into an underwriting agreement dated _____, 2018 with the
Representative. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to each underwriter
named below, and each underwriter named below has severally agreed to purchase, at the public offering price less the underwriting
discounts set forth on the cover page of this prospectus, the number of Units listed next to its name in the following table: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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-weight: bold; border-bottom: Black 1.5pt solid"> Name </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Number of<BR> Class A <BR>
    Units </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; text-align: center"> Number of<BR>
    Class B<BR>
    Units </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left"> Joseph Gunnar &amp; Co., LLC </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; text-align: right"> &nbsp;&nbsp; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; text-align: right"> &nbsp;&nbsp; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Fordham Financial Management, Inc. </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> Total: </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> The underwriters are committed to purchase all the Units offered
by us other than those covered by the over-allotment option to purchase additional shares and/or warrants described below, if they
purchase any Units. The obligations of the underwriters may be terminated upon the occurrence of certain events specified in the
underwriting agreement. Furthermore, pursuant to the underwriting agreement, the underwriters&rsquo; obligations are subject to
customary conditions, representations and warranties contained in the underwriting agreement, such as receipt by the underwriters
of officers&rsquo; certificates and legal opinions. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act, and to
contribute to payments the underwriters may be required to make in respect thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> The underwriters are offering the Units, subject to prior sale,
when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel and other conditions specified
in the underwriting agreement. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject
orders in whole or in part. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"> We have granted the underwriters an over-allotment
option. This option, which is exercisable for up to 45 days after the date of this prospectus, permits the underwriters to purchase
a maximum of 1,744,186 additional shares (15% of the shares of common stock included in the Class A Units and Class B Units sold
in this offering, on an as-converted to common stock basis with respect to any Series B Preferred sold) and/or warrants to purchase
1,744,186 shares of common stock (15% of the warrants included as part of the Units sold in this offering) from us to cover over-allotments,
if any. If the underwriters exercise all or part of this option, they will purchase shares covered by the option at the public
offering price that appears on the cover page of this prospectus, less the underwriting discount. If this option is exercised
in full, the total price to the public will be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; and the total net proceeds, before expenses,
to us will be $ &nbsp;&nbsp;. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Discounts,
Commissions and Reimbursement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table shows the public offering price, underwriting discount and proceeds, before expenses, to us. The information assumes
either no exercise or full exercise by the underwriters of their over-allotment option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Per<BR> Class A<BR>
    Unit </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Per<BR>
    Class B<BR>
    Unit </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Total<BR>
    Without<BR> Over-Allotment<BR> Option </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Total<BR>
    With Full<BR> Over-Allotment<BR> Option </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%"> Public offering price </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> &nbsp;&nbsp;&nbsp;&nbsp; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Underwriting discount (7%) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &nbsp;&nbsp;&nbsp;&nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $&nbsp; </TD><TD STYLE="text-align: right"> &nbsp;&nbsp;&nbsp;&nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accountable
    expense allowance (1%)<SUP>(1)</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &nbsp;&nbsp;&nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Proceeds, before expenses, to us </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> &nbsp;&nbsp;&nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&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: 24px; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have agreed to
    pay a non-accountable expense allowance to the Representative equal to 1.0% of the gross proceeds received in this offering
    (excluding any proceeds received from exercise of the underwriters&rsquo; over-allotment option).</FONT> </TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
underwriters propose to offer the securities to the public at the public offering price set forth on the cover of this prospectus.
In addition, the underwriters may offer some of the shares to other securities dealers at such price less a concession of $&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share. If all of the securities offered by us are not sold at the public
offering price, the Representative may change the offering price and other selling terms by means of a supplement to this prospectus.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have paid an expense deposit of $15,000 to the Representative, which will be will be returned to the Company to the extent not
actually incurred in accordance with FINRA Rule 5110(f)(2)(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have also agreed to pay the following expenses of the Representative relating to the offering: (a) all fees, expenses and disbursements
relating to background checks of our officers and directors in an amount not to exceed $5,000 per individual and $15,000 in the
aggregate; (b) all filing fees and communication expenses associated with the review of this offering by FINRA; (c) all fees,
expenses and disbursements relating to the registration, qualification or exemption of securities offered under the securities
laws of such states and foreign jurisdictions designated by the Representative; (d) the fees and expenses of the Representative&rsquo;s
legal counsel, not to exceed $75,000; (e) $29,500 for the underwriters&rsquo; use of Ipreo&rsquo;s book-building, prospectus tracking
and compliance software for this offering; and (f) $20,000 of the Representative&rsquo;s actual accountable road show expenses
for the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We estimate that the total expenses of the offering payable by
us, excluding the total underwriting discount and non-accountable expense allowance, will be approximately $279,500.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Discretionary
Accounts</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
underwriters do not intend to confirm sales of the securities offered hereby to any accounts over which they have discretionary
authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lock-Up
Agreements</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to &ldquo;lock-up&rdquo; agreements, we and our executive
officers and directors, have agreed, subject to limited exceptions, without the prior written consent of the Representative not
to directly or indirectly, offer to sell, sell, pledge or otherwise transfer or dispose of any of shares of (or enter into any
transaction or device that is designed to, or could be expected to, result in the transfer or disposition by any person at any
time in the future of) our common stock, enter into any swap or other derivatives transaction that transfers to another, in whole
or in part, any of the economic benefits or risks of ownership of shares of our common stock, make any demand for or exercise
any right or cause to be filed a registration statement, including any amendments thereto, with respect to the registration of
any shares of common stock or securities convertible into or exercisable or exchangeable for common stock or any other securities
of the Company or publicly disclose the intention to do any of the foregoing, subject to customary exceptions, for a period of
six months from the date of this prospectus, in the case of our directors and officers, and for a period of three months from
the date of this prospectus, in the case of us and certain stockholders.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriters&rsquo;
Warrants</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> We have agreed to issue to the Representative and to
Fordham Financial Management, Inc. warrants to purchase up to a total of 813,953 shares of common stock (7% of the shares of
common stock sold in this offering, excluding the over-allotment option and on an as-converted basis with respect to any
Series B Preferred sold). The warrants will be exercisable at any time, and from time to time, in whole or in part, during
the 54 month period commencing six months from the effective date of the offering, which period shall not extend further than
five years from the effective date of the offering in compliance with FINRA Rule 5110(f)(2)(G). The warrants are exercisable
at a per share price equal to 125% of the public offering price per share in the offering. The warrants have been deemed
compensation by FINRA and are therefore subject to a 180 day lock-up pursuant to Rule 5110(g)(2) of FINRA. The underwriters
(or permitted assignees under Rule 5110(g)(1)) will not sell, transfer, assign, pledge, or hypothecate these warrants or the
securities underlying these warrants, nor will they engage in any hedging, short sale, derivative, put, or call transaction
that would result in the effective economic disposition of the warrants or the underlying securities for a period of 180 days
from the date of this prospectus. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
exercise price and number of shares issuable upon exercise of the warrants may be adjusted in certain circumstances including
in the event of a stock dividend, extraordinary cash dividend or recapitalization, reorganization, merger or consolidation. However,
the warrant exercise price or underlying shares will not be adjusted for issuances of shares of common stock at a price below
the warrant exercise price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"> <B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronic
Offer, Sale and Distribution of Securities</FONT></B> </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> A prospectus in electronic format may be made available on the
websites maintained by one or more of the underwriters or selling group members. The Representative may agree to allocate a number
of securities to underwriters and selling group members for sale to its online brokerage account holders. Internet distributions
will be allocated by the underwriters and selling group members that will make internet distributions on the same basis as other
allocations. Other than the prospectus in electronic format, the information on these websites is not part of, nor incorporated
by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved
or endorsed by us, and should not be relied upon by investors. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Listing</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Our
common stock is listed on the NASDAQ Capital Market under the symbol &ldquo;AYTU.&rdquo; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stabilization</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with this offering, the underwriters may engage in stabilizing transactions, over-allotment transactions, syndicate-covering
transactions, penalty bids and purchases to cover positions created by short sales.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stabilizing
transactions permit bids to purchase shares so long as the stabilizing bids do not exceed a specified maximum, and are engaged
in for the purpose of preventing or retarding a decline in the market price of the shares while the offering is in progress.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Over-allotment
transactions involve sales by the underwriters of shares in excess of the number of shares the underwriters are obligated to purchase.
This creates a syndicate short position which may be either a covered short position or a naked short position. In a covered short
position, the number of shares over-allotted by the underwriters is not greater than the number of shares that they may purchase
in the over-allotment option. In a naked short position, the number of shares involved is greater than the number of shares in
the over-allotment option. The underwriters may close out any short position by exercising their over-allotment option and/or
purchasing shares in the open market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Syndicate
covering transactions involve purchases of shares in the open market after the distribution has been completed in order to cover
syndicate short positions. In determining the source of shares to close out the short position, the underwriters will consider,
among other things, the price of shares available for purchase in the open market as compared with the price at which they may
purchase shares through exercise of the over-allotment option. If the underwriters sell more shares than could be covered by exercise
of the over-allotment option and, therefore, have a naked short position, the position can be closed out only by buying shares
in the open market. A naked short position is more likely to be created if the underwriters are concerned that after pricing there
could be downward pressure on the price of the shares in the open market that could adversely affect investors who purchase in
the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Penalty
bids permit the Representative to reclaim a selling concession from a syndicate member when the shares originally sold by that
syndicate member are purchased in stabilizing or syndicate covering transactions to cover syndicate short positions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">These
stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market
price of our shares of common stock or preventing or retarding a decline in the market price of our shares of common stock. As
a result, the price of our common stock in the open market may be higher than it would otherwise be in the absence of these transactions.
Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may
have on the price of our common stock. These transactions may be effected in the over-the-counter market or otherwise and, if
commenced, may be discontinued at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Passive
market making</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with this offering, underwriters and selling group members may engage in passive market making transactions in our
common stock on the NASDAQ Capital Market in accordance with Rule 103 of Regulation M under the Exchange Act, during a period
before the commencement of offers or sales of the shares and extending through the completion of the distribution. A passive market
maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent
bids are lowered below the passive market maker&rsquo;s bid, then that bid must then be lowered when specified purchase limits
are exceeded.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
Relationships</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certain
of the underwriters and their affiliates have provided and may in the future provide various investment banking, commercial banking
and other financial services for us and our affiliates for which they have received and may in the future receive customary fees.
Without limiting the generality of the foregoing, Joseph Gunnar &amp; Co. served as the lead placement for our private placement
that we completed in August 2017 and as a joint book-running manager for the public offering we completed in October 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Offer
restrictions outside the United States</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities
offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus
may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in
connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances
that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this
prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution
of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered
by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Australia</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
prospectus is not a disclosure document under Chapter 6D of the Australian Corporations Act, has not been lodged with the Australian
Securities and Investments Commission and does not purport to include the information required of a disclosure document under
Chapter 6D of the Australian Corporations Act. Accordingly, (i) the offer of the securities under this prospectus is only made
to persons to whom it is lawful to offer the securities without disclosure under Chapter 6D of the Australian Corporations Act
under one or more exemptions set out in section 708 of the Australian Corporations Act, (ii) this prospectus is made available
in Australia only to those persons as set forth in clause (i) above, and (iii) the offeree must be sent a notice stating in substance
that by accepting this offer, the offeree represents that the offeree is such a person as set forth in clause (i) above, and,
unless permitted under the Australian Corporations Act, agrees not to sell or offer for sale within Australia any of the securities
sold to the offeree within 12 months after its transfer to the offeree under this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>China</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
information in this document does not constitute a public offer of the securities, whether by way of sale or subscription, in
the People&rsquo;s Republic of China (excluding, for purposes of this paragraph, Hong Kong Special Administrative Region, Macau
Special Administrative Region and Taiwan). The securities may not be offered or sold directly or indirectly in the PRC to legal
or natural persons other than directly to &ldquo;qualified domestic institutional investors.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>European
Economic Area&mdash;Belgium, Germany, Luxembourg and Netherlands</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
information in this document has been prepared on the basis that all offers of securities will be made pursuant to an exemption
under the Directive 2003/71/EC (&ldquo;Prospectus Directive&rdquo;), as implemented in Member States of the European Economic
Area (each, a &ldquo;Relevant Member State&rdquo;), from the requirement to produce a prospectus for offers of securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">An
offer to the public of securities has not been made, and may not be made, in a Relevant Member State except pursuant to one of
the following exemptions under the Prospectus Directive as implemented in that Relevant Member State:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to legal entities that are authorized or regulated
    to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in
    securities;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to any legal entity that has two or more of
    (i) an average of at least 250 employees during its last fiscal year; (ii) a total balance sheet of more than &euro;43,000,000
    (as shown on its last annual unconsolidated or consolidated financial statements) and (iii) an annual net turnover of more
    than &euro;50,000,000 (as shown on its last annual unconsolidated or consolidated financial statements);</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to fewer than 100 natural or legal persons (other
    than qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive) subject to obtaining the prior
    consent of the Company or any underwriter for any such offer; or</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in any other circumstances falling within Article
    3(2) of the Prospectus Directive, provided that no such offer of securities shall result in a requirement for the publication
    by the Company of a prospectus pursuant to Article 3 of the Prospectus Directive.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>France</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
document is not being distributed in the context of a public offering of financial securities (offre au public de titres financiers)
in France within the meaning of Article L.411-1 of the French Monetary and Financial Code (Code mon&eacute;taire et financier)
and Articles 211-1 et seq. of the General Regulation of the French Autorit&eacute; des march&eacute;s financiers (&ldquo;AMF&rdquo;).
The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
document and any other offering material relating to the securities have not been, and will not be, submitted to the AMF for approval
in France and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in France.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Such
offers, sales and distributions have been and shall only be made in France to (i) qualified investors (investisseurs qualifi&eacute;s)
acting for their own account, as defined in and in accordance with Articles L.411-2-II-2&deg; and D.411-1 to D.411-3, D. 744-1,
D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing regulation and/or (ii) a restricted number
of non-qualified investors (cercle restreint d&rsquo;investisseurs) acting for their own account, as defined in and in accordance
with Articles L.411-2-II-2&deg; and D.411-4, D.744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing
regulation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to Article 211-3 of the General Regulation of the AMF, investors in France are informed that the securities cannot be distributed
(directly or indirectly) to the public by the investors otherwise than in accordance with Articles L.411-1, L.411-2, L.412-1 and
L.621-8 to L.621-8-3 of the French Monetary and Financial Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ireland</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
information in this document does not constitute a prospectus under any Irish laws or regulations and this document has not been
filed with or approved by any Irish regulatory authority as the information has not been prepared in the context of a public offering
of securities in Ireland within the meaning of the Irish Prospectus (Directive 2003/71/EC) Regulations 2005 (the &ldquo;Prospectus
Regulations&rdquo;). The securities have not been offered or sold, and will not be offered, sold or delivered directly or indirectly
in Ireland by way of a public offering, except to (i) qualified investors as defined in Regulation 2(l) of the Prospectus Regulations
and (ii) fewer than 100 natural or legal persons who are not qualified investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Israel</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
securities offered by this prospectus have not been approved or disapproved by the Israeli Securities Authority (the ISA), or
ISA, nor have such securities been registered for sale in Israel. The shares may not be offered or sold, directly or indirectly,
to the public in Israel, absent the publication of a prospectus. The ISA has not issued permits, approvals or licenses in connection
with the offering or publishing the prospectus; nor has it authenticated the details included herein, confirmed their reliability
or completeness, or rendered an opinion as to the quality of the securities being offered. Any resale in Israel, directly or indirectly,
to the public of the securities offered by this prospectus is subject to restrictions on transferability and must be effected
only in compliance with the Israeli securities laws and regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Italy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
offering of the securities in the Republic of Italy has not been authorized by the Italian Securities and Exchange Commission
(Commissione Nazionale per le Societ&mdash;$$&mdash;Aga e la Borsa, &ldquo;CONSOB&rdquo; pursuant to the Italian securities legislation
and, accordingly, no offering material relating to the securities may be distributed in Italy and such securities may not be offered
or sold in Italy in a public offer within the meaning of Article 1.1(t) of Legislative Decree No. 58 of 24 February 1998 (&ldquo;Decree
No. 58&rdquo;), other than:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">to
                                         Italian qualified investors, as defined in Article 100 of Decree no.58 by reference to
                                         Article 34-ter of CONSOB Regulation no. 11971 of 14 May 1999 (&ldquo;Regulation no. 1197l&rdquo;)
                                         as amended (&ldquo;Qualified Investors&rdquo;); and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                         other circumstances that are exempt from the rules on public offer pursuant to Article
                                         100 of Decree No. 58 and Article 34-ter of Regulation No. 11971 as amended.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
                                         offer, sale or delivery of the securities or distribution of any offer document relating
                                         to the securities in Italy (excluding placements where a Qualified Investor solicits
                                         an offer from the issuer) under the paragraphs above must be:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">made
                                         by investment firms, banks or financial intermediaries permitted to conduct such activities
                                         in Italy in accordance with Legislative Decree No. 385 of 1 September 1993 (as amended),
                                         Decree No. 58, CONSOB Regulation No. 16190 of 29 October 2007 and any other applicable
                                         laws; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                         compliance with all relevant Italian securities, tax and exchange controls and any other
                                         applicable laws.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
subsequent distribution of the securities in Italy must be made in compliance with the public offer and prospectus requirement
rules provided under Decree No. 58 and the Regulation No. 11971 as amended, unless an exception from those rules applies. Failure
to comply with such rules may result in the sale of such securities being declared null and void and in the liability of the entity
transferring the securities for any damages suffered by the investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Japan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
securities have not been and will not be registered under Article 4, paragraph 1 of the Financial Instruments and Exchange Law
of Japan (Law No. 25 of 1948), as amended (the &ldquo;FIEL&rdquo;) pursuant to an exemption from the registration requirements
applicable to a private placement of securities to Qualified Institutional Investors (as defined in and in accordance with Article
2, paragraph 3 of the FIEL and the regulations promulgated thereunder). Accordingly, the securities may not be offered or sold,
directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan other than Qualified Institutional Investors.
Any Qualified Institutional Investor who acquires securities may not resell them to any person in Japan that is not a Qualified
Institutional Investor, and acquisition by any such person of securities is conditional upon the execution of an agreement to
that effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Portugal</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
document is not being distributed in the context of a public offer of financial securities (oferta p&uacute;blica de valores mobili&aacute;rios)
in Portugal, within the meaning of Article 109 of the Portuguese Securities Code (C&oacute;digo dos Valores Mobili&aacute;rios).
The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in Portugal.
This document and any other offering material relating to the securities have not been, and will not be, submitted to the Portuguese
Securities Market Commission (Comiss&#259;o do Mercado de Valores Mobili&aacute;rios) for approval in Portugal and, accordingly,
may not be distributed or caused to distributed, directly or indirectly, to the public in Portugal, other than under circumstances
that are deemed not to qualify as a public offer under the Portuguese Securities Code. Such offers, sales and distributions of
securities in Portugal are limited to persons who are &ldquo;qualified investors&rdquo; (as defined in the Portuguese Securities
Code). Only such investors may receive this document and they may not distribute it or the information contained in it to any
other person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Sweden</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
document has not been, and will not be, registered with or approved by Finansinspektionen (the Swedish Financial Supervisory Authority).
Accordingly, this document may not be made available, nor may the securities be offered for sale in Sweden, other than under circumstances
that are deemed not to require a prospectus under the Swedish Financial Instruments Trading Act (1991:980) (Sw. lag (1991:980)
om handel med finansiella instrument). Any offering of securities in Sweden is limited to persons who are &ldquo;qualified investors&rdquo;
(as defined in the Financial Instruments Trading Act). Only such investors may receive this document and they may not distribute
it or the information contained in it to any other person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Switzerland</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (&ldquo;SIX&rdquo;) or
on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the
disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure
standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange
or regulated trading facility in Switzerland. Neither this document nor any other offering material relating to the securities
may be publicly distributed or otherwise made publicly available in Switzerland.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neither
this document nor any other offering material relating to the securities have been or will be filed with or approved by any Swiss
regulatory authority. In particular, this document will not be filed with, and the offer of securities will not be supervised
by, the Swiss Financial Market Supervisory Authority (FINMA).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
document is personal to the recipient only and not for general circulation in Switzerland.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>United
Arab Emirates</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neither
this document nor the securities have been approved, disapproved or passed on in any way by the Central Bank of the United Arab
Emirates or any other governmental authority in the United Arab Emirates, nor has the Company received authorization or licensing
from the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates to market or
sell the securities within the United Arab Emirates. This document does not constitute and may not be used for the purpose of
an offer or invitation. No services relating to the securities, including the receipt of applications and/or the allotment or
redemption of such shares, may be rendered within the United Arab Emirates by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No
offer or invitation to subscribe for securities is valid or permitted in the Dubai International Financial Centre.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>United
Kingdom</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neither
the information in this document nor any other document relating to the offer has been delivered for approval to the Financial
Services Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets
Act 2000, as amended (&ldquo;FSMA&rdquo;)) has been published or is intended to be published in respect of the securities. This
document is issued on a confidential basis to &ldquo;qualified investors&rdquo; (within the meaning of section 86(7) of FSMA)
in the United Kingdom, and the securities may not be offered or sold in the United Kingdom by means of this document, any accompanying
letter or any other document, except in circumstances which do not require the publication of a prospectus pursuant to section
86(1) FSMA. This document should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed
by recipients to any other person in the United Kingdom.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) received in connection with
the issue or sale of the securities has only been communicated or caused to be communicated and will only be communicated or caused
to be communicated in the United Kingdom in circumstances in which section 21(1) of FSMA does not apply to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience
in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets
Act 2000 (Financial Promotions) Order 2005 (&ldquo;FPO&rdquo;), (ii) who fall within the categories of persons referred to in
Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise
be lawfully communicated (together &ldquo;relevant persons&rdquo;). The investments to which this document relates are available
only to, and any invitation, offer or agreement to purchase will be engaged in only with, relevant persons. Any person who is
not a relevant person should not act or rely on this document or any of its contents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Canada</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors,
as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are
permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.
Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus
requirements of applicable securities laws. Securities legislation in certain provinces or territories of Canada may provide a
purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation,
provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities
legislation of the purchaser&rsquo;s province or territory. The purchaser should refer to any applicable provisions of the securities
legislation of the purchaser&rsquo;s province or territory for particulars of these rights or consult with a legal advisor. Pursuant
to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply
with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_17"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LEGAL
MATTERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
validity of the securities being offered by this prospectus will be passed upon for us by Sichenzia Ross Ference Kesner LLP, New
York, New York. Certain legal matters in connection with this offering have been passed upon for the underwriters by Mintz, Levin,
Cohn, Ferris, Glovsky and Popeo, P.C., New York, New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_18"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXPERTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The consolidated financial statements of Aytu BioScience, Inc.
at June 30, 2017 and 2016, and for each of the two years in the period ended June 30, 2017, included in this prospectus have been
audited by EKS&amp;H LLLP, independent registered public accounting firm, as set forth in their report thereon appearing therein,
and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_19"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
prospectus, which constitutes a part of the registration statement on Form S-1 that we have filed with the SEC under the Securities
Act, does not contain all of the information in the registration statement and its exhibits. For further information with respect
to us and the common stock offered by this prospectus, you should refer to the registration statement and the exhibits filed as
part of that document. Statements contained in this prospectus as to the contents of any contract or any other document referred
to are not necessarily complete, and in each instance, we refer you to the copy of the contract or other document filed as an
exhibit to the registration statement. Each of these statements is qualified in all respects by this reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, and file annual, quarterly and current
reports, proxy statements and other information with the SEC. You can read our SEC filings, including the registration statement,
over the Internet at the SEC&rsquo;s website at <I>http://www.sec.gov</I>. We also maintain a website at <I>http://aytubio.com</I>,
at which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with,
or furnished to, the SEC. The information contained in, or that can be accessed through, our website is not part of this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">You
may also read and copy any document we file with the SEC at its public reference facilities at 100 F Street, N.E., Room 1580,
Washington, DC 20549. You may also obtain copies of these documents at prescribed rates by writing to the Public Reference Section
of the SEC at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the
operation of the public reference facilities. You may also request a copy of these filings, at no cost, by writing or telephoning
us at: 373 Inverness Parkway, Suite 206, Englewood, Colorado 80112, (720) 437-6580.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_20"></A><FONT STYLE="color: #000000"><B>INDEX
TO THE CONSOLIDATED FINANCIAL STATEMENTS </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000"><B>AYTU BIOSCIENCE,
INC. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></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: 90%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><A HREF="#b_001"><FONT STYLE="font-size: 10pt">Report of Independent Registered
    Public Accounting Firm</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">F-2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><A HREF="#b_002"><FONT STYLE="font-size: 10pt">Consolidated Balance Sheets</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">F-3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><A HREF="#b_003"><FONT STYLE="font-size: 10pt">Consolidated Statements
    of Operations</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">F-4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><A HREF="#b_004"><FONT STYLE="font-size: 10pt">Consolidated Statements
    of Stockholders&rsquo; Equity (Deficit)</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">F-5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><A HREF="#b_005"><FONT STYLE="font-size: 10pt">Consolidated Statements
    of Cash Flows</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">F-6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><A HREF="#b_006"><FONT STYLE="font-size: 10pt">Consolidated Notes to the
    Financial Statements</FONT></A></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt">F-7</FONT></TD></TR>

<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -12pt; font-size: 10pt; width: 94%"><A HREF="#f_01"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Balance Sheets as of December 31, 2017 (unaudited) and June 30, 2017</FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; font-size: 10pt; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-33</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -12pt; font-size: 10pt"><A HREF="#f_02"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Statements of Operations for the three and six months ended December 31, 2017 (unaudited) and the three and six months ended
    December 31, 2016 (unaudited)</FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-34</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -12pt; font-size: 10pt"><A HREF="#f_03"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Statement of Stockholders&rsquo; Equity (unaudited)</FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-35</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -12pt; font-size: 10pt"><A HREF="#f_04"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Statements of Cash Flows for the six months ended December 31, 2017 (unaudited) and the six months ended December 31, 2016
    (unaudited)</FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-36</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -12pt; font-size: 10pt"><A HREF="#f_05"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
    to Consolidated Financial Statements (unaudited)</FONT></A></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-37</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b_001"></A><FONT STYLE="color: #000000"><B>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Board of Directors and Stockholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aytu BioScience, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Englewood, Colorado</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 audited the accompanying consolidated
balance sheets of Aytu BioScience, Inc. (the &ldquo;Company&rdquo;) as of June 30, 2017 and 2016, and the related consolidated
statements of operations, stockholders&rsquo; equity, and cash flows for each of the years then ended. The Company&rsquo;s management
is responsible for these consolidated financial statements. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.</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 conducted our audits in accordance
with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.
Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s
internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test
basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.</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 our opinion, the consolidated financial
statements referred to above present fairly, in all material respects, the financial position of Aytu BioScience, Inc. as of June
30, 2017 and 2016, and the results of its operations and its cash flows for each of the years then ended, in conformity with accounting
principles generally accepted in the United States of America.</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: right">/s/EKS&amp;H LLLP</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">August 31, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denver, Colorado</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"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b_002"></A><FONT STYLE="color: #000000"><B>AYTU
BIOSCIENCE, INC. AND SUBSIDIARY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000"><B>Consolidated
Balance Sheets </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">June
    30,</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: left">Assets</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Current assets</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">802,328</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">8,054,190</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Restricted cash</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">75,214</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Accounts receivable, net</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">528,039</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">162,427</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Inventory, net</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,312,221</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">524,707</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Prepaid expenses and other</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">310,760</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">215,558</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Prepaid research and development - related
    party&nbsp;&nbsp;(Note 11)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">121,983</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">Investment in Acerus</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">1,041,362</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 20pt">Total current assets</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">3,028,562</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">10,120,227</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Fixed assets, net</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">647,254</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">231,430</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Developed technology, net</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,337,333</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,159,736</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Customer contracts, net</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">77,667</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,353,375</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Trade names, net</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">164,037</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">194,472</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Natesto asset</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">9,231,072</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">10,549,797</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-indent: 10pt">Goodwill</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">238,426</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">221,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Patents, net</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">271,278</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">296,611</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Long-term portion of prepaid research and
    development - related party (Note 11)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">213,471</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt; text-indent: 10pt">Deposits</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">2,888</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">2,888</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 20pt">Total long-term assets</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">11,969,955</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">14,222,780</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 4pt">Total assets</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">14,998,517</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">24,343,007</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: left">Liabilities and Stockholders' Equity</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Current liabilities</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Accounts payable and other</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">2,220,400</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">2,322,605</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Accrued liabilities</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">782,536</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,197,106</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Natesto payable</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">5,379,675</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Accrued compensation</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">339,704</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,200,930</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Deferred rent</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">6,673</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">4,109</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">Current contingent
    consideration</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">261,155</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Total current liabilities</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">3,610,468</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">10,104,425</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Contingent consideration</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">7,386,782</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">3,869,122</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Deferred rent</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,451</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">8,215</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">Warrant derivative
    liability</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">275,992</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 20pt">Total liabilities</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">10,998,701</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">14,257,754</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Commitments and contingencies (Note 7)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Stockholders' equity</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Preferred Stock, par value $.0001; 50,000,000
    shares authorized; none issued</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.125in; padding-left: 0.25in">Common Stock, par
    value $.0001; 100,000,000 shares authorized; shares issued &nbsp;and outstanding 824,831 in 2017 and 187,098 in 2016</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">82</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">19</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Additional paid-in capital</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">73,069,463</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">56,646,659</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Ampio stock subscription</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">Accumulated deficit</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(69,069,729</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(46,561,425</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 20pt">Total stockholders'
    equity</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">3,999,816</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">10,085,253</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 4pt">Total liabilities and stockholders' equity</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">14,998,517</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">24,343,007</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">The accompanying
notes are an integral part of these financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b_003"></A><FONT STYLE="color: #000000"><B>AYTU
BIOSCIENCE, INC. AND SUBSIDIARY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000"><B>Consolidated
Statements of Operations </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></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-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center">Year Ended June 30,</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">Revenue</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Product and service revenue</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">3,221,590</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">2,050,838</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">License revenue</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">511,607</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 20pt">Total revenue</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">3,221,590</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">2,562,445</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Operating expenses</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">Cost of sales</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,417,355</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">957,076</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Research and development</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">959,857</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">6,127,772</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Research and development - related party
    (Note 11)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">387,960</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">191,991</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Sales, general and administrative</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">17,442,627</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">8,517,592</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Sales, general and administrative - related
    party (Note 11)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">165,131</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">307,704</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Impairment of intangible assets</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,265,125</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">7,500,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">Amortization of intangible
    assets</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">1,708,771</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">664,707</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">Total operating expenses</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">23,346,826</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">24,266,842</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 20pt">Loss from operations</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(20,125,236</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(21,704,397</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Other (expense)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Interest (expense)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(2,534,358</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(5,491,486</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">(Loss) on investment</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(61,519</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(971,629</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">Derivative income
    (expense)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">212,809</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(12,572</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 20pt">Total other (expense)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(2,383,068</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(6,475,687</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 4pt; text-indent: -0.1in; padding-left: 0.1in">Net
    loss</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">(22,508,304</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">(28,180,084</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt; text-indent: -0.1in; padding-left: 0.1in">Weighted average
    number of Aytu common shares outstanding</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">466,024</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">87,057</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 4pt; text-indent: -0.1in; padding-left: 0.1in">Basic
    and diluted Aytu net loss per common share</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">(48.30</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">(323.70</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">)</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-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">The accompanying
notes are an integral part of these financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b_004"></A><FONT STYLE="color: #000000"><B>AYTU
BIOSCIENCE, INC. AND SUBSIDIARY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000"><B>Consolidated
Statements of Stockholders&rsquo; Equity </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp; </FONT></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-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Common
    Stock</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center">Additional<BR> paid-in</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center">Ampio Stock</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center">Accumulated</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center">Total<BR> Stockholders'</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">capital</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Subscription</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Deficit</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Equity</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; font-size: 10pt; color: #000000; text-indent: -0.1in; padding-left: 0.1in">Balance - June 30, 2015</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">59,415</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">6</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">38,997,787</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">(5,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">(18,381,341</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">15,616,452</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Ampio stock subscription</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">5,000,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">5,000,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Stock subscription</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,282</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">200,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">200,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Conversion of convertible
    promissory notes and interest to common stock, net of $29,754 conversion costs</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">48,108</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">5</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">10,090,844</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">10,090,849</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Issuance of warrants
    related to the convertible promissory notes</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">136,828</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">136,828</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Issuance of common
    stock, net of $1,202,231 in issuance costs</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">78,125</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">8</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">4,237,866</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">4,237,874</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Warrants issued in
    connection with registered financing</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">2,059,895</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">2,059,895</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Warrants issued in
    connection with registered offering to the placement agents for the over-allotment option</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">20,493</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">20,493</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Adjustment for rounding
    of shares due to stock split</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">168</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Stock-based compensation</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">902,946</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">902,946</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: -0.1in; padding-left: 0.1in">Net
    loss</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(28,180,084</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(28,180,084</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-indent: -0.1in; padding-left: 0.1in">Balance - June 30, 2016</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">187,098</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">19</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">56,646,659</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(46,561,425</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">10,085,253</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Lincoln&nbsp;&nbsp;Park
    stock issuance, net of issuance costs $90,924</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">19,309</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">2</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">648,931</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">648,933</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Stock-based compensation</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">2,502,092</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">2,502,092</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Issuance of restricted
    stock</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">50,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">5</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">724,608</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">724,613</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Common stock issued
    to executives</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">7,123</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">509,996</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">509,996</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Issurance of warrants
    to initial investors</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">596,434</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">596,434</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Issuance of common
    stock, net of $997,865 in issuance costs</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">286,749</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">29</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">3,671,552</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">3,671,581</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Warrants issued in
    connection with registered offering</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">3,470,646</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">3,470,646</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Warrants issued in
    connection with registered offering to the placement agents for the over-allotment option</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">172,629</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">172,629</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Warrants issued in
    connection with the registered offering to the placement agents, non-cash issuance costs</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">292,630</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">292,630</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Warrant tender offer,
    net of $312,159 in issuance costs</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">149,552</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">15</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,931,108</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,931,123</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Warrant amendments</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">64,690</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">64,690</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Investment in Subsidiary</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">125,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">12</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,837,488</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,837,500</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Net loss</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(22,508,304</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(22,508,304</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt; text-indent: -0.1in; padding-left: 0.1in">Balance - June
    30, 2017</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">824,831</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">82</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">73,069,463</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">(69,069,729</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">3,999,816</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">The accompanying
notes are an integral part of these financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b_005"></A><FONT STYLE="color: #000000"><B>AYTU
BIOSCIENCE, INC. AND SUBSIDIARY </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000"><B>Consolidated
Statements of Cash Flows </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year
    Ended June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Cash flows from operating activities:</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Net loss</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">(22,508,304</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">(28,180,084</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Adjustments to reconcile net loss to cash
    used in operating activities:</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Depreciation, amortization and accretion</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">4,364,680</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">874,789</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Asset impairment</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,265,125</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">7,500,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Stock-based compensation expense</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">2,502,092</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">902,946</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Issuance of restricted stock</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">724,613</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Amortization of debt issuance costs</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">182,759</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Amortization of beneficial conversion feature</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">4,943,073</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Noncash interest expense</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">221,024</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Derivative (income) expense</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(212,809</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">12,572</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Amortization of prepaid research and development
    - related party (Note 11)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">335,454</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">121,983</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Loss on investment</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">61,519</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">971,629</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Common stock issued to executives</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">509,996</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Issuance of warrants to initial investors</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">596,434</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Gain on sale of asset</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(428,374</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Warrant amendment</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,507</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile
    net loss to net cash used in operating activities:</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 30pt">(Increase) in accounts receivable</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(355,031</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(5,369</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 30pt">Decrease (increase) in inventory</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">195,427</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(485,265</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 30pt">(Increase) decrease in prepaid expenses and
    other</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(95,202</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">155,330</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 30pt">Increase in accounts payable and other</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">493,217</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">698,237</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 30pt">(Decrease) increase in accrued liabilities</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(414,570</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">925,232</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 30pt">(Decrease) increase in accrued compensation</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(861,226</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,004,427</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 30pt">(Decrease) increase in deferred rent</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(4,200</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">10,875</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 30pt">(Decrease) in deferred
    revenue</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(511,607</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt">Net cash used in operating activities</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(13,829,652</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(10,657,449</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Cash flows used in investing activities:</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Purchases of fixed assets</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(111,608</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(252,932</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Purchase of Natesto assets</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(6,000,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(2,000,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Investment in Acerus</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,071,707</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(2,012,991</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Sale of investment in Acerus cost</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(91,864</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Sales of Primsol assets</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,750,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Purchase of Primsol asset</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(750,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(1,040,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Cash proceed from Nuelle</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">613,309</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Cost related to Nuelle acquisition</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(16,082</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt; text-indent: 20pt">Deposits</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">1,998</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt">Net cash used in investing activities</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(3,534,538</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(5,303,925</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Cash flows from financing activities:</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Issuance of common stock to Lincoln Park</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">739,857</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Costs related to the sale of common stock</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(90,924</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Warrant tender offer</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">2,243,282</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Warrant tender offer cost</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(312,159</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Proceeds from convertible promissory notes,
    net (Note 8)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">5,175,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Debt issuance costs (Note 8)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(298,322</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Costs related to the conversion of the convertible
    promissory notes to equity</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(29,754</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Ampio stock subscription payment</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">5,000,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Registered offering</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">8,602,499</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">7,520,493</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Registered offering costs</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(997,865</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(904,914</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 20pt">Over-allotment warrants purchased by placement
    agents</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">2,852</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 20pt">Sale of stock subscription</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">200,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt">Net cash provided by financing activities</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">10,187,542</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">16,662,503</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Net change in cash and cash equivalents</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(7,176,648</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">701,129</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt">Cash and cash equivalents at beginning
    of period</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">8,054,190</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">7,353,061</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 4pt">Cash and cash equivalents at end of period</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">877,542</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">8,054,190</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Non-cash transactions:</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Issuance of common stock to Nuelle share holders</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,837,500</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Fixed assets included in accounts payable</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">10,789</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Warrants issued in connection with the equity financing to the
    placement agents</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">292,630</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Warrants amended in connection with warrant tender offer</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">63,182</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Warrant derivative liability related to the issuance of the
    convertible promissory notes (Note 8)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">102,931</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Primsol asset purchase included in Primsol payable, $1,250,000
    less future accretion of $173,000</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,077,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Conversion of convertible promissory notes and interest of $221,000
    to common stock</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">5,396,024</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Natesto asset purchase included in Natesto payable, $6,000,000
    less future accretion of $620,325</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">5,379,675</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Warrant derivative liability related to the issuance of the
    registered offering placement agent warrants (Note 8)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">297,317</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Reclassification of liability based warrants to equity presentation
    related to the convertible promissory notes</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">136,828</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Beneficial conversion feature related to convertible promissory
    notes</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">4,943,073</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Debt issuance costs related to notes that converted to equity</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(218,494</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">The accompanying
notes are an integral part of these financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b_006"></A><FONT STYLE="color: #000000"><B>AYTU
BIOSCIENCE, INC. AND SUBSIDIARY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000"><B>Notes to
the Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Note 1 &ndash; Business, Basis
of Presentation, Merger and Business Combinations </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Business </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Aytu BioScience, Inc. (&ldquo;Aytu&rdquo;,
the &ldquo;Company&rdquo; or &ldquo;we&rdquo;) was incorporated as Rosewind Corporation on August&nbsp;9, 2002 in the State of
Colorado. Aytu was re-incorporated in the state of Delaware on June&nbsp;8, 2015. Aytu is a commercial-stage specialty healthcare
company concentrating on developing and commercializing products with an initial focus on urological diseases and conditions.
Aytu is currently focused on addressing significant medical needs in the areas of hypogonadism, urological cancers, male infertility,
and sexual wellness and vitality.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Basis of Presentation </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Through a multi-step reverse triangular
merger, on April 16, 2015, Vyrix Pharmaceuticals, Inc. (&lsquo;&lsquo;Vyrix&rsquo;&rsquo;) and Luoxis Diagnostics, Inc. (&lsquo;&lsquo;Luoxis&rsquo;&rsquo;)
merged with and into our Company (herein referred to as the Merger) and we abandoned our pre-merger business plans to solely pursue
the specialty healthcare market, including the business of Vyrix and Luoxis. In the Merger, we acquired the RedoxSYS, MiOXSYS
and Zertane products. On June 8, 2015, we reincorporated as a domestic Delaware corporation under Delaware General Corporate Law
and changed our name from Rosewind Corporation to Aytu BioScience, Inc., and effected a reverse stock split in which each common
stockholder received one share of common stock for every 12.174 shares outstanding. On June 30, 2016, Aytu effected another reverse
stock split in which each common stockholder received one share of common stock for every 12 shares outstanding; On August 25,
2017, Aytu effected another reverse stock split in which each common stockholder received one share of common stock for every
20 shares outstanding (herein referred to collectively as the &ldquo;Reverse Stock Splits&rdquo;). All share and per share amounts
in this report have been adjusted to reflect the effect of these Reverse Stock Splits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Business Combination&mdash;ProstaScint
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #000000">In May 2015,
Aytu entered into and closed on an asset purchase agreement with Jazz Pharmaceuticals, Inc. (&ldquo;Jazz Pharmaceuticals&rdquo;).
Pursuant to the agreement, Aytu purchased assets related to the Jazz Pharmaceuticals&rsquo; product known as ProstaScint<SUP>&reg;
</SUP>(capromab pendetide), including certain intellectual property and contracts, and the product approvals, inventory and work
in progress (together, the &lsquo;&lsquo;ProstaScint Business&rsquo;&rsquo;), and assumed certain of Jazz Pharmaceuticals&rsquo;
liabilities, including those related to product approvals and the sale and marketing of ProstaScint. The purchase price consists
of the upfront payment of $1.0 million. We also agreed to pay an additional $500,000 which was paid after transfer for the ProstaScint-related
product inventory and $227,000 which was paid September 30, 2015 (which represents a portion of certain FDA fees). We also will
pay 8% on net sales made after October 31, 2017, payable up to a maximum aggregate payment of an additional $2.5 million. The
contingent consideration was initially valued at $664,000 and was revalued as of June 30, 2017 at $54,000 using a discounted cash
flow. The total fair value consideration for the purchase was $2.4 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The Company&rsquo;s allocation
on consideration transferred for ProstaScint as of the purchase date May&nbsp;20, 2015 was as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Estimated<BR>
    Fair Value</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; font-size: 10pt; color: #000000; text-align: left">Tangible assets</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">727,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Intangible assets</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,590,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">Goodwill</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">74,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 4pt">Total assets acquired</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">2,391,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Included in the intangible assets
at May 2015 was developed technology of $790,000, customer contracts of $720,000 and trade names of $80,000, each of which will
be amortized over a ten-year period. Amortization expense of $159,000 was recognized in both fiscal 2017 and 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">At June 30, 2017, the ProstaScint
asset was impaired based upon sales projections that we intend to only sell this product through mid-fiscal 2019, when this product
expires. The value for the intangible assets were adjusted to $54,000 for developed technology, $7,000 for trade names and $0
for customer contracts. The estimated future amortization of ProstaScint after June 30, 2017 is as follows:&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></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; color: #000000; text-align: left">Total ProstaScint</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; font-size: 10pt; color: #000000; text-align: left">2018</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">47,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">2019</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">14,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">2020</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">2021</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">2022</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt">Thereafter</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">61,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Business Combination&mdash;Primsol</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In October 2015, Aytu entered
into and closed on an Asset Purchase Agreement with FSC Laboratories, Inc. (&ldquo;FSC&rdquo;). Pursuant to the agreement, Aytu
purchased assets related to FSC&rsquo;s product known as Primsol&reg; (trimethoprim solution), including certain intellectual
property and contracts, inventory, work in progress and all marketing and sales assets and materials related solely to Primsol
(together, the &ldquo;Primsol Business&rdquo;), and assumed certain of FSC&rsquo;s liabilities, including those related to the
sale and marketing of Primsol arising after the closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Aytu paid $500,000 at closing
for the purchase of the Primsol Business and paid an additional $142,000, of which $102,000 went to inventory and $40,000 towards
the Primsol Business, for the transfer of the Primsol-related product inventory. We also agreed to pay an additional (a) $500,000
which was paid on April 1, 2016, (b) $500,000 which was paid on July 1, 2016, and (c) $250,000 which was paid in November 2016
(together, the &ldquo;Installment Payments&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The Company&rsquo;s allocation
on consideration transferred for Primsol as of the purchase date of October 5, 2015 was as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair
    Value</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; font-size: 10pt; color: #000000; text-align: left">Tangible assets</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">182,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Intangible assets</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,470,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000"></TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">Goodwill</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">147,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 4pt">Total assets acquired</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">1,799,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Included in tangible assets was
$102,000 of inventory and $80,000 of work-in-process inventory. Included in the intangible assets was developed technology of
$520,000, customer contracts of $810,000 and trade names of $140,000, each of which was being amortized over a six-year period.
Amortization expense of $184,000 and $174,000 was recognized in fiscal 2017 and fiscal 2016, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Divestiture &ndash; Primsol</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In March 2017, we entered into
and closed on an Asset Purchase Agreement with Allegis Holdings, LLC (the &ldquo;Purchaser&rdquo;). Pursuant to the agreement,
we sold to the Purchaser all of our assets related to our Primsol product, including certain intellectual property and contracts,
inventory, work in process and all marketing assets and materials related solely to Primsol (together, the &ldquo;Primsol Asset&rdquo;).
We retain any liability associated with the Primsol Asset that occurred prior to the closing. The Purchaser paid us $1,750,000
at the closing for the Primsol Asset. We recognized a gain of approximately $428,000 on the sale which is included in sales, general
and administrative expense on our statement of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">We have evaluated this transaction
and concluded that it is not significant to our business and therefore the results are included in continuing operations, as the
criteria to be presented as discontinued operations was not satisfied.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>License and Supply Agreement&mdash;Natesto</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In April, 2016, Aytu entered into
and closed a license and supply agreement to acquire the exclusive U.S. rights to Natesto&reg; (testosterone) nasal gel from Acerus
Pharmaceuticals Corporation, or Acerus, which rights we acquired effective upon the expiration of the current licensee&rsquo;s
rights, which occurred on June 30, 2016. The licensee&rsquo;s term runs for the greater of eight years or until the expiry of
the latest to expire patent including claims covering Natesto and until the entry on the market of at least one AB-rated generic
product.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Aytu
                                         paid Acerus an upfront fee of $2.0 million upon execution of the agreement. In October
                                         2016, we paid an additional $2.0 million. In January 2017, Aytu paid the final upfront
                                         payment of $4.0 million. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aytu
                                         also purchased, on April 28, 2016, an aggregate of 12,245,411 shares of Acerus common
                                         stock for Cdn. $2.5 million (approximately US $2.0 million), with a purchase price per
                                         share equal to Cdn. $0.207 or approximately US $0.16 per share. These shares were a held
                                         for sale trading security and were valued at fair market value. Aytu could not dispose
                                         of these shares until after August 29, 2016. During fiscal 2017, Aytu sold all of these
                                         shares. The gross proceeds from the sales totaled $1.1 million, the cost of the sales
                                         totaled $92,000, and we recognized a loss on investment of $62,000 and $972,000 during
                                         fiscal 2017 and 2016, respectively.</FONT></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">In addition to the upfront payments, we must make the following
one-time, non-refundable payments to Acerus within 45 days of the occurrence of the following event (provided that, the maximum
aggregate amount payable under such milestone payments will be $37.5 million):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9642;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">$2.5 million if net sales during any four consecutive calendar quarter period equal or exceed
    $25.0 million (the &ldquo;First Milestone&rdquo;); the First Milestone payment is required to be paid even if the threshold
    is not met in the event that the agreement is terminated for any reason other than material breach by Acerus, bankruptcy of
    either party, or termination by Acerus because it believes the amounts payable to Aytu for agreed upon trial work would no
    longer make the agreement economically viable for Acerus;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9642;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">$5.0 million if net sales during any four consecutive calendar quarter period equal or exceed
    $50.0 million;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9642;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">$7.5 million if net sales during any four consecutive calendar quarter period equal or exceed
    $75.0 million;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9642;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">$10.0 million if net sales during any four consecutive calendar quarter period equal or
    exceed $100.0 million; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9642;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">$12.5 million if net sales during any four consecutive calendar quarter period equal or
    exceed $125.0 million.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fair value of the net identifiable asset acquired totaled
$10.5 million which is being amortized over eight years. The amortization expense for fiscal 2017 was $1.3 million and zero for
fiscal 2016. The estimated future amortization of Natesto after June 30, 2017 is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></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: rgb(204,238,255)">
    <TD STYLE="width: 88%; font-size: 10pt; color: #000000; text-align: left">2018</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">1,319,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">2019</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,319,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">2020</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,319,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">2021</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,319,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">2022</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,319,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt">Thereafter</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">2,636,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">9,231,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The contingent consideration was
valued at $3.2 million using a Monte Carlo simulation, as of June 30, 2016. The contingent consideration accretion expense for
fiscal 2017 and 2016 was $228,000, and zero respectively. As of June 30, 2017, the contingent consideration was revalued and increased
to $5.7 million based on increased future estimated sales performance of Natesto using a Monte Carlo simulation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Merger/Subsidiary</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In May 2017, Aytu Women&rsquo;s
Health, LLC., a wholly-owned subsidiary of Aytu, acquired Nuelle, Inc., or Nuelle, a women&rsquo;s sexual health company. This
transaction expanded our product portfolio with the addition of the Fiera<SUP>&reg;</SUP> personal care device for women.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">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 125,000 shares of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></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 $100.0 million, 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; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Nuelle stockholders additionally
will be entitled to milestone earn-out payments of up to a potential aggregate of $24.0 million, upon the attainment by us of
designated net sales thresholds over any sequential four calendar quarter period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">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 transaction, 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).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In addition to the upfront issuance
of common stock, we must make the following one-time payments to the Nuelle stockholders within 90 days of the occurrence of the
following events (provided that, the maximum aggregate amount payable under such milestone payments will be $24.0 million):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9642;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Upon achieving the first occurrence of Net Sales of $10.0 million over any sequential four
    calendar quarter period, Aytu will make a one-time payment to the Nuelle security holders of an amount equal to $1.0 million;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9642;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Upon achieving the first occurrence of Net Sales of $17.5 million
    over any sequential four calendar quarter period, Aytu will make a one-time payment to the Nuelle security holders of an amount
    equal to $1.8 million.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9642;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Upon achieving the first occurrence of Net Sales of $25.0 million
    over any sequential four calendar quarter period, Aytu will make a one-time payment to the Nuelle security holders of an amount
    equal to $2.5 million.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9642;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Upon achieving the first occurrence of Net Sales of $37.5 million over any sequential four
    calendar quarter period, Aytu will make a one-time payment to the Nuelle security holders of an amount equal to $3.8 million;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9642;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Upon achieving the first occurrence of Net Sales of $50.0 million over any sequential four
    calendar quarter period, Aytu will make a one-time payment to the Nuelle security holders of an amount equal to $5.0 million;
    and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9642;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Upon achieving the first occurrence of Net Sales of $100.0 million over any sequential four
    calendar quarter period, Aytu will make a one-time payment to the Nuelle security holders of an amount equal to $10.0 million.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The Company&rsquo;s allocation
on consideration transferred for Nuelle as of the purchase date May&nbsp;5, 2017 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair
    Value</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; font-size: 10pt; color: #000000; text-align: left">Tangible assets</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">2,061,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Intangible assets</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,540,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">Goodwill</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">238,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 4pt">Total assets acquired</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">3,839,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Included in the intangible assets
is developed technology of $1.3 million, customer contracts of $80,000 and trade names of $160,000, each of which will be amortized
over a nine to twelve-year period. Amortization expense of $22,000 and $0 was recognized in fiscal 2017 and 2016, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Future amortization after the
year ended June 30, 2017 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></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: rgb(204,238,255)">
    <TD STYLE="width: 88%; font-size: 10pt; color: #000000; text-align: left">2018</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">144,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">2019</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">144,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">2020</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">144,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">2021</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">144,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">2022</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">144,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt">Thereafter</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">798,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">1,518,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The contingent consideration was
valued at $1.9 million using a Monte Carlo simulation, as of May 2017. The contingent consideration accretion expense for fiscal
2017 and 2016 was $12,000, and zero respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Additionally, we assumed liabilities
of $47,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="color: #000000"><B>Note
2 &ndash; Summary of Significant Accounting Policies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="color: #000000"><B><I>Principals
of Consolidation</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="color: #000000">These
consolidated financial statements include the accounts of Aytu and its wholly-owned subsidiary, Aytu Women&rsquo;s Health. All
material intercompany transactions and balances have been eliminated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Cash, Cash Equivalents and
Restricted Cash</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Aytu considers all highly liquid
instruments purchased with an original maturity of three months or less to be cash equivalents. Restricted cash consist primarily
of a certificate of deposit investment account. Aytu&rsquo;s investment policy is to preserve principal and maintain liquidity.
The Company periodically monitors its positions with, and the credit quality of the financial institutions with which it invests.
Periodically, throughout the year, Aytu has maintained balances in excess of federally insured limits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Revenue Recognition</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><I>License Agreements and Royalties</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Payments received upon signing
of license agreements are for the right to use the license and are deferred and amortized over the lesser of the license term
or patent life of the licensed drug. Milestone payments relate to obtaining regulatory approval, cumulative sales targets, and
other projected milestones and are recognized at the time the milestones are achieved. Royalties will be recognized as revenue
when earned.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000"><I>Product&nbsp;&amp;
Service Sales</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">The Company
recognizes revenue only when all of the following criteria have been met:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-align: justify; text-indent: -0.2in"><FONT STYLE="color: #000000">&nbsp;</FONT></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: 0.5in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Symbol; color: #000000">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #000000">Persuasive
                                         evidence of an arrangement exists,</FONT></TD></TR>                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Symbol; color: #000000">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #000000">Delivery
                                         has occurred or services have been performed,</FONT></TD></TR>                                                                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Symbol; color: #000000">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #000000">The
                                         fee for the arrangement is fixed or determinable, and</FONT></TD></TR>                                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Symbol; color: #000000">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #000000">Collectability
                                         is reasonably assured.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="color: #000000">Persuasive evidence
of an arrangement exists - The Company documents all terms of an arrangement in a written contract by the customer prior to recognizing
revenue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="color: #000000">Delivery has
occurred or services have been performed - The Company delivers all products prior to recognizing revenue. Equipment is considered
delivered upon delivery to a customer's designated location.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="color: #000000">Device sales
are recorded when products are shipped to customers. Drug sales are recorded when the product arrives at the customer&rsquo;s
dock. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided
for in the same period the related sales are recorded and are estimated at the time of sale.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="color: #000000">The fee for
the arrangement is fixed or determinable - Prior to recognizing revenue, a customer's fee is either fixed or determinable under
the terms of the written contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="color: #000000">Collectability
is reasonably assured - The Company determines that collectability is reasonably assured prior to recognizing revenue. Collectability
is assessed on a customer-by-customer basis based on criteria outlined by management. New customers are subject to a credit review
process, which evaluates the customer's financial position and ultimately its ability to pay. The Company does not enter into
arrangements unless collectability is reasonably assured at the outset. Existing customers are subject to ongoing credit evaluations
based on payment history and other factors. If it is determined during the arrangement that collectability is not reasonably assured,
revenue is recognized on a cash basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Estimated Sales Returns
and Allowances</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Aytu records estimated reductions
in revenue for potential returns of products by customers. As a result, management must make estimates of potential future product
returns and other allowances related to current period product revenue. In making such estimates, management analyzes historical
returns, current economic trends and changes in customer demand and acceptance of our products. If management were to make different
judgments or utilize different estimates, material differences in the amount of the Company&rsquo;s reported revenue could result.
As of June 30, 2017 and 2016, we accrued $58,000 and $284,000, respectively, in our estimated returns allowance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Shipping and Handling</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">The Company's
shipping and handling costs are included in cost of goods sold for all periods presented.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Accounts Receivable</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Accounts receivable are recorded
at their net realized value. Aytu evaluates collectability of accounts receivable on a quarterly basis and records a valuation
allowance accordingly. As of June 30, 2017 we had an allowance for doubtful accounts of $44,000, and as of June 30, 2016, there
had been an allowance for doubtful accounts of $41,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Concentration of Business Risks</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="color: #000000">The following
counterparties contributed greater than&nbsp;10%&nbsp;of the Company's total revenue during the year ended June 30, 2017 and 2016,
respectively. The revenue from these counterparties as a percentage of total revenue was as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year
    Ended June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; color: #000000; text-align: left">Customer A</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">34</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Customer B</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">22</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Customer C</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">18</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Customer D</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">0</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">86</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">%</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The loss of one or more of the
Company's significant partners or collaborators could have a material adverse effect on its business, operating results or financial
condition. Although the Company is impacted by economic conditions in the biotechnology and pharmaceutical sectors, management
does not believe significant credit risk exists as of&nbsp;June&nbsp;30, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="color: #000000">We are
also subject to credit risk from our accounts receivable related to our product sales. Historically, we have not experienced significant
credit losses on our accounts receivable and we do not expect to have write-offs or adjustments to accounts receivable which would
have a material adverse effect on our financial position, liquidity or results of operations. As of June 30, 2017, three customers
accounted for 60% of gross accounts receivable. As of June 30, 2016, one customer accounted for 69% of gross accounts receivable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year
    Ended June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; color: #000000; text-align: left">Customer A</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">25</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Customer B</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">17</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Customer C</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">18</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Customer D</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">0</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">69</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">%</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Inventories</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Inventories consist of raw materials,
work in process and finished goods and are recorded at the lower of cost or net realizable value, with cost determined on a first-in,
first-out basis. Aytu periodically reviews the composition of its inventories in order to identify obsolete, slow-moving or otherwise
unsaleable items. If unsaleable items are observed and there are no alternate uses for the inventory, Aytu will record a write-down
to net realizable value in the period that the impairment is first recognized. We currently have a reserve of $311,000 for slow
moving inventory as of June 30, 2017 and $199,000 at June 30, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Inventory consist of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></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-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">June
    30,</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; color: #000000; text-align: left">Raw materials</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">442,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">77,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Work in process</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">442,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Finished goods</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">738,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">647,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">Reserve</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(310,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(199,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">1,312,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">525,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Trading Securities</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000; background-color: white">Trading
securities are carried at fair value with realized and unrealized gains and losses recorded in earnings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000; background-color: white">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Fixed Assets</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Fixed assets are recorded at cost.
After being placed in service, the fixed assets are depreciated using the straight-line method over estimated useful lives. Fixed
assets consist of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center">Estimated</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">June
    30,</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Useful
    Lives in years</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-size: 10pt; color: #000000; text-align: left">Office equipment, furniture and other</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; color: #000000; text-align: center">2 - 5</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">405,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">201,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Lab equipment</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: center">3 - 5</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">111,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">90,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Leasehold improvements</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: center">3</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">287,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">45,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Manufacturing equipment</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: center">2 - 5</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">90,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">7,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Less accumulated depreciation and amortization</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(246,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(112,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 4pt; padding-left: 0.125in">Fixed assets, net</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">647,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">231,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Aytu recorded the following depreciation
expense in the respective periods:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year
    Ended June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 76%; font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Depreciation expense</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">134,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">51,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Patents</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Costs of establishing patents,
consisting of legal and filing fees paid to third parties, are expensed as incurred. The fair value of the Zertane patents, determined
by an independent third party appraisal, was $500,000. The Zertane patents were acquired in connection with the 2011 acquisition
of DMI BioSciences by Ampio, the former parent company of Aytu, and were being amortized over the remaining U.S. patent lives
of approximately 11 years, which were to expire in March 2022. In fiscal 2016, we redirected our resources towards our commercial-stage
products and the Company determined that this asset had no further value as the Company did not have the resources to complete
the necessary clinical trials and bring it to market before the patents expired. The remaining fair value of the Zertane patents
were expensed as of June 30, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The cost of the Luoxis patents
were $380,000 when they were acquired in connection with the 2013 formation of Luoxis and are being amortized over the remaining
U.S. patent lives of approximately 15 years, which expires in March 2028. Patents consist of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">June
    30,</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; color: #000000">Patents</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">880,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">880,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Less accumulated amortization</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(609,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(583,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 4pt">Patents, net</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">271,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">297,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Aytu recorded the following amortization
expense in the respective periods:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year
    Ended June 30,</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 76%; font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Amortization expense</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">26,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">332,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Future amortization from the year
ended June 30, 2017 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></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: rgb(204,238,255)">
    <TD STYLE="width: 88%; font-size: 10pt; color: #000000; text-align: center">2018</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">25,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: center">2019</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">25,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: center">2020</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">25,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: center">2021</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">25,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: center">2022</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">25,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: center; padding-bottom: 1.5pt">Thereafter</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">146,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">271,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Business Combinations</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The Company accounts for its business
acquisitions under the acquisition method of accounting as indicated in the Financial Accounting Standards Board&rsquo;s (&ldquo;FASB&rdquo;)
Accounting Standards Codification (&ldquo;ASC&rdquo;) 805, &ldquo;Business Combinations&rdquo;, which requires the acquiring entity
in a business combination to recognize the fair value of all assets acquired, liabilities assumed, and any non-controlling interest
in the acquired business; and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes
assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities and non-controlling
interest in the acquiree, based on the fair value estimates as of the date of acquisition. In accordance with ASC 805, the Company
recognizes and measures goodwill as of the acquisition date, as the excess of the fair value of the consideration paid over the
fair value of the identified net assets acquired.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Goodwill</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></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">The Nuelle, ProstaScint and Primsol&nbsp;purchase price allocations
were based upon an analysis of the fair value of the assets and liabilities acquired. The final purchase price may be adjusted
up to one year from the date of the acquisition. Identifying the fair value of the tangible and intangible assets and liabilities
acquired required the use of estimates by management, and were based upon currently available data, as noted below.</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"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The Company allocated the excess
of purchase price over the identifiable intangible and net tangible assets to goodwill. Such goodwill is not deductible for tax
purposes and represents the value placed on entering new markets and expanding market share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The Company tests its goodwill
for impairment annually, or whenever events or changes in circumstances indicate an impairment may have occurred, by comparing
the carrying value to its implied fair value. Impairment may result from, among other things, deterioration in the performance
of the acquired business, adverse market conditions, adverse changes in applicable laws or regulations and a variety of other
circumstances. If the Company determines that an impairment has occurred, it is required to record a write-down of the carrying
value and charge the impairment as an operating expense in the period the determination is made. In evaluating the recoverability
of the carrying value of goodwill, the Company must make assumptions regarding estimated future cash flows and other factors to
determine the fair value of the acquired assets. Changes in strategy or market conditions could significantly impact those judgments
in the future and require an adjustment to the recorded balances. The goodwill was recorded as part of the acquisition of ProstaScint
that occurred on May&nbsp;20, 2015, Primsol that occurred on October 5, 2015 and Nuelle that occurred on May 5, 2017. There was
an impairment of $74,000 related to the ProstaScint goodwill for the year ended June 30, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Use of Estimates</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The preparation of financial statements
in accordance with Generally Accepted Accounting Principles in the United States of America (&ldquo;GAAP&rdquo;) requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets
and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting
periods. Significant items subject to such estimates and assumptions include valuation allowances, stock-based compensation, warrant
valuation, purchase price allocation, valuation of contingent consideration, sales returns and allowances, useful lives of fixed
assets, collectability of accounts receivable, and assumptions in evaluating impairment of definite and indefinite lived assets.
Actual results could differ from these estimates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Income Taxes</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Aytu has been included in the
consolidated tax returns of Ampio, the former parent company of Aytu, for tax years ended on or before December 31, 2015. As of
January 2016, due to the decrease in Ampio&rsquo;s ownership percentage of Aytu stock, Aytu will begin to file tax returns separate
from Ampio. For all consolidated tax return periods, Aytu's taxes were computed and reported on a &quot;separate return&quot;
basis for these financial statements. Deferred taxes are provided on an asset and liability method whereby deferred tax assets
are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities
are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets
and liabilities and their tax bases. Deferred taxes are reduced by a valuation allowance when, in the opinion of management, it
is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities
are adjusted for the effects of changes in tax laws and rates on the date of enactment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The amount of income taxes and
related income tax positions taken are subject to audits by federal and state tax authorities. The Company has adopted accounting
guidance for uncertain tax positions which provides that in order to recognize an uncertain tax position, the taxpayer must be
more likely than not of sustaining the position, and the measurement of the benefit is calculated as the largest amount that is
more than 50% likely to be realized upon settlement with the taxing authority. The Company believes that it has no material uncertain
tax positions. The Company's policy is to record a liability for the difference between the benefits that are both recognized
and measured pursuant to FASB ASC 740-1 &quot;Accounting for Uncertainty in Income Taxes-an interpretation of FASB Statement 109&quot;
(ASC 740-10) and tax position taken or expected to be taken on the tax return. Then, to the extent that the assessment of such
tax positions changes, the change in estimate is recorded in the period in which the determination is made. The Company reports
tax-related interest and penalties as a component of income tax expense. During the periods reported, management of the Company
has concluded that no significant tax position requires recognition under ASC 740-10.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Stock-Based Compensation</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Aytu accounts for share based
payments by recognizing compensation expense based upon the estimated fair value of the awards on the date of grant. The Company
determines the estimated grant fair value using the Black-Scholes option pricing model and recognizes compensation costs ratably
over the period of service using the graded method.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Research and Development</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Research and development costs
are expensed as incurred with expenses recorded in the respective period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Income (Loss) Per Common
Share</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Basic income (loss) per common
share is calculated by dividing the net income (loss) available to the common shareholders by the weighted average number of common
shares outstanding during that period. <FONT STYLE="background-color: white">Diluted net loss per share reflects the potential
of securities that could share in the net loss of Aytu. Basic and diluted loss per share was the same in 2017 and 2016. Although
there were common stock equivalents of 367,312 and 126,239 shares outstanding at June 30, 2017 and 2016, respectively, consisting
of stock options and warrants; they were not included in the calculation of the diluted net loss per share because they would
have been anti-dilutive.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Fair Value of Financial
Instruments</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The carrying amounts of financial
instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and other current assets
and other liabilities approximate their fair value due to their short maturities. The fair value of acquisition-related contingent
consideration is based on estimated discounted future cash flows and assessment of the probability of occurrence of potential
future events. The fair values of marketable securities is based on quoted market prices, if available, or estimated discounted
future cash&nbsp;flows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Derivative Liability</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Aytu accounts for liability warrants
by recording the fair value of each instrument in its entirety and recording the fair value of the warrant derivative liability.
The fair value of the financial instruments and related warrants were calculated using a Monte Carlo based valuation model. We
recorded a derivative expense at the inception of the instrument reflecting the difference between the fair value and cash received.
Changes in the fair value in subsequent periods was recorded as unrealized gain or loss on fair value of debt instruments for
the financial instruments and to derivative income or expense for the warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000; background-color: white">The fair
value of the warrants issued to the placement agents in connection with the registered offering were valued using the Black-Scholes
valuation methodology. Changes in the fair value in subsequent periods were recorded to derivative income or expense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Adoption of Newly Issued Accounting
Pronouncements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In November 2016, the Financial
Accounting Standards Board (&ldquo;FASB&rdquo;) issued Accounting Standards Update (&ldquo;ASU&rdquo;) 2016-18, &quot;Statement
of Cash Flows: Restricted Cash.&quot;&nbsp; The amendments address diversity in practice that exists in the classification and
presentation of changes in restricted cash on the statement of cash flows.&nbsp; ASU 2016-18 is effective for the fiscal year
commencing after December 15, 2017. During fiscal 2017, the Company early adopted this pronouncement, the impact of which was
minimal, which is now shown on the statements of cash flows within cash and cash equivalents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In August 2016, the FASB issued
ASU 2016-15 &ldquo;Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments,&rdquo; which provides
guidance on the presentation of certain cash receipts and cash payments in the statement of cash flows in order to reduce diversity
in existing practice. ASU 2016-15 is effective for interim and annual periods beginning after December 15, 2017. Early adoption
is permitted. During fiscal 2017, the Company early adopted this standard. The primary cash flow categorization that will impact
the Company will be contingent consideration payments, however, no such payments have been made to date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In March 2016, the FASB issued
ASU 2016-09, &ldquo;Compensation &ndash;Stock Compensation (Topic 718): Improvements to Employee Share Based Payment Accounting.&rdquo;
The standard includes multiple provisions intended to simplify various aspects of the accounting for share based payments. The
amendments are expected to impact net income, earnings per share, and the statement of cash flows. Implementation and administration
may present challenges to companies with significant share based payment activities. The amendments are effective for public entities
for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The Company adopted this standard
during fiscal, 2017. Aytu has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. Prior
to adopting this standard, the Company had not estimated any forfeitures, therefore, no adjustments were necessary. Aytu is also
operating at a net operating loss, therefore, there was no tax implication.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In July&nbsp;2015, the FASB issued
ASU 2015-11,&nbsp;&ldquo;Simplifying the Measurement of Inventory.&rdquo;&nbsp; ASU&nbsp;2015-11 clarifies that inventory should
be held at the lower of cost or net realizable value.&nbsp; Net realizable value is defined as the estimated selling price, less
the estimated costs to complete, dispose and transport such inventory.&nbsp; ASU 2015-11 was effective for fiscal years and interim
periods beginning after December&nbsp;15, 2016. &nbsp;ASU 2015-11 is required to be applied prospectively.&nbsp; The amendments
in ASU 2015-11 were adopted by the Company during fiscal 2017. The adoption of this standard did not have an impact on the Company&rsquo;s
financial position or results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In August 2014, the FASB issued
ASU 2014-15, &ldquo;Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an
Entity&rsquo;s Ability to Continue as a Going Concern&rdquo; (&ldquo;ASU 2014-15&rdquo;). ASU 2014-15 is intended to define management&rsquo;s
responsibility to evaluate whether there is substantial doubt about an organization&rsquo;s ability to continue as a going concern
and to provide related footnote disclosures. The amendments in this ASU are effective for reporting periods ending after December
15, 2016. The Company adopted this standard during fiscal 2017 and has included the required disclosure in the Company&rsquo;s
financial statements (Note 3).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Recently Issued Accounting
Pronouncements, Not Adopted as of June 30, 2017</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In May 2017, the FASB issued ASU
No. 2017-09,&nbsp;&ldquo;Compensation-Stock Compensation (Topic 718) Scope of Modification Accounting&nbsp;(ASU 2017-09).&rdquo;
ASU 2017-09 clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification
accounting in Topic 718. The standard is effective for interim and annual reporting periods beginning after December 15, 2017,
with early adoption permitted. The Company is currently evaluating the impact of its adoption of this standard on its financial
statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In January 2017, the FASB issued
ASU 2017-04, &ldquo;Intangibles - Goodwill and Other (Topic 350).&rdquo; The amendment simplifies the subsequent measurement of
goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual,
or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge
should be recognized for the amount by which the carrying amount exceeds the reporting unit&rsquo;s fair value; however, the loss
recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to
perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendment
should be applied on a prospective basis. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, including
interim periods within those fiscal years. Early adoption is permitted for interim or annual goodwill impairment tests performed
on testing dates after January 1, 2017. The Company does not believe that adoption of this amendment will have a material impact
on its financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In January 2017, the FASB issued
ASU 2017-01, &ldquo;Business Combinations (Topic 805) Clarifying the Definition of a Business.&rdquo; The amendment clarifies
the definition of a business, which is fundamental in the determination of whether transactions should be accounted for as acquisitions
(or disposals) of assets or businesses. This determination is important given the diverging accounting models used for each type
of transaction. The guidance is generally expected to result in fewer transactions qualifying as business combinations. The amendment
is effective prospectively for public business entities for interim and annual periods beginning after December 15, 2017, including
interim periods within those periods. Early adoption is permitted. The Company does not expect an immediate impact on its financial
statements from this codification however, if Aytu seeks to purchase additional assets in the future it could have an impact if
that purchase is accounted for as a business combination or an asset purchase.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In February 2016, the FASB issued
ASU 2016-02, &ldquo;Leases (Topic 842).&rdquo; The new standard establishes a right-of-use (ROU) model that requires a lessee
to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will
be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement.
The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal
years. A modified retrospective transition approach is required for leases for capital and operating leases existing at, or entered
into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients
available. The Company is currently evaluating the impact of its adoption of this standard on its financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In January 2016, the FASB issued
ASU No. 2016-01, <I>Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825)</I>.
ASU No. 2016-01 revises the classification and measurement of investments in certain equity investments and the presentation of
certain fair value changes for certain financial liabilities measured at fair value. ASU No. 2016-01 requires the change in fair
value of many equity investments to be recognized in net income. ASU No. 2016-01 is effective for interim and annual periods beginning
after December 15, 2017, with early adoption permitted. &nbsp;Adopting ASU No. 2016-01 may result in a cumulative effect adjustment
to the consolidated statement of equity retained earnings as of the beginning of the year of adoption. The Company is currently
evaluating the impact of this standard on its financial statements.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In May 2014, the FASB issued ASU
2014-09, Topic 606, Revenue from Contracts with Customers (the &quot;New Revenue Standard&quot;). The amendments in this ASU provide
a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition
guidance, including industry-specific revenue guidance. The core principle of the new ASU is that revenue should be recognized
to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
expects to be entitled in exchange for those goods and services. New disclosures about the nature, amount, timing and uncertainty
of revenue and cash flows arising from contracts with customers are also required. In August 2015, the FASB issued ASU 2015-14
which deferred the effective date of the New Revenue Standard. In 2016, the FASB issued ASU 2016-08, ASU 2016-10, ASU 2016-11,
and ASU 2016-12 to clarify, among other things, the implementation guidance related to principal versus agent considerations,
identifying performance obligations, and accounting for licenses of intellectual property. The guidance also requires expanded
disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.
Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes
in judgments, and assets recognized from the costs to obtain or fulfill a contract.&nbsp; The New Revenue Standard is effective
for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early application is
permitted for interim and annual periods beginning after December 5, 2017. The amendments in this update are to be applied on
a retrospective basis, either to each prior reporting period presented or by presenting the cumulative effect of applying the
update recognized at the date of initial application. The New Revenue Standard will be effective for the Company in fiscal 2019.
We will adopt the standard in our third quarter of fiscal 2018 and preliminarily expect to use the modified prospective method.
However, we are continuing to evaluate the impact of the standard, and our adoption method is subject to change. We currently
do not anticipate these standards to have a material impact on our consolidated financial statements outside of the expanded disclosure
requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000"><B>Note 3
&ndash; Going Concern</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As reflected in the accompanying financial
statements, the Company had a net loss of $22.5 million and net cash used in operations of $13.8 million, for the year ended June
30, 2017. At June 30, 2017, Aytu had $878,000 of cash, cash equivalents and restricted cash, stockholders&rsquo; equity of $4.0
million and an accumulated deficit of $69.1 million at June 30, 2017.&nbsp;&nbsp;In addition, the Company is in the early stage
of commercialization and has not yet generated any profits. These factors raised substantial doubt about the Company&rsquo;s ability
to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">However,
with the completion of the August 2017 financing of $11.8 million, the Company expects that its current cash resources plus this
additional funding will be sufficient to fund operations through fiscal 2018 and into mid-fiscal 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">The accompanying
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery
of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue
as a going concern.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Note 4 &ndash; License Agreement/Revenue
Recognition</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">During 2011, Ampio Pharmaceuticals,
Inc., (&ldquo;Ampio&rdquo;), Aytu&rsquo;s former parent company, entered into a license, development and commercialization agreement
with a major Korean pharmaceutical company which was assigned to Vyrix when it was formed in 2013. The agreement grants the pharmaceutical
company exclusive rights to market Zertane in South Korea for the treatment of premature ejaculation (&ldquo;PE&rdquo;) and for
a combination drug to be developed, utilizing Zertane and an erectile dysfunction drug. Upon signing of the agreement, Ampio received
a $500,000 upfront payment, the net proceeds of which were $418,000 after withholding of Korean tax. The upfront payment was deferred
and was being recognized as license revenue over a ten-year period. Milestone payments of $3.2 million could have been earned
and recognized contingent upon achievement of regulatory approvals and cumulative net sales targets, which could have taken several
years. In addition, Aytu could have earned a royalty based on 25% of net sales, as defined, if the royalty exceeded the transfer
price of the Zertane product. No royalties have been earned to date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In April 2014, Vyrix entered into a Distribution and License
Agreement (the &ldquo;Paladin Agreement&rdquo;) with Endo Ventures Limited, which acquired Paladin Labs Inc. (&ldquo;Paladin&rdquo;),
whereby Paladin has exclusive rights to market, sell and distribute Zertane in Canada, the Republic of South Africa, certain countries
in Sub Saharan Africa, Colombia and Latin America. The Paladin Agreement expires on a country by country basis upon the later
of 15 years after the first commercial sale of the product in that country or expiration of market exclusivity for Zertane in
that country. Paladin paid $250,000 to Vyrix upon signing the Paladin Agreement and is obligated to make milestone payments aggregating
up to $3.0 million based upon achieving Canadian and South African product regulatory approval and achieving specific sales goals.
The upfront payment was deferred and was being recognized as license revenue over a seven-year period. In addition, the Paladin
Agreement provides that Paladin pay royalties based on sales volume.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="color: #000000">At the end of fiscal 2016, Aytu determined that the Zertane asset had no further
value as Aytu did not have the resources to complete the necessary clinical trials and bring it to market before the patents expire.
The remaining deferred revenue of $426,000 was recognized as of June 30, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Note 5 &ndash; Fair Value Considerations
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The carrying amounts of financial
instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and other current assets
and other liabilities approximate their fair value due to their short maturities. The fair value of acquisition-related contingent
consideration is based on estimated discounted future cash flows and assessment of the probability of occurrence of potential
future events. The fair values of marketable securities is based on quoted market prices, if available, or estimated discounted
future cash&nbsp;flows. The valuation policies are determined by the Chief Financial Officer and approved by the Company&rsquo;s
Board of Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Authoritative guidance defines
fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly
transaction between market participants at the measurement date. The guidance establishes a hierarchy for inputs used in measuring
fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most
observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset
or liability developed based on market data obtained from sources independent of Aytu. Unobservable inputs are inputs that reflect
Aytu&rsquo;s assumptions of what market participants would use in pricing the asset or liability developed based on the best information
available in the circumstances. The hierarchy is broken down into three levels based on reliability of the inputs as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 15%"><FONT STYLE="font-size: 10pt; color: #000000">Level&nbsp;1:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 85%"><FONT STYLE="font-size: 10pt; color: #000000">Inputs that reflect unadjusted
    quoted prices in active markets that are accessible to Aytu for identical assets or liabilities;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt; color: #000000">Level&nbsp;2:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt; color: #000000">Inputs include quoted prices for similar
    assets and liabilities in active or inactive markets or that are observable for the asset or liability either directly or
    indirectly; and</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt; color: #000000">Level&nbsp;3:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt; color: #000000">Unobservable inputs that are supported by
    little or no market activity.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Aytu&rsquo;s assets and liabilities
which are measured at fair value are classified in their entirety based on the lowest level of input that is significant to their
fair value measurement. Aytu&rsquo;s policy is to recognize transfers in and/or out of fair value hierarchy as of the date in
which the event or change in circumstances caused the transfer. Aytu has consistently applied the valuation techniques discussed
below in all periods presented.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The following table presents Aytu&rsquo;s
financial liabilities that were accounted for at fair value on a recurring basis as of June 30, 2017 and 2016, by level within
the fair value hierarchy:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair
    Value Measurements Using</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level
    1</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level
    2</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level
    3</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000"><U>June 30, 2017</U></TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">ASSETS</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Investment in Acerus</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">LIABILITIES</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Warrant derivative liability</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; color: #000000; text-align: left">Contingent consideration</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">7,648,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">7,648,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-decoration: underline">June 30, 2016</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">ASSETS</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Investment in Acerus</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,041,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,041,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">LIABILITIES</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Warrant derivative liability</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">276,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">276,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Contingent consideration</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">3,869,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">3,869,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The estimated fair value of the Company&rsquo;s investment,
which is classified as Level 1 (quoted price is available), was $1.0 million as of June 30, 2016. This investment was sold during
fiscal 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The warrant derivative liability
was valued using the Black-Scholes valuation methodology because that model embodies all of the relevant assumptions that address
the features underlying these instruments. The warrants related to the warrant derivative liability are not actively traded and
therefore classified as Level 3. Significant assumptions in valuing the warrant derivative liability, based on estimates of the
value of Aytu common stock and various factors regarding the warrants, were as follows as of February 28, 2017, the date when
the derivative instruments converted into equity, and at June 30, 2016:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">February&nbsp;28,
    2017</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">June
    30, 2016</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-decoration: underline">Warrants:</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 76%; font-size: 10pt; color: #000000; padding-left: 0.25in">Volatility</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">160.7</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">75.0</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.25in">Equivalent term (years)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">4.18</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">4.84</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.25in">Risk-free interest rate</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1.87</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">0.99</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.25in">Dividend yield</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">0.00</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">0.00</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The following table sets forth
a reconciliation of changes in the fair value of financial liabilities classified as Level 3 in the fair valued hierarchy:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Derivative
    Instruments</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; font-size: 10pt; color: #000000">Balance as of June 30, 2016</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">276,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.125in">Warrant issuances</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Change in fair value included in earnings
    (February 28, 2017)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(213,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">Reclassification of
    warrant from liability to equity upon amendment</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(63,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">Balance as of June 30, 2017</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The contingent consideration was
valued using the Monte-Carlo valuation methodology because that model embodies all of the relevant assumptions that address the
features underlying these instruments. Contingent consideration is not actively traded and therefore classified as Level 3.</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">As of June 30, 2016, we had $3.9 million in contingent consideration.
During fiscal 2017, this balance increased to $7.6 million as a result of $305,000 in accretion, which is included in our interest
expense, as well as an increase of $1.9 million related to our Nuelle merger and adjustments of $1.5 million related to the revaluation
of our ProstaScint and Natesto products.</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"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Note 6 &ndash; Income Taxes
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">As previously
discussed in Note 2 - Summary of Significant Accounting Policies, the Company has been included in the consolidated tax returns
of Ampio for tax years ending on or before December 31, 2015. Beginning in January 2016, Aytu will file tax returns separate from
Ampio. For all consolidated tax return periods, the Company's taxes have been computed and reported on a &quot;separate return&quot;
basis. Ampio and Aytu did not have a tax sharing agreement for the consolidated return periods. Accordingly, certain tax attributes,
e.g. net operating loss carryforwards, reflected in these financial statements, may or may not be available to Aytu. In January
2016, Ampio's ownership interest in Aytu fell below 80% so that Aytu will no longer be included in the Ampio consolidated tax
return. The deconsolidation resulted in approximately $4.5 million of net operating loss carryforwards originating prior to the
incorporation of Vyrix and Luoxis no longer being available to Aytu. Upon deconsolidation, the deferred tax asset and related
valuation allowance for these pre-incorporation net operating losses have been removed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">Income tax
benefit resulting from applying statutory rates in jurisdictions in which Aytu is taxed (Federal and various states) differs from
the income tax provision (benefit) in the Aytu financial statements. The following table reflects the reconciliation for the respective
periods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></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">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1.5pt solid">Year&nbsp;Ended&nbsp;June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; text-align: left">Benefit at statutory rate</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">(7,653,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">(34.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">(9,581,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</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: 9%; font-size: 10pt; text-align: right">(34.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">State income taxes, net of federal benefit</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">(681,000</TD><TD STYLE="font-size: 10pt; text-align: left">)</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">(3.02</TD><TD STYLE="font-size: 10pt; text-align: left">)%</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">(853,000</TD><TD STYLE="font-size: 10pt; text-align: left">)</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">(3.03</TD><TD STYLE="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">Stock based compensation</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">116,000</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">0.51</TD><TD STYLE="font-size: 10pt; text-align: left">%</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">7,000</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">0.03</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Interest on convertible debt</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">-</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">0.00</TD><TD STYLE="font-size: 10pt; text-align: left">%</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">75,000</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">0.27</TD><TD STYLE="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">Offering costs</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">203,000</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">0.90</TD><TD STYLE="font-size: 10pt; text-align: left">%</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">-</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">0.00</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Contingent consideration</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">4,000</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">0.02</TD><TD STYLE="font-size: 10pt; text-align: left">%</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">-</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">0.00</TD><TD STYLE="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">Change in tax rate</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">(11,000</TD><TD STYLE="font-size: 10pt; text-align: left">)</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">(0.05</TD><TD STYLE="font-size: 10pt; text-align: left">)%</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">-</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">0.00</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Change in valuation allowance</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">7,922,000</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">35.19</TD><TD STYLE="font-size: 10pt; text-align: left">%</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">8,672,000</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">30.77</TD><TD STYLE="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">Reduction of net operating losses upon deconsolidation</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">-</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">0.00</TD><TD STYLE="font-size: 10pt; text-align: left">%</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">1,674,000</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">5.94</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">Other</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">100,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">0.45</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">6,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">0.02</TD><TD STYLE="padding-bottom: 1.5pt; 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: 4pt; padding-left: 9pt">Net income tax provision (benefit)</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">0.00</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">0.00</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">%</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Deferred income taxes arise from
temporary differences in the recognition of certain items for income tax and financial reporting purposes. The approximate tax
effects of significant temporary differences which comprise the deferred tax assets and liabilities are as follows for the respective
periods:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Deferred tax assets (liabilities):</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.25in">Deferred revenue</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 76%; font-size: 10pt; color: #000000; text-align: left; padding-left: 0.25in">Deferred rent</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">3,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">5,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.25in">Accrued expenses</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">127,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">445,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.25in">Net operating loss carry forward</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">15,435,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">9,202,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-left: 0.25in">Intangibles</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,559,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">606,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.25in">Share-based compensation</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,362,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">327,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.25in">Fixed assets</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">191,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.25in">Unrealized loss on investment</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">360,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.25in">Capital loss carry forward</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">385,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.25in">Contribution carry forward</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">41,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.25in">Warrant liability</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">75,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">153,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; padding-left: 0.25in">Inventory</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">174,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">192,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Allowance for doubtful
    accounts</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">17,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">15,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Total deferred income tax assets (liabilities)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">19,369,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">11,305,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt">Less: Valuation allowance</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(19,369,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(11,305,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 4pt">Total deferred income tax assets (liabilities)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: #000000">In
assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion
or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the
generation of future taxable income during periods in which those temporary differences become deductible. Management considers
the scheduled reversal of deferred tax liabilities, projected future taxable income, carry back opportunities and tax planning
strategies in making the assessment. The Company believes it is more likely than not it will realize the benefits of these deductible
differences, net of the valuation allowance provided. The Company has federal net operating losses of approximately $42.3 million
and $24.8 million as of June 30, 2017 and June 30, 2016, respectively that, subject to limitation, may be available in future
tax years to offset taxable income. The available federal net operating losses, if not utilized to offset taxable income in future
periods, will begin to expire in 2031 through 2036. The Company has state net operating losses of approximately $32.8 million
and $17.3 million as of June 30, 2017 and June 30, 2016, respectively that, subject to limitation, may be available in future
tax years to offset taxable income. The available state net operating losses, if not utilized to offset taxable income in future
periods, will begin to expire in 2025 through 2036. Under the provisions of the Internal Revenue Code, substantial changes in
the Company's ownership may result in limitations on the amount of NOL carryforwards that can be utilized in future years. Net
operating loss carryforwards are subject to examination in the year they are utilized regardless of whether the tax year in which
they are generated has been closed by statute. The amount subject to disallowance is limited to the NOL utilized. Accordingly,
the Company may be subject to examination for prior NOLs generated as such NOLs are utilized. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">As of June 30, 2017 and 2016,
the Company has no liability for gross unrecognized tax benefits or related interest and penalties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Aytu has made its best estimates
of certain income tax amounts included in the financial statements. Application of the Company's accounting policies and estimates,
however, involves the exercise of judgement and use of assumptions as to future uncertainties and, as a result, could differ from
these estimates. In arriving at its estimates, factors the Company considers include how accurate the estimates or assumptions
have been in the past, how much the estimates or assumptions have changed and how reasonably likely such changes may have a material
impact. Aytu has been historically included in the Ampio consolidated tax return. Under the general statute of limitations, the
Company would not be subject to federal or Colorado income tax examinations for tax years prior to 2013 and 2012, respectively.
However, given the net operating losses generated since inception, all tax years since inception are subject to examination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Note 7 &ndash; Commitments
and Contingencies </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Commitments and contingencies
are described below and summarized by the following table as of June&nbsp;30, 2017:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2018</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Thereafter</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 16%; font-size: 10pt; color: #000000; text-align: left">Prescription database</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">1,342,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">769,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">573,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">Natesto</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">15,000,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">2,500,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">5,000,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">7,500,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Manufacturing/commercial supply agreements</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt">Office lease</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">175,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">145,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">30,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">16,517,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">914,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">603,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">2,500,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">5,000,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">7,500,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Prescription Database</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In May 2016, Aytu entered into
an agreement with a company that will provide Aytu with prescription database information, whereby Aytu agreed to pay approximately
$1.9 million over three years for access to the database of prescriptions written for Natesto. The payments have been broken down
into quarterly payments, the first of which was made in November 2016, the second payment was made in January 2017 and the third
payment was made in April 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Natesto</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In April 2016, the Company entered
into an agreement with Acerus whereby Aytu agreed to pay $8.0 million for the exclusive U.S. rights to Natesto (see Note 1). The
first payment totaling $2.0 million was paid in April, the second installment payment was paid in October 2016. The final payment
totaling $4.0 million was paid in January 2017. Additionally, Aytu is required to make the first milestone payment of $2.5 million
even if the milestone is not reached and anticipates making the second milestone payment of $5.0 million along with the third
milestone payment of $7.5 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Manufacturing/Commercial
Supply Agreements</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In October 2015, Aytu entered
into a Master Services Agreement with Biovest International, Inc. (&ldquo;Biovest&rdquo;). The agreement provides that Aytu may
engage Biovest from time to time to provide services in accordance with mutually agreed upon project addendums and purchase orders.
Aytu expects to use the agreement from time to time for manufacturing services, including without limitation, the manufacturing,
processing, quality control testing, release or storage of its products for the ProstaScint product. In September 2016, Aytu entered
into a Commercial Supply Agreement with Grand River Aseptic Manufacturing, Inc. (&ldquo;GRAM&rdquo;). The agreement provides that
Aytu may engage GRAM from time to time to provide services in accordance with mutually agreed upon work orders. As of June 30,
2017, both contracts were on hold as the Company evaluates its strategic options for the ProstaScint product. If the contracts
are not restarted, Aytu does not anticipate any future liability related to either contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Office Lease </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In June 2015, Aytu entered into
a 37 month operating lease for a space in Raleigh, North Carolina. This lease has initial base rent of $3,000 a month, with total
base rent over the term of the lease of approximately $112,000. In September 2015, the Company entered into a 37 month operating
lease in Englewood, Colorado. This lease has an initial base rent of $9,000 a month with a total base rent over the term of the
lease of approximately $318,000. The Company recognizes rental expense of the facilities on a straight-line basis over the term
of the lease. Differences between the straight-line net expenses on rent payments are classified as liabilities between current
deferred rent and long-term deferred rent. Rent expense for the respective periods is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;&nbsp;</FONT></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-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year
    Ended June 30,</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 76%; font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Rent expense</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">139,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">120,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Note 8 &ndash; Convertible
Promissory Notes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">During July and August 2015, Aytu
closed on note purchase agreements with institutional and high net worth individual investors for the purchase and sale of convertible
promissory notes (&ldquo;Notes&rdquo;) with an aggregate principal amount of $5.2 million. The sale of the Notes was pursuant
to a private placement. Debt issuance costs totaled $401,000, which included the $103,000 fair value of the placement agent warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The Notes were an unsecured obligation.
Aytu did not have the right to prepay the Notes prior to the maturity date. Interest accrued on the Notes in the following amounts:
(i)&nbsp;8% simple interest per annum for the first six months and (ii)&nbsp;12% simple interest per annum thereafter if not converted
during the first nine months. Interest accrued, was payable with the principal upon maturity, conversion or acceleration of the
Notes and could have been paid in kind or in cash, in Aytu&rsquo;s sole discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Placement agents for the offering
sold the institutional portion of the offering of the Notes. Aytu sold the balance of the Notes to individuals and entities with
whom Aytu had an established relationship. For Notes sold by the placement agent, Aytu paid the placement agent 8% of the gross
proceeds of Notes sold by the placement agents and was obligated to issue warrants for an amount of shares equal to 8% of the
gross number of shares of the Company stock issuable upon conversion of the Notes issued to investors introduced to the Company
by the private placement agents in the private placement, in addition to a previously paid non-refundable retainer fee of $20,000.
The placement agent warrants have a term of five years from the date of issuance of the related notes in July and August 2015,
an exercise price equal to the conversion price per share at which the Notes are converted into common stock. Change in fair value
is recorded in earnings. Fair value at the grant date was recorded as a debt discount and amortized over the term of the debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The warrants were recorded at
fair value as long-term liabilities on the Balance Sheet and upon conversion were moved to equity classification.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Upon Aytu&rsquo;s adoption of
ASU 2015-3, the issuance costs associated with the Notes were recorded as a long&ndash;term liability and were presented in the
Balance Sheet as a direct reduction of the carrying amount of the Notes on their inception date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the terms of the convertible promissory note agreements,
if Aytu sold equity securities at any time while the Notes were outstanding in a financing transaction that was not a Qualified
Financing (a public offering of Aytu stock resulting in gross proceeds of at least $5.0 million (excluding indebtedness converted
in such financing) prior to the maturity date of the Notes), the holders of the convertible promissory notes had the option, but
not the obligation, to convert the outstanding principal and accrued interest as of the closing of such financings into a number
of shares of Aytu capital stock in an amount equal to 120% of the number of such shares calculated by dividing the outstanding
principal and accrued interest by the lesser of (a) the lowest cash price per share paid by purchasers of shares in such financing,
or (b) $92.60. As a result of Aytu&rsquo;s sale of common stock on January 20, 2016, the Company was obligated to provide notice
to the above-referenced noteholders of such stock sales. In accordance with the convertible note terms, noteholders had the option
to convert their entire balance (inclusive of accrued but unpaid interest) into a number of shares of Aytu common stock equal
to 120% of the number of shares calculated by dividing such note balance by $156.00, which was the per share purchase price paid
in the equity financing described above. On February 10, 2015, the date of the conversion, an aggregate of $4.1 million of principal
and $143,000 of accrued interest on the Notes converted into an aggregate of 32,830 shares of Aytu&rsquo;s common stock under
the original terms of the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">In May 2016, Aytu completed a registered public offering which was considered a Qualified Financing and
all outstanding Notes were automatically converted on the same terms as in the offering. At the insistence of the underwriters
of the offering, all outstanding noteholders had signed lockup agreements which granted them an extra 10% on the conversion, increasing
it to 130% of shares calculated by dividing such Note balance by $96.00, which was the per share purchase price in the registered
offering. On May 6, 2016, the date of conversion, an aggregate of $1.1 million of principal and $78,000 of accrued interest on
the Notes converted into an aggregate of 15,279 shares of Aytu&rsquo;s common stock and 15,279 warrants.</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"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In connection with the conversion
of the Aytu Notes, Aytu was obligated to issue to the placement agents for the convertible note offering warrants for an amount
of shares equal to 8% of the number of shares of Aytu&rsquo;s common stock for the Notes sold by the placement agents issued upon
conversion of the Notes. As a result of the optional note conversion, on February 10, 2016, Aytu issued warrants to the placement
agents to purchase an aggregate of 1,113 shares of common stock at an exercise price of $156.00 per share. As a result of the
second Note conversion, on May 6, 2016, Aytu issued warrants to the placement agents to purchase an aggregate of 1,129 shares
of common stock at an exercise price of $96.00 per share. These warrants are exercisable for five years from the date of issuance
of the related Notes in July and August 2015. The warrants have a cashless exercise feature.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Also in connection with the conversion
of the Notes, Aytu recorded a beneficial conversion feature of $4.9 million which was recorded as a debt discount; this amount
represents that carrying amount of the Notes at the date of conversion. The&nbsp;beneficial conversion feature was expensed upon
conversion of the Notes to interest expense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Note 9 &ndash; Common Stock
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Capital Stock </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">At June 30, 2017 and June 30,
2016, Aytu had 824,831 and 187,098 common shares outstanding, respectively, and no preferred shares outstanding at either June
30, 2017 or June 30, 2016. The Company has 100.0&nbsp;million shares of common stock authorized with a par value of $0.0001&nbsp;per
share and 50.0&nbsp;million shares of preferred stock authorized with a par value of $0.0001 per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In May 2016, Aytu raised gross
proceeds of approximately $7.5 million through a public offering of 78,125 Units. Offering costs totaled $1.2 million resulting
in net proceeds of $6.3 million. Each Unit consisted of one share of Aytu common stock and a warrant to purchase one share of
Aytu common stock. The common stock issued had a relative fair value of $4.2 million. The warrants have an exercise price of $120.00
per share and will expire five years from the date of issuance. These warrants have a relative fair value of $2.1 million. We
also granted the underwriters a 45-day option (the Over-Allotment Option) to purchase up to an additional 11,719 shares of common
stock and/or warrants. The underwriters exercised 8,542 of this over-allotment option for the warrants and paid $2.40 per over-allotment
warrant resulting in proceeds of $20,000. These warrants have the same terms as the warrants sold in the registered offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In July 2016, we entered into
a purchase agreement (the &lsquo;&lsquo;Purchase Agreement&rsquo;&rsquo;), together with a registration rights agreement (the
&lsquo;&lsquo;Registration Rights Agreement&rsquo;&rsquo;), with Lincoln Park Capital Fund, LLC (&lsquo;&lsquo;Lincoln Park&rsquo;&rsquo;).
Upon signing the Purchase Agreement, Lincoln Park agreed to purchase 6,684 shares of our common stock for $500,000 as an initial
purchase under the agreement. We also issued as a commitment fee to Lincoln Park of 2,625 shares of common stock. Between September
2016 and June 2017, Lincoln Park purchased an additional 10,000 shares for $240,000, the issuance costs related to these purchases
totaled $91,000, resulting in net proceeds of $649,000. We terminated the Purchase Agreement effective August 16, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In July 2016, we issued 50,000 shares of restricted stock as
compensation to certain executive officers and directors, which vest in July 2026. This expense is included in sales, general
and administrative. For the year ended June 30, 2017, the expense was $725,000. The original fair value of the restricted stock
was $3.2 million. As of June 30, 2017, the remaining unrecognized expense is $2.5 million. During fiscal 2017, one of the Company&rsquo;s
executive officers resigned and his restricted stock vested in full upon this event. This resulted in the Company recognizing
the remainder of the expense related to this executive&rsquo;s restricted stock grant of $430,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In August 2016, we issued an aggregate
of 7,123 shares of common stock as bonuses for performance in 2016 to three executive officers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In November 2016, we raised gross
proceeds of approximately $8.6 million through a public offering of 286,749 Units. Offering costs totaled $1.0 million resulting
in net cash proceeds of $7.6 million. We also issued underwriter warrants in connection with the offering with a fair value of
$293,000, resulting in net proceeds of $7.3 million. Each Unit consisted of one share of Aytu common stock and a warrant to purchase
one share of Aytu common stock. The common stock issued had a relative fair value of $3.7 million and a fair value of $4.4 million.
The investor warrants have an exercise price of $37.20 per share and will expire five years from the date of issuance. These investor
warrants have a relative fair value of $3.5 million and a fair value of $4.2 million. We also granted the underwriters a 45-day
option (the Over-Allotment Option) to purchase up to an additional 43,013 shares of common stock and/or warrants. The underwriters
purchased 14,263 of this Over-Allotment Option for the warrants and paid $0.20 per over-allotment warrant. These warrants have
the same terms as the warrants sold in the registered offering. These warrants have a relative fair value of $173,000, a fair
value of $208,000, and proceeds of $3,000, which was the purchase price per the underwriting agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In February 2017, the Company
consummated its warrant tender offer to exercise, at a temporarily reduced exercise price of $15.00 per share, (i) outstanding
warrants to purchase 86,667 shares of common stock with an exercise price of $120.00 per share, which were originally issued to
investors in the Company&rsquo;s May 2016 financing (the &ldquo;May 2016 Warrants&rdquo;), and (ii) outstanding warrants to purchase
301,013 shares of common stock with an exercise price of $37.20 per share, which were originally issued to investors in the Company&rsquo;s
October 2016 financing (the &ldquo;October 2016 Warrants&rdquo; and together with the May 2016 Warrants, the &ldquo;Original Warrants&rdquo;).
Original warrants to purchase an aggregate of 149,552 shares of common stock were tendered and exercised in the warrant tender
offer, for aggregate gross proceeds to the Company of approximately $2.2 million. Original warrants that were not tendered and
exercised remain in effect at the pre-tender offer exercise prices of $120.00 per share and $37.20 per share, respectively (see
Note 11).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In May 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. As part of the Merger, we issued to the Nuelle preferred stockholders
an aggregate of 125,000 shares of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Note 10 &ndash; Equity Instruments
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Stock Option Repricing</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In March 2017, our Board of Directors
approved a common stock option repricing program whereby all previously granted and unexercised options were repriced on a one-for-one
basis to $16.40 per share which represented the closing price of our common stock as of the date of the repricing. There was no
other modification to the vesting schedule of the previously issued options. As a result, 36,864 unexercised options originally
granted to purchase common stock at prices ranging from $64.60 to $1,111.20 per share were repriced under this program.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">We treated the repricing as a
modification of the original awards and calculated additional compensation costs for the difference between the fair value of
the modified award and the fair value of the original award on the modification date. The repricing resulted in an incremental
stock-based compensation expense of $34,000. The full expense was recognized during fiscal 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In July 2016, our Board of Directors
approved a common stock option repricing program whereby previously granted and unexercised options held by our then current employees,
consultants and directors with exercise prices above $120.00 per share were repriced on a one-for-one basis to $64.60 per share
which represented the per share fair value of our common stock as of the date of the repricing. There was no other modification
to the vesting schedule of the previously issued options. As a result, 15,803 unexercised options originally granted to purchase
common stock at prices ranging from $134.40 to $362.40 per share were repriced under this program.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">We treated the repricing as a
modification of the original awards and calculated additional compensation costs for the difference between the fair value of
the modified award and the fair value of the original award on the modification date. The repricing resulted in an incremental
stock-based compensation expense of $318,000. Expense related to vested shares was expensed on the repricing date and expense
related to unvested shares is being amortized over the remaining vesting period of such stock options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Options </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">On June&nbsp;1, 2015, Aytu&rsquo;s
stockholders approved the 2015 Stock Option and Incentive Plan (the &ldquo;2015 Plan&rdquo;), which, as amended in November 2016,
provides for the award of stock options, stock appreciation rights, restricted stock and other equity awards for up to an aggregate
of 100,000 shares of common stock. The shares of common stock underlying any awards that are forfeited, canceled, reacquired by
Aytu prior to vesting, satisfied without any issuance of stock, expire or are otherwise terminated (other than by exercise) under
the 2015 Plan will be added back to the shares of common stock available for issuance under the 2015 Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Pursuant to the 2015 Stock Plan,
100,000 shares of its common stock, are reserved for issuance. The fair value of options granted was calculated using the Black-Scholes
option pricing model. In order to calculate the fair value of the options, certain assumptions are made regarding components of
the model, including the estimated fair value of the underlying common stock, risk-free interest rate, volatility, expected dividend
yield and expected option life. Changes to the assumptions could cause significant adjustments to valuation. Aytu estimates the
expected term based on the average of the vesting term and the contractual term of the options. The risk-free interest rate is
based on the U.S. Treasury yield in effect at the time of the grant for treasury securities of similar maturity. The assumptions
used for the year ended June 30, 2017 are as follows:</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></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">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year
    Ended June 30,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">&nbsp;<B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; color: #000000; text-align: left">Expected volatility</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; color: #000000; text-align: center">178% - 185%</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; color: #000000; text-align: center">75%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Risk free interest rate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000; text-align: center">0.97% - 1.88%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000; text-align: center">1.16% - 1.90%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Expected term (years)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000; text-align: center">5.0 -6.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #000000; text-align: center">3.75 - 6.25</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Dividend yield</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: center">0%</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: center">0%</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"></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"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Stock option activity is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number&nbsp;of<BR>
    Options</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted<BR>
    Average<BR> Exercise&nbsp;Price</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted&nbsp;Average<BR>
    Remaining<BR> Contractual&nbsp;Life&nbsp;in<BR> Years</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">Outstanding&nbsp;June&nbsp;30,&nbsp;2015</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-size: 10pt; color: #000000; padding-left: 0.125in">Granted</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">16,340</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">360.20</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; padding-left: 0.125in">Exercised</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt; padding-left: 0.125in">Forfeited/Cancelled</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(209</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">362.40</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">Outstanding June 30, 2016</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">16,131</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">360.20</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">9.33</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-left: 0.125in">Granted</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">23,608</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">18.20</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; padding-left: 0.125in">Exercised</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-left: 0.125in">Forfeited</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(1,408</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">83.20</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt; padding-left: 0.125in">Cancelled</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(68</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">64.60</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">Outstanding June 30, 2017</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">38,263</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">16.31</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">8.40</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">Exercisable at June 30, 2017</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">19,341</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">16.40</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">7.95</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 4pt">Available for grant at June 30, 2017</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">61,737</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The following table details the
options outstanding at June 30, 2017 by range of exercise prices:</FONT></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; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></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 COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Range of
    Exercise Prices</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of
    Options Outstanding</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted
    Average Exercise Price</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted
    Average Remaining Contractual Life of Options Outstanding</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of
    Options Exercisable</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted
    Average Exercise Price</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: right">14.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: right">1,500</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: right">14.00</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: 14%; font-size: 10pt; text-align: right">9.85</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: 14%; font-size: 10pt; text-align: right">-</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">$</TD><TD STYLE="width: 13%; font-size: 10pt; text-align: right">14.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">16.40</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">36,763</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">16.40</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8.34</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">19,341</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">16.40</TD><TD STYLE="padding-bottom: 1.5pt; 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">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">38,263</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">16.31</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8.40</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">19,341</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">16.40</TD><TD STYLE="padding-bottom: 4pt; 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"><FONT STYLE="color: #000000">&nbsp;&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Stock-based compensation expense
related to the fair value of stock options was included in the statements of operations as research and development expenses and
sales, general and administrative expenses as set forth in the table below. Aytu determined the fair value as of the date of grant
using the Black-Scholes option pricing model and expenses the fair value ratably over the vesting period. The following table
summarizes stock-based compensation expense for the years ended June&nbsp;30, 2017 and 2016:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year
    Ended June 30,</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Research and development expenses</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; color: #000000; text-align: left; text-indent: 10pt">Stock-based compensation</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">89,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Selling, general and administrative expenses</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">Stock-based compensation</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">2,502,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">814,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">2,502,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">903,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">Unrecognized expense at June 30, 2017</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">775,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Weighted average remaining years to vest</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1.81</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Warrants </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">A summary of all warrants is as
follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></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; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; font-weight: bold; text-align: center"><FONT STYLE="color: #000000">Number
                                         of </FONT><BR> <FONT STYLE="color: #000000">Warrants</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; font-weight: bold; text-align: center"><FONT STYLE="color: #000000">Weighted
                                         </FONT><BR> <FONT STYLE="color: #000000">Average </FONT><BR> <FONT STYLE="color: #000000">Exercise
                                         Price</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; font-weight: bold; text-align: center"><FONT STYLE="color: #000000">Weighted
                                         Average </FONT><BR> <FONT STYLE="color: #000000">Remaining Contractual</FONT><BR> <FONT STYLE="color: #000000">Life
                                         in Years</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-size: 10pt; color: #000000">Outstanding June 30, 2015</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">444</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">1,087.20</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">2.92</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.125in">Warrants issued to placement agents for
    convertible promissory notes</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,115</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">156.00</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.125in">Warrants issued to investors in connection
    with the registered offering</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">86,667</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">120.00</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.125in">Warrants issued to placement agents for
    convertible promissory notes</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">1,129</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">96.00</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.125in">Warrants issued to placement agents for
    the registered offering</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">5,474</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">120.00</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Warrants issued
    to convertible note holders who converted May 5, 2016</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">15,279</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">120.00</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">Outstanding June 30, 2016</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">110,108</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">124.02</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">4.71</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.125in">Issuance of settlement warrants to initial
    investors</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">4,402</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">80.00</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.125in">Warrants issued to investors in connection
    with the registered offering</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">301,014</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">37.20</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.125in">Warrants issued to placement agents for
    the registered offering</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">20,077</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">15.00</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Warrants exercised</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(149,552</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">15.00</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">Outstanding June 30, 2017</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">286,049</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">50.29</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">4.23</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In connection with our private
placement of approximately $5.2 million of convertible notes in July and August 2015, the Company was obligated to issue to the
placement agents&rsquo; warrants for an amount of shares equal to 8% of the number of shares of our common stock issued upon conversion
of the notes and any accrued interest. The placement agents warrants have a term of five years from the date of issuance of the
related notes in July and August 2015, an exercise price equal to 100% of the price per share at which equity securities were
sold in our next equity financing, and provide for cashless exercise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In connection with the conversions
of the notes in February 2016 and May 2016, which were triggered by an equity financing in January 2016 and our public offering
of common stock and warrants in May 2016, respectively, we issued warrants to the placement agents to purchase an aggregate of
1,115 shares of our common stock at an exercise price of $156.00 per share, and an aggregate of 1,129 shares of our common stock
at an exercise price of $96.00 per share. These warrants have a fair value of $87,000 and $50,000, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Also in connection with the conversion
of the notes in May 2016, the noteholders that converted also received 15,279 warrants (see Note 9). These warrants have a term
of five years with an exercise price of $120.00 per share. These warrants are accounted for under equity treatment and have a
fair value of $480,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In connection with our May 2016
public offering, we issued warrants to purchase an aggregate of 5,474 shares of common stock at an exercise price of $120.00 and
a term of five years to the underwriters of the public offering. These warrants are accounted for under liability accounting and
are fair valued at each reporting period (see Note 6).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Also in connection with our May
2016 public offering, we issued to investors warrants to purchase an aggregate of 86,667 shares of common stock, which includes
the over-allotment warrants, at an exercise price of $120.00 with a term of five years. These warrants are accounted for under
equity treatment (see Note 10).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Included in the warrant balance
at June 30, 2016 are warrants to purchase of 5,474 shares of common stock issued to the underwriters of our May registered offering.
These warrants were accounted for under liability accounting and were fair valued at each reporting period (see Note 7). On February
28, 2017, these warrants had a fair value of $63,000. Upon the amendment to these warrant agreements, in connection with the closing
of our warrant tender offer, this value was reclassified from liability accounting to equity after we removed any provision in
the amendment that could cause this to be paid in cash.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Included in the warrant balance
at June 30, 2016 are warrants to purchase of 429 shares of common stock issued to the bankers that assisted us with our Notes
(see Note 9). In March 2017, the Company reduced the exercise price of $156.00 to $15.00. This modification resulted in an expense
of $1,500 which was recognized during the quarter ended March 31, 2017 in sales, general and administrative.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">During fiscal 2017, Aytu issued
warrants to purchase 4,402 shares of common stock to initial investors of the Company at an exercise price of $80.00 and a term
of five years from July 2016. These warrants generated a non-cash expense of $596,000 for the year ended June 30, 2017, which
is included in sales, general and administrative expense. These warrants are accounted for under equity treatment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In connection with our November
2016 public offering, we issued to the underwriters of the public offering warrants to purchase an aggregate of 20,077 shares
of common stock at an exercise price of $37.20 and a term of five years. These warrants are accounted for under equity treatment.
In February, we reduced the exercise price of these warrants to $15.00.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Also in connection with our November
2016 public offering, we issued to investors warrants to purchase an aggregate of 301,014 shares of common stock, which includes
the over-allotment warrants, at an exercise price of $37.20 with a term of five years. These warrants are accounted for under
equity treatment (see Note 10).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In February 2017, the Company
consummated its warrant tender offer to exercise, at a temporarily reduced exercise price of $15.00 per share, (i) outstanding
warrants to purchase 86,667 shares of common stock with an exercise price of $120.00 per share, which were originally issued to
investors in the Company&rsquo;s May 2016 financing (the &ldquo;May 2016 Warrants&rdquo;), and (ii) outstanding warrants to purchase
301,014 shares of common stock with an exercise price of $37.20 per share, which were originally issued to investors in the Company&rsquo;s
October 2016 financing (the &ldquo;October 2016 Warrants&rdquo; and together with the May 2016 Warrants, the &ldquo;Original Warrants&rdquo;).
Original Warrants to purchase an aggregate of 149,552 shares of common stock were tendered and exercised in the warrant tender
offer, for aggregate gross proceeds to the Company of approximately $2.2 million. Original warrants that were not exercised remain
in effect at the pre-tender offer exercise prices of $120.00 per share and $37.20 per share, respectively. The incremental fair
value, which had no book impact, was $178,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">The Company also reduced the exercise
prices of an aggregate of 25,541 warrants to purchase shares of common stock, which were originally issued as underwriters&rsquo;
compensation in the May 2016 and October 2016 financings, from $120.00 per share and $37.20 per share, respectively, to $15.00
per share. The amended warrants related to the May 2016 financing adjusted the accounting for these warrants from liability classification
to equity. The incremental fair value of these warrant modifications, which had no book impact, was $23,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">All warrants were valued using
the Black-Scholes option pricing model. In order to calculate the fair value of the warrants, certain assumptions were made regarding
components of the model, including the selling price or fair market value of the underlying common stock, risk-free interest rate,
volatility, expected dividend yield, and expected life. Changes to the assumptions could cause significant adjustments to valuation.
The Company estimated a volatility factor utilizing a weighted average of comparable published volatilities of peer companies.
The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of the grant for treasury securities of
similar maturity. During fiscal 2017, Aytu modified 175,522 warrants. We used the value of $15.20 per the valuation of our common
stock issued in March 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Significant assumptions in valuing
the warrants issued and modified during the year ended June 30, 2017 were as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year
    Ended June 30,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; color: #000000; text-align: left">Expected volatility</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; font-size: 10pt; color: #000000; text-align: center">156.64% - 169.22%</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; color: #000000; text-align: center">75%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Risk free interest rate</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: center">1.63% - 1.87%</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; color: #000000; text-align: center">1.07 - 1.76%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Contractual term (years)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: center">3.46 - 4.67</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: center">4.2 - 5.0</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Dividend yield</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: center">0%</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: center">0%</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Note 11 &ndash; Related Party
Transactions </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Services Agreement </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In July 2015, Aytu entered into
an agreement with Ampio, whereby Aytu agreed to pay Ampio a set amount per month for shared overhead, which includes costs related
to the shared corporate staff and other miscellaneous overhead expenses. This agreement was amended in November 2015, April 2016,
July 2016, and again in January 2017 resulting in an amount of $12,000 per month. This agreement was terminated in June 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B><I>Sponsored Research Agreement
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In June 2013, Luoxis entered into
a sponsored research agreement with TRLLC, an entity controlled by Ampio&rsquo;s director and Chief Scientific Officer, Dr.&nbsp;Bar-Or.
The agreement, which was amended in January 2015 and provided for Luoxis (now Aytu) to pay $6,000 per month to TRLLC in consideration
for services related to research and development of the Oxidation Reduction Potential platform. In March 2014, Luoxis also agreed
to pay a sum of $615,000 which was being amortized over the contractual term of 60.5 months and was divided between current and
long-term on the balance sheet; as of September 2014, this amount had been paid in full. This agreement was terminated in March
2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Note 12 &ndash; Segment Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000; background-color: white">Aytu
manages our Company and aggregated our operational and financial information in accordance with two reportable segments: Aytu
and Aytu Women&rsquo;s Health. The Aytu segment consists of our core male urology products. The Aytu Women&rsquo;s Health segment
contains our women&rsquo;s health platform which consists of sexual wellness platform. Select financial information for these
segments is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></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-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year
    Ended June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="font-size: 10pt; color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #000000">Revenue:</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; color: #000000; padding-left: 0.25in">Aytu</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">3,175,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; color: #000000; text-align: right">2,562,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Aytu Women's Health</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">47,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 4pt">Consolidated revenue</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">3,222,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">2,562,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">Consolidated net loss:</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-left: 0.25in">Aytu</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(22,349,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">(28,180,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Aytu Women's Health</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">(159,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 4pt">Consolidated net loss</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">(22,508,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">(28,180,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-left: 0.25in">Total assets:</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-left: 0.25in">Aytu</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">11,779,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">24,343,000</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Aytu Women's Health</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">3,220,000</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; color: #000000; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: #000000; padding-left: 0.25in">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: #000000; text-align: left; padding-bottom: 4pt; padding-left: 0.25in">Total assets</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">14,999,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #000000; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; color: #000000; text-align: right">24,343,000</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Note 13 &ndash; Employee Benefit
Plan </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">Aytu has a 401(k) plan that allows
participants to contribute a portion of their salary, subject to eligibility requirements and annual IRS limits. The Company matches
50% of the first 6% contributed to the plan by employees. In fiscal 2017, the Company&rsquo;s match was $99,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000"><B>Note 14 &ndash; Subsequent
Events </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In July 2017, our stockholders
approved an amendment to our 2015 Stock Option and Incentive Plan to (i) increase the number of authorized shares of common stock
reserved for issuance thereunder from 2.0 million to 3.0 million, (ii) increase the number of shares that may be issued as incentive
stock options from 2.0 million to 3.0 million, (iii) increase the maximum number of shares of common stock (A) underlying stock
options or stock appreciation rights that may be granted to any one individual during any calendar year period, and (B) granted
to any one individual that is intended to qualify as &ldquo;performance-based compensation&rdquo; under Section 162(m) of the
Internal Revenue Code of 1986, as amended, for any performance cycle from 1.0 million to 2.0 million, and (iv) in the event that
we effect a reverse stock split prior to November 14, 2018 (or such other date that is one year after the date of our 2018 annual
meeting of stockholders), immediately after the effective time of such reverse stock split, (A) the maximum number of shares reserved
under the Plan will be automatically increased to 3.0 million, (B) the maximum number of shares that may be issued pursuant to
any type of award will be automatically increased to 3.0 million, (C) the number of shares that may be granted to any one individual
during any one calendar year period as stock options or stock appreciation rights will be automatically increased to 2.0 million,
and (D) the number of shares that may be issued in the form of incentive stock options will be automatically increased</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">to 3.0 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In July 2017, our stockholders
also approved an amendment to our Certificate of Incorporation to effect a reverse stock split at a ratio of any whole number
up to 1-for-20, as determined by our board of directors, at any time before November 14, 2018 (or such other date that is one
year after the date of our 2018 annual meeting of stockholders), if and as determined by our board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">August 11, 2017, our board of
directors approved a reverse stock split in which each common stockholder received one share of common stock for every 20 shares
outstanding, which was effected on August 25, 2017. This adjustment is reflected in this Annual Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On August 11, 2017, we entered into a Securities Purchase Agreement
with various investors pursuant to which we agreed to sell Class A and Class B equity units for gross proceeds of approximately
$11.8 million. Class A units consist of one (1) share of common stock and a warrant to purchase one and one-half (1.5) shares
of common stock and were sold at a negotiated price of $3.00 per unit. Class B units consist of one (1) share of our newly created
Series A Convertible Preferred Stock (the &ldquo;Series A Preferred Stock&rdquo;) and warrants to purchase one and one-half (1.5)
shares of common stock for each share of common stock into which the Series A Preferred Stock is convertible and were sold at
a negotiated price of $1,000.00 per unit to those purchasers who, together with their affiliates and certain related parties,
would beneficially own more than 9.99% of our outstanding common stock following the offering. These Series A Preferred Shares
concert into common shares at $3.00 per share, which when fully exercised will increase the common shares outstanding by 750,000
shares. The offering closed on August 15, 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 offering, we issued an aggregate of 3,196,665 shares
of our common stock, 2,250 shares of Series A Preferred Stock and warrants to purchase up to an aggregate of 5,919,998 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">We incurred certain expenses related to this transaction to
attorneys and underwriters inclusive of a 9% cash fee and warrants to purchase 10% of the aggregate number of shares issued in
the transaction.</P>



<P STYLE="margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">In connection with the closing
of the financing, we terminated the <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase Agreement,
dated as of July 27, 2016, by and between us and Lincoln Park Capital Fund, LLC. The termination was effective on August 16, 2017.
</FONT>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;<FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="f_01"></A><B>AYTU BIOSCIENCE,
INC. AND SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consolidated Balance Sheets </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">December&nbsp;31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">June&nbsp;30,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">Assets</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; text-indent: 10pt">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">3,908,183</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">802,328</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,534</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,214</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 10pt">Accounts receivable, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,377,436</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">528,039</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Inventory, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,379,806</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,312,221</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">Prepaid expenses and other</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,003,766</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">310,760</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 20pt">Total current assets</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">7,744,725</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,028,562</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Fixed assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">560,624</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">647,254</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 10pt">Developed technology, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,254,309</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,337,333</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Customer contracts, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,667</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,667</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 10pt">Trade names, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,438</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164,037</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Natesto asset, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,571,710</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,231,072</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 10pt">Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">238,426</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">238,426</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Patents, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">258,611</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">271,278</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; text-indent: 10pt">Deposits</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,888</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,888</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 20pt">Total long-term assets</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">11,113,673</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">11,969,955</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Total assets</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">18,858,398</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">14,998,517</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center">Liabilities and Stockholders&rsquo; Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Accounts payable and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,414,854</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,220,400</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 10pt">Accrued liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">257,631</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">782,536</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Accrued compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">837,290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">339,704</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 10pt">Deferred rent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,787</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,673</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">Current contingent consideration</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">286,339</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">261,155</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 20pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,800,901</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,610,468</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 10pt">Long-term contingent consideration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,726,698</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,386,782</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Long-term deferred rent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,451</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">Warrant derivative liability</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,300,213</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 20pt">Total liabilities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">15,827,812</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,998,701</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Commitments and contingencies (Note 6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Stockholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.1in; padding-left: 16.2pt">Preferred Stock, par value $.0001; 50,000,000 shares authorized; shares
    issued and outstanding 1,900 and 0, respectively as of December 31, 2017 and June 30, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 16.2pt">Common Stock, par value $.0001; 100,000,000 shares authorized; shares
    issued and outstanding 4,894,638 and 824,831, respectively as of December 31, 2017 and June 30, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 10pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,017,545</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,069,463</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">Accumulated deficit</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(76,987,449</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(69,069,729</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 20pt">Total stockholders&rsquo; equity</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,030,586</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,999,816</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Total liabilities and stockholders&rsquo; equity</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">18,858,398</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">14,998,517</TD><TD STYLE="padding-bottom: 4pt; 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;The accompanying notes are an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-align: center"><A NAME="f_02"></A><B>AYTU BIOSCIENCE,
INC. AND SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consolidated Statements of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></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="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<BR>
    December 31,</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Six Months Ended<BR>
    December 31,</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; padding-bottom: 1.5pt">Product revenue</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">1,051,154</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">794,172</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">2,127,522</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">1,492,152</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Total revenue</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,051,154</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">794,172</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,127,522</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,492,152</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">Cost of sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">385,411</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">551,293</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">672,612</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">743,217</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Research and development</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(277,486</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263,457</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(136,532</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">495,479</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 10pt">Research and development - related party (Note 9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,996</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Sales, general and administrative</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,553,366</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,642,332</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,171,769</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,347,082</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 10pt">Sales, general and administrative - related party (Note 9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,772</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101,544</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">Amortization and impairment of intangible assets</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">383,811</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">437,014</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">769,652</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">874,029</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,045,102</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,992,866</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,477,501</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">11,657,347</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 20pt">Loss from operations</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(3,993,948</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(4,198,694</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(8,349,979</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(10,165,195</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other income (expense)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(196,781</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(388,085</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(385,526</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(803,465</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 10pt">Derivative income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">518,051</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">266,757</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">817,785</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">196,148</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">Unrealized (loss) gain on investment</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(497,164</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">230,936</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 20pt">Total other income (expense)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">321,270</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(618,492</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">432,259</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(376,381</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Net loss</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(3,672,678</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(4,817,186</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(7,917,720</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(10,541,576</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt">Weighted average number of Aytu common shares outstanding</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">4,113,256</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">392,540</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,481,110</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">295,546</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Basic and diluted Aytu net loss per common share</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.89</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(12.27</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(3.19</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(35.67</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</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">The accompanying notes are an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="f_03"></A><B>AYTU BIOSCIENCE,
INC. AND SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consolidated Statement of Stockholders&rsquo;
Equity </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(unaudited) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Preferred Stock</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Common Stock</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1.5pt">Additional<BR>
    paid-in</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1.5pt">Accumulated</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1.5pt">Total Stockholders&rsquo;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Shares</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Amount</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Shares</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Amount</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">capital</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Deficit</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Equity</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; text-indent: -0.125in; padding-left: 0.125in">Balance - June 30, 2017</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">824,831</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">82</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">73,069,463</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">(69,069,729</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">3,999,816</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Stock-based compensation (unaudited)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">275,688</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">275,688</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Issuance of restricted stock (unaudited)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">692,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,566</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,635</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Earn-out payment to Nuelle shareholders (unaudited)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">249,994</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Issuance of preferred and common stock, net of
    $1,402,831 in cash issuance costs (unaudited)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;2,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,196,665</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">320</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,318,846</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,319,167</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Preferred stocks converted in common stock (unaudited)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(350</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">116,666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Adjustment for rounding of shares due to stock
    split (unaudited)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">326</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Net loss (unaudited)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(7,917,720</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(7,917,720</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in">Balance - December 31, 2017 (unaudited)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,900</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">4,894,638</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">489</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">80,017,545</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(76,987,449</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3,030,586</TD><TD STYLE="padding-bottom: 4pt; 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">The accompanying notes are an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><A NAME="f_04"></A><B>AYTU BIOSCIENCE,
INC. AND SUBSIDIARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consolidated Statements of Cash Flows
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(unaudited) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Six Months Ended<BR>
    December 31,</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash flows from operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; text-indent: 10pt">Net loss</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(7,917,720</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(10,541,576</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adjustments to reconcile net loss to cash provided by (used in) operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 10pt">Stock-based compensation expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">275,688</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,425,133</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Issuance of restricted stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,635</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">156,814</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 10pt">Depreciation, amortization and accretion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,315,063</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,722,965</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Derivative (income)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(817,785</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(196,148</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 10pt">Amortization of prepaid research and development - related party (Note 9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,992</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Unrealized (gain) on investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(230,936</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 10pt">Compensation through issuance of stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">509,996</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Issuance of warrants to initial investors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">596,434</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 20pt">Adjustments to reconcile net loss to net cash used in operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 30pt">(Increase) in accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(849,397</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(419,966</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 30pt">(Increase) decrease in inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(67,585</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,741</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 30pt">(Increase) in prepaid expenses and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(454,595</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(221,015</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 30pt">Increase (decrease) in accounts payable and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,124,558</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(195,836</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 30pt">(Decrease) in accrued liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(524,905</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(238,395</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 30pt">Increase (decrease) in accrued compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">497,586</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(681,432</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 30pt">(Decrease) in deferred rent</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(3,337</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,350</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net cash used in operating activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(7,318,794</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(8,168,579</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Cash flows used in investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 20pt">Purchases of property and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,195</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(44,876</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 20pt">Installment payment for Natesto asset</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,000,000</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 20pt">Installment payment for Primsol asset</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(750,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net cash used in investing activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(12,195</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,794,876</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Cash flows from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 20pt">Issuance of preferred, common stock and warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,839,995</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 20pt">Issuance costs related to preferred, common stock and warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,402,831</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 20pt">Issuance of common stock to Lincoln Park Capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">631,481</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 20pt">Costs related to sale of common stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,247</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 20pt">Registered offering of common stock and warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,602,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 20pt">Registered offering costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(997,865</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 20pt">Over-allotment warrants purchased by placement agents</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,852</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net cash provided by financing activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,437,164</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">8,214,721</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net change in cash, cash equivalents and restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,106,175</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,748,734</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Cash, cash equivalents and restricted cash at beginning of period</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">877,542</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">8,054,190</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Cash, cash equivalents and restricted cash at end of period</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3,983,717</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">5,305,456</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Non-cash transactions:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Warrants issued to investors and underwriters (see Note 5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,117,997</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Revenue share payment to Jazz</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Earn-out payment to Nuelle Shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Fixed assets included in accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">62,512</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">61,241</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Warrants issued in connection with the equity financing to the placement agents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">292,630</TD><TD STYLE="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">The accompanying notes are an internal
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></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"><A NAME="f_05"></A><B>AYTU BIOSCIENCE,
INC. AND SUBSIDIARY</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>Notes to Consolidated Financial Statements
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(unaudited)</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"><B>Note 1 &ndash; Business, Basis of Presentation, Business
Combinations, Divestitures, License/Supply Agreement and Merger</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><I>Business</I></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-align: left">Aytu BioScience, Inc. (&ldquo;Aytu&rdquo;,
the &ldquo;Company&rdquo; or &ldquo;we&rdquo;) was incorporated as Rosewind Corporation on August&nbsp;9, 2002 in the State of
Colorado. Aytu was re-incorporated in the state of Delaware on June&nbsp;8, 2015. Aytu is a commercial-stage specialty life sciences
company concentrating on developing and commercializing products with an initial focus on urological diseases and conditions.
Aytu is currently focused on addressing significant medical needs in the areas of hypogonadism, male infertility, and sexual wellness
and vitality.</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><I>Basis of Presentation </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">These unaudited consolidated financial statements represent
the financial statements of Aytu and its subsidiary, Aytu Women&rsquo;s Health, LLC. These unaudited consolidated financial statements
should be read in conjunction with Aytu&rsquo;s Annual Report on Form 10-K for the year ended June 30, 2017, which included all
disclosures required by generally accepted accounting principles (&ldquo;GAAP&rdquo;). In the opinion of management, these unaudited
consolidated financial statements contain all adjustments necessary to present fairly the financial position of Aytu for the balance
sheet, the results of operations and cash flows for the interim periods presented. The results of operations for the period ended
December 31, 2017 are not necessarily indicative of expected operating results for the full year. The information presented throughout
this report as of and for the period ended December 31, 2017 and 2016 is unaudited.</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">Through a multi-step reverse triangular merger in April 2015,
Vyrix Pharmaceuticals, Inc. (&ldquo;Vyrix&rsquo;&rsquo;) and Luoxis Diagnostics, Inc. (&ldquo;Luoxis&rsquo;&rsquo;) merged with
and into our Company (herein referred to as the Merger) and we abandoned our pre-merger business plans to solely pursue the specialty
healthcare market, including the business of Vyrix and Luoxis. In the Merger, we acquired the RedoxSYS, MiOXSYS and Zertane products.
On June 8, 2015, we reincorporated as a domestic Delaware corporation under Delaware General Corporate Law and changed our name
from Rosewind Corporation to Aytu BioScience, Inc., and effected a reverse stock split in which each common stockholder received
one share of common stock for every 12.174 shares held. On June 30, 2016, Aytu effected another reverse stock split in which each
common stockholder received one share of common stock for every 12 shares held. On August 25, 2017, Aytu effected a third reverse
stock split in which each common stockholder received one share of common stock for every 20 shares held (herein referred to collectively
as the &ldquo;Reverse Stock Splits&rdquo;). All share and per share amounts in this report have been adjusted to reflect the effect
of these Reverse Stock Splits.</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>Business Combination&mdash;ProstaScint </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">In May 2015, Aytu entered into and closed on an asset purchase
agreement with Jazz Pharmaceuticals, Inc. (&ldquo;Jazz Pharmaceuticals&rdquo;). Pursuant to the agreement, Aytu purchased assets
related to the Jazz Pharmaceuticals&rsquo; product known as ProstaScint<SUP>&reg;</SUP> (capromab pendetide), including certain
intellectual property and contracts, and the product approvals, inventory and work in progress (together, the &ldquo;ProstaScint
Business&rsquo;&rsquo;), and assumed certain of Jazz Pharmaceuticals&rsquo; liabilities, including those related to product approvals
and the sale and marketing of ProstaScint. The purchase price consisted of an upfront payment of $1.0 million. We also agreed
to pay an additional $500,000, which was paid after the transfer of the ProstaScint-related product inventory, and $227,000 which
was paid September 30, 2015 (which represents a portion of certain FDA fees). The total fair value consideration for the purchase
was $2.4 million. We will also pay 8% on net sales made after October 2017, payable up to a maximum aggregate payment of an additional
$2.5 million. The contingent consideration was initially valued at $664,000 and was revalued as of June 30, 2017 at $54,000 using
the discounted cash flow methodology. As of December 31, 2017, the contingent consideration increased by $13,000 due to accretion.</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">Pursuant to the asset purchase agreement, we are required to
make our first revenue share payment to Jazz Pharmaceuticals in the upcoming quarter, which is approximately $7,400.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s allocation of consideration transferred
for ProstaScint as of the purchase date of May&nbsp;20, 2015 was as follows:</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%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Fair Value</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Tangible assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">727,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Intangible assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,590,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">Goodwill</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">74,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Total assets acquired</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,391,000</TD><TD STYLE="padding-bottom: 4pt; 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">The intangible assets for ProstaScint were originally recognized
upon the closing of the acquisition and included developed technology of $790,000, customer contracts of $720,000 and trade names
of $80,000, each of which began amortizing over a ten-year period. At June 30, 2017, the ProstaScint asset was determined to be
impaired based upon sales projections at that time and because we decided to discontinue sales of ProstaScint mid-fiscal 2019
upon expiration of the product. The value for the intangible assets were adjusted to $54,000 for developed technology, $7,000
for trade names and $0 for customer contracts. The amortization expense was $12,000 and $40,000 for the three months ended December
31, 2017 and 2016, respectively. The amortization expense was $24,000 and $80,000 for the six months ended December 31, 2017 and
2016, respectively.</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>Business Combination&mdash;Primsol</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">In October 2015, Aytu entered into and closed on an Asset Purchase
Agreement with FSC Laboratories, Inc. (&ldquo;FSC&rdquo;). Pursuant to the agreement, Aytu purchased assets related to FSC&rsquo;s
product known as Primsol&reg; (trimethoprim solution), including certain intellectual property and contracts, inventory, work
in progress and all marketing and sales assets and materials related solely to Primsol (together, the &ldquo;Primsol Business&rdquo;),
and assumed certain of FSC&rsquo;s liabilities, including those related to the sale and marketing of Primsol arising after the
closing.</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 paid $500,000 at closing for the purchase of the Primsol
Business, and paid an additional $142,000, of which $102,000 was for inventory and $40,000 for the Primsol Business, for the transfer
of the Primsol-related product inventory. We also agreed to pay an additional (a) $500,000 which was paid in April 2016, (b) $500,000
which was paid in July 2016, and (c) $250,000 which was paid in November 2016 (together, the &ldquo;Installment Payments&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">The Company&rsquo;s allocation of consideration transferred
for Primsol as of the purchase date of October 5, 2015 was as follows:</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%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Fair Value</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Tangible assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">182,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Intangible assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,470,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">Goodwill</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">147,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Total assets acquired</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,799,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Included in tangible assets was $102,000 of inventory and $80,000
of work-in-process inventory. Included in the intangible assets was developed technology of $520,000, customer contracts of $810,000
and trade names of $140,000, each of which was being amortized over a six-year period. Amortization expense of $0 and $61,000
was recognized in the three months ended December 31, 2017 and 2016, respectively. The amortization expense was $0 and $122,000
for the six months ended December 31, 2017 and 2016, respectively.</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>Divestiture &ndash; Primsol</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">In March 2017, we entered into and closed on an Asset Purchase
Agreement with Allegis Holdings, LLC (the &ldquo;Purchaser&rdquo;). Pursuant to the agreement, we sold to the Purchaser all of
the assets related to our product known as Primsol, including certain intellectual property and contracts, inventory, work in
process and all marketing assets and materials related solely to Primsol (together, the &ldquo;Primsol Asset&rdquo;). We retain
any liability associated with the Primsol Asset that occurred prior to the closing. The Purchaser paid us $1,750,000 in cash at
the closing for the Primsol Asset. We recognized a gain of approximately $428,000 on the sale which is included in selling, general
and administrative expense on our statement of operations.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on our evaluation of the transaction, and because the
Primsol Asset was not a material part of our business, the criteria for discontinued operations was not met. Therefore, the gain
is included in continuing operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>License and Supply Agreement&mdash;Natesto</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">In April 2016, Aytu entered into and closed a license and supply
agreement to acquire the exclusive U.S. rights to distribute Natesto&reg; (testosterone) nasal gel from Acerus Pharmaceuticals
Corporation, or Acerus. The rights we acquired effective upon the expiration of the former licensee&rsquo;s rights, which occurred
on June 30, 2016. The license&rsquo;s term runs for the greater of eight years or until the expiry of the latest to expire patent
including claims covering Natesto and until the entry on the market of at least one AB-rated generic product.</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 made an upfront payment of $2.0 million to Acerus upon
execution of the agreement. In October 2016, we paid an additional $2.0 million, and in January 2017, Aytu paid the final upfront
payment of $4.0 million. Aytu also purchased, on April 28, 2016, an aggregate of 12,245,411 shares of Acerus common stock for
Cdn. $2.5 million (approximately US $2.0 million), with a purchase price per share equal to Cdn. $0.207 or approximately US $0.16
per share. These shares were a held for sale security and were recognized at fair market value. Aytu agreed to refrain from disposing
these shares until after August 29, 2016. During the second half of fiscal 2017, Aytu sold all of these shares. The gross proceeds
from the sales were $1.1 million, the cost of the sales were $92,000, and we recognized a loss on investment of $1.0 million.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the upfront payments, we agreed to make the
following one-time, non-refundable milestone payments to Acerus within 45 days of the occurrence of the below events. The maximum
aggregate amount payable under such milestone payments is $37.5 million.</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: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2.5 million
    if net sales during any four consecutive calendar quarter period equal or exceed $25.0 million (the &ldquo;First Milestone&rdquo;);
    the First Milestone payment is required to be paid even if the threshold is not met in the event that the agreement is terminated
    for any reason other than material breach by Acerus, bankruptcy of either party, or termination by Acerus because it believes
    the amounts payable to Aytu for agreed upon trial work would no longer make the agreement economically viable for Acerus;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$5.0 million if net
    sales during any four consecutive calendar quarter period equal or exceed $50.0 million;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$7.5 million if net
    sales during any four consecutive calendar quarter period equal or exceed $75.0 million;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$10.0 million if net
    sales during any four consecutive calendar quarter period equal or exceed $100.0 million; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$12.5 million if net
    sales during any four consecutive calendar quarter period equal or exceed $125.0 million.</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">The fair value of the net identifiable Natesto asset acquired
was determined to be $10.5 million, which is being amortized over eight years. The amortization expense for each of the three
months ended December 31, 2017 and 2016 was $330,000. The amortization expense for the six months ended December 31, 2017 and
2016 was $659,000.</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 contingent consideration for Natesto was valued at $3.2
million using a Monte Carlo simulation, as of June 30, 2016. As of June 30, 2017, the contingent consideration was revalued and
increased to $5.7 million using a Monte Carlo simulation and was based on an increase in estimated future sales of Natesto. The
contingent consideration accretion expenses for the three months ended December 31, 2017 and 2016 was $169,000 and $58,000, respectively.
The contingent consideration accretion expense for the six months ended December 31, 2017 and 2016 was $330,000 and $104,000,
respectively, resulting in the contingent consideration value of $6.0 million as of December 31, 2017.</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>Merger/Subsidiary&nbsp;</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">In May 2017, Aytu Women&rsquo;s Health, LLC., a wholly-owned
subsidiary of Aytu, acquired Nuelle, Inc., or Nuelle, a women&rsquo;s sexual health company. This transaction expanded our product
portfolio with the addition of the Fiera<SUP>&reg;</SUP> personal care device for women.</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 were cancelled, and (ii) each share of Nuelle preferred stock was converted into the
right to receive shares of Aytu common stock. At the closing, Nuelle preferred stockholders exercised their conversion right,
and we issued to the Nuelle preferred stockholders an aggregate of 125,000 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">Nuelle preferred stockholders are entitled to revenue earn-out
payments equal to a designated percentage of net sales on tiers of net sales up to $100.0 million, with an average rate for all
tiers in the mid-single digit range, and a maximum aggregate payout of $6.9 million.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- 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">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.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the upfront issuance of common stock and revenue
earn-out payments, we agreed to make the following one-time payments to the Nuelle stockholders within 90 days of the occurrence
of the following events (provided that, the maximum aggregate amount payable under such milestone payments will be $24.0 million):</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: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="width: 94%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Upon achieving
    the first occurrence of Net Sales of $10.0 million over any sequential four calendar quarter period, Aytu will make a one-time
    payment to the Nuelle security holders of an amount equal to $1.0 million;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Upon achieving the
    first occurrence of Net Sales of $17.5 million over any sequential four calendar quarter period, Aytu will make a one-time
    payment to the Nuelle security holders of an amount equal to $1.8 million;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Upon achieving the
    first occurrence of Net Sales of $25.0 million over any sequential four calendar quarter period, Aytu will make a one-time
    payment to the Nuelle security holders of an amount equal to $2.5 million;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Upon achieving the
    first occurrence of Net Sales of $37.5 million over any sequential four calendar quarter period, Aytu will make a one-time
    payment to the Nuelle security holders of an amount equal to $3.8 million;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Upon achieving the
    first occurrence of Net Sales of $50.0 million over any sequential four calendar quarter period, Aytu will make a one-time
    payment to the Nuelle security holders of an amount equal to $5.0 million; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Upon achieving the
    first occurrence of Net Sales of $100.0 million over any sequential four calendar quarter period, Aytu will make a one-time
    payment to the Nuelle security holders of an amount equal to $10.0 million.</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">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 complete a divestiture before May 3, 2022 of any of the products
acquired in the transaction, we agreed to 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">The Company&rsquo;s allocation of consideration transferred
for Nuelle as of the purchase date May&nbsp;5, 2017 is as follows:</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%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Fair Value</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Tangible assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,061,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Intangible assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,540,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">Goodwill</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">238,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Total assets acquired</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3,839,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<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">Included in the intangible assets is developed technology of
$1.3 million, customer contracts of $80,000 and trade names of $160,000, each of which will be amortized over a nine to twelve-year
period. Amortization expense of $36,000 and $0 was recognized for the three months ended December 31, 2017 and 2016, respectively.
Amortization expense of $74,000 and $0 was recognized for the six months ended December 31, 2017 and 2016, respectively.</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">Upon the closing of the merger, we assumed liabilities of $47,000.</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 contingent consideration was valued at $1.9 million using
a Monte Carlo simulation, as of May 2017. The contingent consideration accretion expense for the three months ended December 31,
2017 and 2016 was $21,000, and $0, respectively. The contingent consideration accretion expense for the six months ended December
31, 2017 and 2016 was $41,000, and $0, respectively.</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">During the quarter ended September 30, 2017, we paid the first
revenue earn-out payment to Nuelle shareholders of $12,000 issued in Aytu common stock, which represented the revenue earn-out
payment for fiscal 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">During the quarter ended December 31, 2017, we made a $238,000
prepayment, issued in Aytu common stock, which represented the revenue earn-out payment for fiscal 2018.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Recently Issued Accounting Pronouncements, Not Adopted as
of December 31, 2017 </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"><FONT STYLE="background-color: white">In May 2014, the FASB
issued ASU 2014-09, Topic 606, Revenue from Contracts with Customers (the &ldquo;New Revenue Standard&rdquo;). The amendments
in this ASU provide a single model for use in accounting for revenue arising from contracts with customers and supersedes current
revenue recognition guidance, including industry-specific revenue guidance. The core principle of the new ASU is that revenue
should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration
to which the entity expects to be entitled in exchange for those goods and services. New disclosures about the nature, amount,
timing and uncertainty of revenue and cash flows arising from contracts with customers are also required. In August 2015, the
FASB issued ASU 2015-14 which deferred the effective date of the New Revenue Standard. In 2016, the FASB issued ASU 2016-08, ASU
2016-10, ASU 2016-11, and ASU 2016-12 to clarify, among other things, the implementation guidance related to principal versus
agent considerations, identifying performance obligations, and accounting for licenses of intellectual property. The New Revenue
Standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.
Early adoption is permitted. The amendments in this update are to be applied on a retrospective basis, either to each prior reporting
period presented or by presenting the cumulative effect of applying the update recognized at the date of initial application.
We will adopt this standard on&nbsp;July 1, 2018, using the modified retrospective method. The Company has begun its evaluation
and assessment to determine the effect of adoption on our existing revenue arrangements. We are also currently evaluating the
potential changes to our current policies and processes to ensure we are able to meet the incremental disclosure requirements
of the new standard. </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">In May 2017, the FASB issued ASU No. 2017-09,&nbsp;&ldquo;Compensation-Stock
Compensation (Topic 718) Scope of Modification Accounting&nbsp;(ASU 2017-09).&rdquo; ASU 2017-09 clarifies which changes to the
terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The standard
is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company
is currently evaluating the impact of its adoption of this standard on its consolidated financial statements.</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 January 2017, the FASB issued ASU 2017-04, &ldquo;Intangibles
- Goodwill and Other (Topic 350).&rdquo; The amendment simplifies the subsequent measurement of goodwill by removing the second
step of the two-step impairment test. The amendment requires an entity to perform its annual, or interim goodwill impairment test
by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount
by which the carrying amount exceeds the reporting unit&rsquo;s fair value; however, the loss recognized should not exceed the
total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment
for a reporting unit to determine if the quantitative impairment test is necessary. The amendment should be applied on a prospective
basis. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal
years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1,
2017. The Company does not believe that adoption of this amendment will have a material impact on its consolidated financial statements.</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 January 2017, the FASB issued ASU 2017-01, &ldquo;Business
Combinations (Topic 805) Clarifying the Definition of a Business.&rdquo; The amendment clarifies the definition of a business,
which is fundamental in the determination of whether transactions should be accounted for as acquisitions (or disposals) of assets
or businesses. This determination is important given the diverging accounting models used for each type of transaction. The guidance
is generally expected to result in fewer transactions qualifying as business combinations. The amendment is effective prospectively
for public business entities for annual periods beginning after December 15, 2017, including interim periods within those periods.
Early adoption is permitted. The Company does not expect an immediate impact from this codification however, if Aytu seeks to
purchase additional assets in the future it could have an impact if that purchase is accounted for as a business combination or
an asset purchase.</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"><FONT STYLE="background-color: white">In June 2016, the FASB
issued ASU 2016-13, &ldquo;Financial Instruments &ndash; Credit Losses&rdquo; to require the measurement of expected credit losses
for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts.
The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected
credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date.
This ASU is effective for private companies and emerging growth companies beginning after December 15, 2020; the ASU allows for
early adoption as of the beginning of an interim or annual reporting period beginning after December 15, 2018. The Company is
currently assessing the impact that ASU 2016-13 will have on its consolidated financial statements but does not anticipate there
to be a material impact.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In February 2016, the FASB issued ASU 2016-02, &ldquo;Leases
(Topic 842).&rdquo; The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a
lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance
or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective
for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective
transition approach is required for leases for capital and operating leases existing at, or entered into after, the beginning
of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company
is currently evaluating the impact of its adoption of this standard on its consolidated financial statements.&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"><B>Note 2 &ndash; Fixed Assets </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">Fixed assets are recorded at cost and, once placed in service,
are depreciated on a straight-line basis over the estimated useful lives. Leasehold improvements are amortized over the shorter
of the estimated economic life or related lease term. Fixed assets consist of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Estimated<BR>
    Useful Lives</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">As of<BR>
    December&nbsp;31,</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">As of <BR>
    June&nbsp;30,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid">in years</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Manufacturing equipment</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center">2 - 5</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">423,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">405,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Leasehold improvements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Office equipment, furniture and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2 - 5</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">344,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">287,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Lab equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3 - 5</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Less accumulated depreciation and amortization</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(407,000</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(246,000</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Fixed assets, net</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">561,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">647,000</TD><TD STYLE="padding-bottom: 4pt; 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">The depreciation and amortization expense was as follows:</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%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Three Months Ended<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Six Months Ended<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 52%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Depreciation and amortization expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">81,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">26,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">161,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">45,000</TD><TD STYLE="text-align: left">&nbsp;</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>Note 3 &ndash; Patents </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">The cost of the Luoxis patents were $380,000 when they were
acquired in connection with the 2013 formation of Luoxis and are being amortized over the remaining U.S. patent lives of approximately
15 years, which expires in March 2028. Patents consist of the following:</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%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">As of <BR>
    December&nbsp;31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">As of<BR>
    June&nbsp;30,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%">Patents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">380,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">380,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Less accumulated amortization</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(121,000</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">(109,000</TD><TD STYLE="text-align: left; padding-bottom: 1.5pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Patents, net</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">259,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">271,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<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">The amortization expense was as follows:</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%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Three Months Ended<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Six Months Ended<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 52%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Amortization expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 4 &ndash; Income Taxes</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">On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the &ldquo;Tax
Reform Act&rdquo;) was signed into law by the President of the United States. The Tax Reform Act significantly revised the U.S.
corporate income tax regime by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1,
2018. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. As a result of
the Tax Reform Act, the Company recorded a tax expense of $6.6 million due to a re-measurement of deferred tax assets and liabilities
at a blended rate in the three months ended December 31, 2017, which is fully offset by a reduction in valuation allowance. The
tax expense is a provisional amount and the Company&rsquo;s current best estimate. Any adjustments recorded to the provisional
amounts will be included in income from operations as an adjustment to tax expense, net of any related valuation allowance. The
provisional amount incorporates assumptions made based upon the Company&rsquo;s current interpretation of the Tax Reform Act and
may change as the Company receives additional clarification and implementation guidance.</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>Note 5 &ndash; Fair Value Considerations</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">Aytu&rsquo;s financial instruments include cash and cash equivalents,
restricted cash, accounts receivable, accounts payable, accrued liabilities, and warrant derivative liability. The carrying amounts
of financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and other
current assets and other liabilities approximate their fair value due to their short maturities. The fair value of acquisition-related
contingent consideration is based on estimated discounted future cash flows and periodic assessments of the probability of occurrence
of potential future events. The valuation policies are determined by the Chief Financial Officer and the Company&rsquo;s Board
of Directors is informed of any policy change.</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">Authoritative guidance defines fair value as the price that
would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants
at the measurement date. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of
observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.
Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data
obtained from sources independent of Aytu. Unobservable inputs are inputs that reflect Aytu&rsquo;s assumptions of what market
participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The hierarchy is broken down into three levels based on reliability of the inputs as follows:</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>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level&nbsp;1:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 92%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Inputs
    that reflect unadjusted quoted prices in active markets that are accessible to Aytu for identical assets or liabilities;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level&nbsp;2:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Inputs that include
    quoted prices for similar assets and liabilities in active or inactive markets or that are observable for the asset or liability
    either directly or indirectly; and</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level&nbsp;3:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unobservable
    inputs that are supported by little or no market activity.</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">Aytu&rsquo;s assets and liabilities which are measured at fair
value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement.
Aytu&rsquo;s policy is to recognize transfers in and/or out of fair value hierarchy as of the date in which the event or change
in circumstances caused the transfer. Aytu has consistently applied the valuation techniques discussed below in all periods presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- 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">The following table presents Aytu&rsquo;s financial liabilities
that were accounted for at fair value on a recurring basis as of December 31, 2017, by level within the fair value hierarchy.</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%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Fair Value Measurements Using</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Level 1</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Level 2</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Level 3</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt"><U>December 31, 2017</U></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>LIABILITIES</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Warrant derivative liability</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">3,300,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">3,300,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Contingent consideration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,013,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,013,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: underline">June 30, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Warrant derivative liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Contingent consideration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,648,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,648,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The warrant derivative liability was valued using the lattice
valuation methodology because that model embodies the relevant assumptions that address the features underlying these instruments.
The warrants related to the warrant derivative liability are not actively traded and are, therefore, classified as Level 3 liabilities.
Significant assumptions in valuing the warrant derivative liability, based on estimates of the value of Aytu common stock and
various factors regarding the warrants, were as follows as of issuance and as of December 31, 2017:</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%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">December&nbsp;31, <BR>
    2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">At Issuance</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt"><U>Warrants:</U></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; padding-left: 9pt">Volatility</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">177.1</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">188.0</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Equivalent term (years)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Risk-free interest rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.16</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.83</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Dividend yield</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</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 following table sets forth a reconciliation of changes
in the fair value of the derivative financial liabilities classified as Level 3 in the fair value hierarchy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Derivative Instruments</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Balance as of June 30, 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 88%; text-align: left; padding-left: 10pt">Warrant issuances</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">4,118,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Change in fair value included in earnings</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(818,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt">Balance as of December 31, 2017</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3,300,000</TD><TD STYLE="padding-bottom: 4pt; 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">We classify our contingent consideration liability in connection
with the acquisition of ProstaScint, Natesto and Fiera within Level 3 as factors used to develop the estimated fair value are
unobservable inputs that are not supported by market activity. We estimate the fair value of our contingent consideration liability
based on projected payment dates, discount rates, probabilities of payment, and projected revenues. Projected contingent payment
amounts are discounted back to the current period using a discounted cash flow methodology. There was no change in the fair value
of the contingent consideration during the period ended December 31, 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">The following table sets forth a summary of changes in the
contingent consideration for the period ended December 31, 2017:</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%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Contingent Consideration</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%">Balance as of June 30, 2017</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">7,648,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Increase due to accretion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Decrease due to contractual payment</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(19,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt">Balance as of December 31, 2017</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">8,013,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 6 &ndash; Commitments and Contingencies </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">Commitments and contingencies are described below and summarized
by the following as of December 31, 2017:</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%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">Remaining</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2018</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2019</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2020</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2021</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2022</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Thereafter</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 16%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Prescription Database</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,071,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">498,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">573,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Natesto</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Office Lease</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">318,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">72,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">111,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">108,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">27,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">16,389,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">570,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">684,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,608,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">5,027,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">7,500,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Prescription Database</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">In May 2016, Aytu entered into an agreement with a vendor that
will provide Aytu with prescription information. Aytu agreed to pay approximately $1.9 million over three years for access to
the database of prescriptions written for Natesto. The payments have been broken down into quarterly payments.</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>Natesto</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">In April 2016, the Company entered into an agreement with Acerus,
whereby Aytu agreed to pay $8.0 million for the exclusive U.S. rights to Natesto (see Note 1). The first payment totaling $2.0
million was paid in April 2016, the second installment payment was paid in October 2016. The final payment totaling $4.0 million
was paid in January 2017. Additionally, Aytu is required to make milestone payments to Acerus. The first milestone payment of
$2.5 million must be paid even if the milestone is not reached. As of the date of this report, Aytu anticipates making the second
milestone payment of $5.0 million, along with the third milestone payment of $7.5 million upon reaching the milestones.&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"><B><I>Office Lease </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">In June 2015, Aytu entered into a 37-month operating lease
for office space in Raleigh, North Carolina. This lease has initial base rent of $3,000 a month, with total base rent over the
term of the lease of approximately $112,000. In September 2015, the Company entered into a 37-month operating lease in Englewood,
Colorado. This lease has an initial base rent of $9,000 a month with a total base rent over the term of the lease of approximately
$318,000. In October 2017, the Company signed an amendment to the 37-month operating lease in Englewood, Colorado. The amendment
extended the lease for an additional 24 months beginning October 1, 2018. The base rent will remain at $9,000 a month. The Company
recognizes rent expense on a straight-line basis over the term of each lease. Differences between the straight-line net expenses
on rent payments are classified as liabilities between current deferred rent and long-term deferred rent. Rent expense for the
respective periods was as follows:</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%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Six Months Ended<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 9%; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 9%; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 9%; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD><TD STYLE="width: 9%; text-align: right; background-color: White">&nbsp;</TD><TD STYLE="width: 1%; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Rent expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">70,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">70,000</TD><TD STYLE="text-align: left">&nbsp;</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>Note 7 &ndash; Common Stock </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><I>Capital Stock / Restricted Stock</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">At December 31, 2017 and June 30, 2017, Aytu had 4,894,638
and 824,831 common shares outstanding, respectively, and 1,900 and 0 preferred shares outstanding, respectively. The Company has
100.0&nbsp;million shares of common stock authorized with a par value of $0.0001&nbsp;per share and 50.0&nbsp;million shares of
preferred stock authorized with a par value of $0.0001 per share, of which 10,000 were designated Series A Convertible Preferred
Stock. Included in the common stock outstanding are 735,000 shares of restricted stock issued to executives, directors, employees
and consultants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On August 11, 2017, we entered into a Securities Purchase Agreement
with various investors pursuant to which we agreed to sell Class A and Class B equity units for gross proceeds of approximately
$11.8 million. Class A units consist of one (1) share of common stock and a warrant to purchase one and one-half (1.5) shares
of common stock and were sold at a negotiated price of $3.00 per unit. Class B units consist of one (1) share of our newly created
Series A Convertible Preferred Stock (the &ldquo;Series A Preferred Stock&rdquo;) and warrants to purchase one and one-half (1.5)
shares of common stock for each share of common stock into which the Series A Preferred Stock is convertible and were sold at
a negotiated price of $1,000.00 per unit to those purchasers who, together with their affiliates and certain related parties,
would beneficially own more than 9.99% of our outstanding common stock following the offering. These Series A Preferred stock
converts into common shares at $3.00 per common share, which when fully exercised will increase the common shares outstanding
by 750,000 shares. The offering was completed on August 15, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the offering, we issued an aggregate of 3,196,665 shares
of our common stock, 2,250 shares of Series A Preferred Stock and warrants to purchase up to an aggregate of 6,314,671 shares
of our common stock, which included 394,669 warrants issued to the underwriters as compensation for the transaction.</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 incurred certain expenses related to this transaction to
attorneys and underwriters inclusive of a 9% cash fee and warrants to purchase 10% of the aggregate number of shares issued in
the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the closing of the financing, we terminated
the Purchase Agreement, dated as of July 27, 2016, by and between us and Lincoln Park Capital Fund, LLC. The termination was effective
on August 16, 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 September 2017, Aytu issued 200,000 shares of restricted
stock to employees pursuant to the Aytu BioScience 2015 Stock Option and Incentive Plan, which vest in September 2027. In November
2017, 3,000 of these restricted shares were cancelled. Also in November 2017, Aytu issued 495,000 shares of restricted stock to
executives, directors and consultants pursuant to the Aytu BioScience 2015 Stock Option and Incentive Plan, which vest in November
2027. The fair value of the 695,000 shares of restricted stock was $1.4 million on the grant dates. The expense associated with
the restricted shares granted will be recognized using the straight-line method over the 10-year vesting period. The unrecognized
expense related to these shares was $1,372,000 as of December 31, 2017. For the six months ended December 31, 2017, the compensation
expense related to both grants was $26,000.</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 previously issued 43,000 shares of restricted stock outside
the Aytu BioScience 2015 Stock Option and Inventive Plan, which vest in July 2026. The unrecognized expense related to these shares
was $1,912,000 as of December 31, 2017 and will be recognized over the 10-year vesting period. During the six months ended December
31, 2017, the expense related to these awards was $78,000. During the quarter ended December 31, 2017, we modified 8,250 shares
of restricted stock for accelerated vesting and recognized a reduction in aggregate stock compensation expense of $36,000.</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 September 2017, Aytu issued 3,018 shares of common stock
in connection with the Nuelle earn-out (see Note 1). In October 2017, we made a $238,000 prepayment in Aytu common stock toward
the revenue earn-out payment for fiscal 2018.</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 October 2017, investors holding Aytu Series A Preferred
shares exercised their right to convert 350 Aytu Series A Preferred shares into 116,666 shares of Aytu 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"><B>Note 8 &ndash; Equity Instruments </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><I>Options </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">On June&nbsp;1, 2015, Aytu&rsquo;s stockholders approved the
Aytu BioScience 2015 Stock Option and Incentive Plan (the &ldquo;2015 Plan&rdquo;), which, as amended in July 2017, provides for
the award of stock options, stock appreciation rights, restricted stock and other equity awards for up to an aggregate of 3.0
million shares of common stock. The shares of common stock underlying any awards that are forfeited, canceled, reacquired by Aytu
prior to vesting, satisfied without any issuance of stock, expire or are otherwise terminated (other than by exercise) under the
2015 Plan will be added back to the shares of common stock available for issuance under the 2015 Plan. As of December 31, 2017,
we have 2,271,205 shares that are available for grant under the 2015 Plan.</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">Pursuant to the 2015 Stock Plan, 3.0 million shares of the
Company&rsquo;s common stock, are reserved for issuance. The fair value of options granted has been calculated using the Black-Scholes
option pricing model. In order to calculate the fair value of the options, certain assumptions are made regarding components of
the model, including the estimated fair value of the underlying common stock, the risk-free interest rate, volatility, expected
dividend yield and the expected option life. Changes to the assumptions could cause significant adjustments to valuation. Aytu
estimates the expected term of granted options based on the average of the vesting term and the contractual term of the options.
The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of the grant for treasury securities of
similar maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stock option activity is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Number of Options</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Weighted Average Exercise Price</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Weighted Average Remaining Contractual Life in
    Years</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%">Outstanding June 30, 2017</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">38,263</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">16.31</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">8.40</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">Exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 9pt">Forfeited/Cancelled</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,468</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">$</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">16.40</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt">Outstanding December 31, 2017</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">36,795</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">$</TD><TD STYLE="padding-bottom: 4pt; text-align: right">16.30</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">7.58</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt">Exercisable at December 31, 2017</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">27,031</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">$</TD><TD STYLE="padding-bottom: 4pt; text-align: right">16.27</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">7.33</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stock-based compensation expense related to the fair value
of stock options and restricted stock was included in the statements of operations as selling, general and administrative expenses
as set forth in the table below. Aytu determined the fair value of stock compensation as of the date of grant using the Black-Scholes
option pricing model and expenses the fair value ratably over the vesting period. The following table summarizes stock-based compensation
expense for the stock option and restricted stock issuances for the three and six months ended December 31, 2017 and 2016:</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%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Six Months Ended<BR>
    December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">Selling, general and administrative:</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; text-indent: 10pt">Stock options</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">81,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">381,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">276,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,425,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 10pt">Restricted Stock</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">32,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">82,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">104,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">157,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Total share-based compensation expense</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">113,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">463,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">380,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,582,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<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; background-color: white">As of&nbsp;December 31, 2017, there
was&nbsp;$390,000 of total unrecognized share-based compensation expense related to non-vested stock options. The Company expects
to recognize this expense over a weighted-average period of 1.37&nbsp;years.</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>Warrants </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">A summary of all warrants is as follows:</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%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Number of Warrants</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Weighted Average Exercise Price</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Weighted Average Remaining Contractual Life in
    Years</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-indent: -0.1in; padding-left: 0.1in">Outstanding June 30, 2017</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">286,049</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">50.29</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">4.23</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Warrants issued in connection with the August 2017
    private offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,920,002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -0.1in; padding-left: 0.1in">Warrants issued to underwriters
    in connection with the August 2017 private offering</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">394,669</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">$</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">3.60</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; text-indent: -0.1in; padding-left: 0.1in">Outstanding December 31, 2017</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">6,600,720</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">$</TD><TD STYLE="padding-bottom: 4pt; text-align: right">5.62</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">4.61</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with our August 2017 private offering, we issued
warrants to purchase an aggregate of 6,314,671 shares of common stock at an exercise price of $3.60 and a term of five years to
investors and underwriters. These warrants are accounted for using derivative liability treatment (see Note 5).</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">All warrants issued in fiscal 2018 were valued using the lattice
option pricing model. In order to calculate the fair value of the warrants, certain assumptions were made, including the selling
price or fair market value of the underlying common stock, risk-free interest rate, volatility, expected dividend yield, and contractual
life. Changes to the assumptions could cause significant adjustments to valuation. The Company estimated a volatility factor utilizing
a weighted average of comparable published betas of peer companies. The risk-free interest rate is based on the U.S. Treasury
yield in effect at the time of the grant for treasury securities of similar maturity.</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">Significant assumptions in valuing the warrants issued during
the December 31, 2017 quarter are included in Note 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<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>Note 9 &ndash; Related Party Transactions </B>&nbsp;</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>Executive Stock Purchases</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">Two Aytu executive officers, Joshua Disbrow and Jarrett Disbrow,
participated in the August 2017 offering. Each officer purchased 83,333 units.</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>Services Agreement </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">In July 2015, Aytu entered into an agreement with Ampio, whereby
Aytu agreed to pay Ampio a set amount per month for shared overhead, which included costs related to a shared corporate staff
and other miscellaneous overhead expenses. This agreement as amended in November 2015, April 2016, July 2016, January 2017 required
a monthly payment of $12,000. This agreement was terminated in June 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"><B><I>Sponsored Research Agreement </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">In June 2013, Luoxis entered into a sponsored research agreement
with TRLLC, an entity controlled by Ampio&rsquo;s director and Chief Scientific Officer, Dr.&nbsp;Bar-Or. The agreement was amended
in January 2015 and provided for Luoxis (now Aytu) to pay $6,000 per month to TRLLC in consideration for services related to research
and development of the Oxidation Reduction Potential platform. In March 2014, Luoxis also agreed to pay a sum of $615,000 which
was being amortized over the contractual term of 60.5 months and was divided between current and long-term on the balance sheet;
as of September 2014, this amount had been paid in full. This agreement was terminated in March 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"><B>Note 10 &ndash; Segment Information</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 manages our Company and aggregates our operational and
financial information in two reportable segments: Aytu and Aytu Women&rsquo;s Health. The Aytu segment consists of our core male
urology products. The Aytu Women&rsquo;s Health segment contains our women&rsquo;s health products. Select financial information
for these segments is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<BR>
    December&nbsp;31</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Six Months Ended<BR>
    December&nbsp;31</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Consolidated revenue:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; padding-left: 9pt">Aytu</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">985,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">794,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,957,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,492,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Aytu Women's Health</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">66,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">171,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Consolidated revenue</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,051,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">794,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,128,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,492,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Consolidated net loss:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">Aytu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(3,151,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(4,817,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(6,876,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(10,542,000</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Aytu Women's Health</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(522,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,042,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Consolidated net loss</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(3,673,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(4,817,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(7,918,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(10,542,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total consolidated assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">Aytu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15,842,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">21,506,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15,842,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">21,506,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Aytu Women's Health</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,016,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,016,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Total consolidated assets</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">18,858,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">21,506,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">18,858,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">21,506,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 11 &ndash; Going Concern</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">As reflected in the accompanying balance sheet as of December
31, 2017, the Company had approximately $4.0 million in cash including approximately $76,000 in restricted cash (that is expected
to be released in fiscal year 2018). In addition, for the quarter ended December 31, 2017, and for the most recent four quarters
ended December 31, 2017, we used an average of $3.2 million of cash per quarter for operating activities. Looking forward, we
expect cash used in operating activities to be in the range of historical usage rates, therefore, indicating substantial doubt
about the Company&rsquo;s ability to continue as a going concern. We expect to require a cash infusion during the fourth quarter
of fiscal year 2018 to sustain operations.&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">With the expectation of continuing operating losses, the Company
expects that its current cash resources will not be sufficient to sustain operations for a period greater than one year from the
date of this report. The ability of the Company to continue its operations is dependent on management's plans, which include continuing
to build on the historical growth trajectory of Natesto and accessing the capital markets through the sale of our securities.
Based on our ability to raise capital in the past as well as our continued growth, the Company believes additional financing will
be available and will continue to be available to support current level of operations for at least the next 12 months from the
date of this report. There can be no assurance that such financing will be available or on terms which are favorable to the Company.&nbsp;While
management of the Company believes that it has a plan to fund ongoing operations, there is no assurance that its plan will be
successfully implemented or realized.</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 accompanying financial statements have been prepared on
a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of
business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification
of the liabilities that might be necessary should the Company be unable to continue as a going concern.</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>Note 12 &ndash; Subsequent Events</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January 2, 2018, Aytu issued 75,000 restricted shares to
one of its executive officers pursuant to his employment agreement. The shares are subject to certain vesting conditions. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-size: 14pt"><B>5,813,954
Class A Units Consisting of Common Stock and Warrants and</B></FONT> </P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-size: 14pt"><B>5,000
Class B Units Consisting of Series B Convertible Preferred Stock and Warrants (and 5,813,954 shares of common stock underlying
shares of Series B Convertible Preferred Stock and 11,627,908 shares of common stock underlying Warrants)</B></FONT> </P>



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<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0; text-align: center; padding-left: 0"><FONT STYLE="font-size: 14pt"><B>PROSPECTUS</B></FONT></P>



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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Sole Book-Running
    Manager</I></FONT></TD>
    <TD STYLE="text-align: center"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left"><FONT STYLE="font: 18pt Palatino Linotype, Palatino, Times, Serif"><B>Joseph
    Gunnar &amp; Co.</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Lead Manager</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; text-align: center"></TD>
    <TD STYLE="width: 50%; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-size: 16pt"><B>Fordham
                                         Financial Management</B></FONT></P>


</TD></TR>
</TABLE>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>,
2018</B></P>



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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PART
II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INFORMATION
NOT REQUIRED IN PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item&nbsp;13.
Other Expenses of Issuance and Distribution. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth all costs and expenses paid or payable by us in connection with the sale of the securities being registered,
other than underwriting discounts and commissions. All amounts shown are estimates except for the Securities Exchange Commission,
or SEC, registration fee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid"> Expense </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Amount Paid or<BR>
    to&nbsp;be Paid </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left"> SEC registration fee </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 3,259 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> FINRA filing fee </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,356 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Printing expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 10,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Legal fees and expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 100,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Accounting fees and expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 20,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Miscellaneous expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4,385 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> Expense reimbursement to underwriters </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> 139,500 </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 10pt; padding-bottom: 4pt"> Total </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="text-align: left; border-bottom: Black 4pt double"> $ </TD><TD STYLE="text-align: right; border-bottom: Black 4pt double"> 279,500 </TD><TD STYLE="text-align: left; padding-bottom: 4pt"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item&nbsp;14.
Indemnification of Directors and Officers. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
are incorporated under the laws of the State of Delaware. Section 145 of the Delaware General Corporation Law provides that a
Delaware corporation may indemnify any persons who are, or are threatened to be made, parties to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right
of such corporation), by reason of the fact that such person was an officer, director, employee or agent of such corporation,
or is or was serving at the request of such person as an officer, director, employee or agent of another corporation or enterprise.
The indemnity may include 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, provided that such person acted in
good faith and in a manner he reasonably believed to be in or not opposed to the corporation&rsquo;s best interests and, with
respect to any criminal action or proceeding, had no reasonable cause to believe that his conduct was illegal. A Delaware corporation
may indemnify any persons who are, or are threatened to be made, a party to any threatened, pending or completed action or suit
by or in the right of the corporation by reason of the fact that such person was a director, officer, employee or agent of such
corporation, or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation
or enterprise. The indemnity may include expenses (including attorneys&rsquo; fees) actually and reasonably incurred by such person
in connection with the defense or settlement of such action or suit provided such person acted in good faith and in a manner he
or she reasonably believed to be in or not opposed to the corporation&rsquo;s best interests except that no indemnification is
permitted without judicial approval if the officer or director is adjudged to be liable to the corporation. Where an officer or
director is successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify
him against the expenses which such officer or director has actually and reasonably incurred. Our certificate of incorporation
and bylaws provide for the indemnification of our directors and officers to the fullest extent permitted under the Delaware General
Corporation Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
102(b)(7) of the Delaware General Corporation Law permits a corporation to provide in its certificate of incorporation that a
director of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach
of fiduciary duties as a director, except for liability for any:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">transaction
                                         from which the director derives an improper personal benefit;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">act
                                         or omission not in good faith or that involves intentional misconduct or a knowing violation
                                         of law;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">unlawful
                                         payment of dividends or redemption of shares; or</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">breach
                                         of a director&#8217;s duty of loyalty to the corporation or its stockholders.</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
certificate of incorporation includes such a provision. Expenses incurred by any officer or director in defending any such action,
suit or proceeding in advance of its final disposition shall be paid by us upon delivery to us of an undertaking, by or on behalf
of such director or officer, to repay all amounts so advanced if it shall ultimately be determined that such director or officer
is not entitled to be indemnified by us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
permitted by the Delaware General Corporation Law, we have entered into indemnity agreements with each of our directors and executive
officers. These agreements, among other things, require us to indemnify each director and officer to the fullest extent permitted
by law and advance expenses to each indemnitee in connection with any proceeding in which indemnification is available.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have an insurance policy covering our officers and directors with respect to certain liabilities, including liabilities arising
under the Securities Act of 1933, as amended, or the Securities Act, or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item&nbsp;15.
Recent Sales of Unregistered Securities.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following transactions give effect to the 1-for-12.174 reverse stock split effected on June 8, 2015, the 1-for-12 reverse stock
split effected on June 30, 2016 and the 1-for-20 reverse split effected on August 25, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Rosewind</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
    March 3, 2015, Rosewind accepted a cash investment from two irrevocable trusts for estate planning of which Joshua Disbrow
    and Jarrett Disbrow are beneficiaries. None of such persons have or share investment control over our shares held by such
    trusts. None of such persons, nor members of their respective immediate families, are trustees of such trusts. None of such
    persons have or share power to revoke such trusts. Accordingly, under Rule 16a-8(b) and related rules, none of such persons
    has beneficial ownership over our shares purchased and held by such trusts.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
    April 16, 2015, Rosewind issued an aggregate of 52,764 shares of common stock to the stockholders of Vyrix and Luoxis in the
    merger of Vyrix and Luoxis with subsidiaries owned by Rosewind.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None
of the foregoing transactions involved any underwriters, underwriting discounts or commissions, or any public offering. The offers,
sales and issuances of the securities described in this section were exempt from registration either (a) under Section 4(a)(2)
of the Securities Act in that the transactions were between an issuer and sophisticated investors and did not involve any public
offering within the meaning of Section 4(2), (b) Rule 701 promulgated under the Securities Act in that the transactions were under
compensatory benefit plans or contracts relating to compensation or (c) under Regulation S promulgated under the Securities Act
in that offers, sales and issuances were not made to persons in the United States and no directed selling efforts were made in
the United States. All recipients had adequate access, through their relationships with Rosewind to information about Rosewind.
The sales of these securities were made without any general solicitation or advertising.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Aytu
BioScience, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
    July and August 2015, we issued $5,175,000 of convertible notes in a private placement under Section 506 of Regulation D.
    In connection with the private placement, pursuant to the exemption from registration provided by Section 4(a)(2), we issued
    to the placement agents a warrant to purchase an amount of shares of our common stock equal to 8% of the gross number of shares
    of our common stock issuable upon conversion of the convertible notes and all accrued interest thereon. The placement agents&rsquo;
    warrant has a term of five years from the date of issuance of the related notes in July and August 2015, will have an exercise
    price equal to 100% of the price per share at which equity securities are sold in our next equity financing, and provides
    for cashless exercise.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
    February 10, 2016, we completed the conversion of $4,125,000 in convertible notes and $143,000 of accrued interest. The notes
    were issued in financings that closed in July and August 2015. Upon the conversion, we issued an aggregate of 32,830 shares
    common stock. After this conversion, an aggregate of $1,050,000 of principal of convertible notes remained outstanding.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
    May 5, 2016, as an inducement to enter into lock up agreements with the underwriters of our public offering, we issued 15,278
    shares of common stock and warrants to purchase 15,278 shares of common stock to holders of convertible notes that automatically
    converted into shares of common stock and warrants to purchase common stock, which conversion was triggered by the closing
    of our public offering of common stock and warrants on May 6, 2016.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
    July 27, 2016, we issued 2,625 shares of common stock to Lincoln Park Capital Fund, LLC as a commitment fee and sold 6,684
    shares of common stock to Lincoln Park Capital Fund, LLC, both pursuant to the Purchase Agreement dated July 27, 2016 between
    us and Lincoln Park Capital Fund, LLC.&nbsp;&nbsp;Between September 2016 and June 2017, Lincoln Park purchased an additional
    10,000 shares.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
    May 3, 2017, we issued 125,000 shares of common stock to the preferred stockholders of Nuelle, Inc. pursuant to the Merger
    Agreement dated May 3, 2017 between us and Nuelle, Inc.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
    August 11, 2017, we issued an aggregate of 3,196,682 shares of common stock, 2,250 shares of Series A Preferred Stock and
    warrants to purchase up to an aggregate of 5,920,001 shares of common stock to investors pursuant to the Securities Purchase
    Agreement dated August 11, 2017 between us and various investors.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
offers, sales and issuances of the securities described in this section were exempt from registration under Section 4(a)(2) of
the Securities Act, and where noted above, pursuant to Rule 506 of Regulation D, in that the transactions were between an issuer
and sophisticated investors and did not involve any public offering within the meaning of Section 4(a)(2). The sales of these
securities were made without any general solicitation or advertising.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&nbsp;16.
Exhibits and Financial Statement Schedules. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(a)</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibits.
                                         </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-decoration: none; border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom">Exhibit&nbsp;No.</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Description</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Registrant&rsquo;s<BR>
    Form</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Date<BR> Filed</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Exhibit<BR> Number</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Filed<BR> Herewith</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt 0">Previously
                                         Filed</P>


</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 9%; font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">1.1</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 39%; font-size: 10pt; text-align: left">Form of Underwriting Agreement by and between the Company and Joseph
    Gunnar &amp; Co., LLC as representative of the several underwriters named therein (to be filed by amendment)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: center"></TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-decoration: none; text-align: left; vertical-align: top">3.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000119312515217957/d939908dex31.htm">Certificate
    of Incorporation</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8-K</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">6/09/15</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">3.1</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">3.2</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420416106487/v441568_ex3-1.htm">Certificate
    of Amendment of Certificate of Incorporation effective June 1, 2016</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8-K</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">6/02/16</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">3.1</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">3.3</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420416111027/v443180_ex3-1.htm">Certificate
    of Amendment of Certificate of Incorporation, effective June 30, 2016</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8-K</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">7/01/16</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">3.1</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">3.4</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417043700/v473390_ex3-1.htm">Certificate
    of Designation of Preferences, Rights and Limitations of Series A Convertible Preferred Stock, filed on August 11, 2017.</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8-K</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8/16/17</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">3.1</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">3.5</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417045636/v474281_ex3-1.htm">Certificate
    of Amendment of Certificate of Incorporation, effective August 25, 2017</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8-K</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8/29/17</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">3.1</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"> 3.6 </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt"><P STYLE="margin: 0pt 0"> <A HREF="fs12018a3ex3-6_aytubio.htm">Form of Certificate of Designation of Series B Preferred Stock</A> </P>


</TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp;X </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"> 3.7 </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt"> <A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000119312515217957/d939908dex32.htm">Bylaws</A> </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> 8-K </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> 6/09/15 </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> 3.2 </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">4.1</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000119312515262003/d50939dex42.htm">Form
    of Placement Agent Warrant issued in 2015 Convertible Note Financing</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8-K</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">7/24/15</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">4.2</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">4.2</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420416099585/v439153_ex4-1.htm">Warrant
    Agent Agreement, dated May 6, 2016 by and between Aytu BioScience, Inc. and VStock Transfer, LLC.</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8-K</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">5/6/16</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">4.1</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">4.3</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420416124782/v449009_ex4-5.htm">First
    Amendment to May 6, 2016 Warrant Agent Agreement between Aytu BioScience, Inc. and VStock Transfer LLC.</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">S-1</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">9/21/16</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">4.5</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">4.4</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420416131142/v450891_ex4-1.htm">Warrant
    Agent Agreement, dated November 2, 2016 by and between Aytu BioScience, Inc. and VStock Transfer, LLC.</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8-K</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">11/2/16</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">4.1</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">4.5</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417011968/v460775_ex4-1.htm">Form
    of Amended and Restated Underwriters&rsquo; Warrant (May 2016 Financing)</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8-K</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">3/1/17</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">4.1</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">4.6</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417011968/v460775_ex4-2.htm">Form
    of Amended and Restated Underwriters&rsquo; Warrant (October 2016 Financing)</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8-K</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">3/1/17</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">4.2</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">4.7</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417043700/v473390_ex4-1.htm">Form
    of Common Stock Purchase Warrant issued on August 15, 2017.</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8-K</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8/16/17</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">4.1</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"> 4.8 </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt"><A HREF="fs12018a3ex4-8_aytubio.htm"> Form of Warrant for Offering </A></TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> X </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">5.1</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Opinion of Sichenzia Ross Ference Kesner LLP &nbsp;(to be filed by amendment)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">10.1&dagger;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000119312515142145/d912919dex101.htm">Form
    of Indemnification Agreement between the Registrant and its directors and officers</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8-K</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">4/22/15</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">10.1</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">10.2#</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000119312515216481/d935226dex105.htm">Manufacturing
    and Supply Agreement between the Registrant (as assigned to it by Ampio/Vyrix) and Ethypharm S.A., dated September 10, 2012</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8-K/A</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">6/08/15</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">10.5</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); text-decoration: none">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">10.4</TD><TD STYLE="font-size: 10pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1411906/000119312511264773/d238970dex101.htm" STYLE="-sec-extract: exhibit">License,
    Development and Commercialization Agreement between the Registrant (as assigned to it by Ampio/Vyrix) and Daewoong Pharmaceuticals
    Co., Ltd., effective as of August 23, 2011</A></TD><TD STYLE="font-size: 10pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: center">&nbsp;8-K/A</TD><TD STYLE="font-size: 10pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; text-decoration: none">10/2/2011</TD><TD STYLE="font-size: 10pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; text-decoration: none">10.1</TD><TD STYLE="font-size: 10pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; text-decoration: none">&nbsp;</TD><TD STYLE="font-size: 10pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; text-decoration: none">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1.5pt solid; text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit&nbsp;No.&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 39%; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Description&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Registrant&rsquo;s</B></FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Form</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Date</B></FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Filed</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit</B></FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Filed</B></FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Herewith</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: top; width: 10%; border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="margin: 0pt 0"><B>Previously
                                         Filed</B></P>


</TD></TR>
<TR>
    <TD STYLE="text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">10.5#</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000119312515216481/d935226dex107.htm">Distribution
    Agreement between the Registrant (as assigned to it by Ampio/Vyrix) and FBM Industria Farmaceutica, Ltda., dated as of March&nbsp;1,
    2012</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8-K/A</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">6/08/15</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">10.7</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-decoration: none; text-align: left; vertical-align: top">&nbsp;</TD><TD STYLE="font-size: 10pt">&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: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.6#</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000119312515216481/d935226dex108.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Distribution
    and License Agreement between the Registrant (as assigned to it by Ampio/Vyrix) and Endo Ventures Limited, dated April 9,
    2014</FONT></A></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8-K/A</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6/08/15</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.8</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.7#</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000119312515216481/d935226dex109.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sponsored
    Research Agreement between the Registrant (as assigned to it by Ampio/Luoxis) and Trauma Research LLC, dated September 1,
    2009</FONT></A></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8-K/A</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6/08/15</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.9</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.8#</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000119312515216481/d935226dex1010.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Addendum
    No. 4 to Sponsored Research Agreement between the Registrant (as assigned to it by Ampio/Luoxis) and Trauma Research LLC,
    dated March 17, 2014</FONT></A></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8-K/A</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6/08/15</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.10</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.9</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1411906/000119312515141083/d913627dex101.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Voting
    Agreement between the Registrant and Ampio, dated April 21, 2015</FONT></A></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8-K</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4/22/2015</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">10.1&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.10</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000119312515342680/d58016dex1019.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Master
    Services Agreement between Biovest International, Inc. and Aytu BioScience, Inc., entered into on October 8, 2015, and effective
    October 5, 2015</FONT></A></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8-K</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10/13/15</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.19</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.11</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420416076273/v429234_ex10-1.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form
    of Subscription Agreement for January 2016 common stock purchases</FONT></A></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8-K</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1/20/16</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.1</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.12</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420416095924/v437781_ex10-1.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">License
    and Supply Agreement between the Registrant and Acerus Pharmaceuticals Corporation, dated April 22, 2016</FONT></A></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8-K</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4/25/16</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.1</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.13</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420416095924/v437781_ex10-2.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subscription
    Agreement between the Registrant and Acerus Pharmaceuticals Corporation, dated April 22, 2016</FONT></A></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8-K</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4/25/16</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.2</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.14</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420416102582/v440068_ex10-1.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First
    Amendment, dated May 15, 2016, to Employment Agreement dated September 16, 2015 between Aytu BioScience, Inc. and Jonathan
    McGrael</FONT></A></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8-K</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5/16/16</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.1</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.15</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420416114818/v445153_ex10-1.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase
    Agreement, dated July 27, 2016, by and between Aytu BioScience, Inc. and Lincoln Park Capital Fund, LLC.</FONT></A></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8-K</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7/28/16</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.1</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.16</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420416114818/v445153_ex10-2.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registration
    Rights Agreement dated July 27, 2016, by and between Aytu BioScience, Inc. and Lincoln Park Capital Fund, LLC.</FONT></A></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8-K</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7/28/16</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.2</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.17&dagger;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417020925/v464415_ex10-1.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Employment
    Agreement, effective as of April 16, 2017, between Aytu BioScience, Inc. and Joshua R. Disbrow.</FONT></A></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8-K</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4/18/17</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.1</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.18&dagger;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417020925/v464415_ex10-2.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Employment
    Agreement, effective as of April 16, 2017, between Aytu BioScience, Inc. and Jarrett T. Disbrow.</FONT></A></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8-K</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4/18/17</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.2</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.19</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417026452/v465720_ex10-1.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Asset
    Purchase Agreement, dated March 31, 2017, between Allegis Holdings, LLC&nbsp;and Aytu BioScience, Inc.</FONT></A></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10-Q</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5/11/17</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.1</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.20&dagger;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417053230/tv477229_ex10-25.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Merger
    Agreement, dated May 3, 2017, between Nuelle, Inc. and Aytu BioScience, Inc.</FONT></A></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10-K/A</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10/19/17</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.25</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1.5pt solid; text-decoration: none"><B>Exhibit&nbsp;No.&nbsp;</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; padding-bottom: 1.5pt; text-align: center; text-decoration: none"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 39%; border-bottom: Black 1.5pt solid; text-align: center; text-decoration: none"><B>Description</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; padding-bottom: 1.5pt; text-align: center; text-decoration: none"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1.5pt solid; text-align: center; text-decoration: none"><B>Registrant&rsquo;s</B><BR>
    <B>Form</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; padding-bottom: 1.5pt; text-align: center; text-decoration: none"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1.5pt solid; text-align: center; text-decoration: none"><B>Date</B><BR>
    <B>Filed</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; padding-bottom: 1.5pt; text-align: center; text-decoration: none"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1.5pt solid; text-align: center; text-decoration: none"><B>Exhibit</B><BR>
    <B>Number</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; padding-bottom: 1.5pt; text-align: center; text-decoration: none"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1.5pt solid; text-align: center; text-decoration: none"><B>Filed</B><BR>
    <B>Herewith</B></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-bottom: 1.5pt; text-align: center; text-decoration: none"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: top; width: 10%; border-bottom: Black 1.5pt solid; text-align: center; text-decoration: none"><P STYLE="margin: 0pt 0"><B>Previously
                                         Filed</B></P>


</TD></TR>
<TR STYLE="text-decoration: none">
    <TD NOWRAP STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">10.21&dagger;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417032942/v469126_ex10-1.htm">Employment
    Agreement, effective as of June, 2017, between Aytu BioScience, Inc. and Gregory A. Gould.</A></TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none">8-K</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none">6/19/17</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none">10.1</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White; text-decoration: none">
    <TD NOWRAP STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">10.22&dagger;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417038709/v471569_ex10-1.htm">2015
    Stock Option and Incentive Plan, as amended on July 26, 2017.</A></TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none">8-K</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none">7/27/17</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none">10.1</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White; text-decoration: none">
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); text-decoration: none">
    <TD STYLE="vertical-align: top; text-decoration: none">10.24</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417043700/v473390_ex10-1.htm">Securities
    Purchase Agreement, dated August 11, 2017, between Aytu BioScience, Inc. and the investors named therein.</A></TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">8-K</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">8/16/17</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">10.1</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White; text-decoration: none">
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); text-decoration: none">
    <TD STYLE="vertical-align: top; text-decoration: none">10.25</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417043700/v473390_ex10-2.htm">Registration
    Rights Agreement, dated August 11, 2017, between Aytu BioScience, Inc. and the investors named therein.</A></TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">8-K</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">8/16/17</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">10.2</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White; text-decoration: none">
    <TD STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); text-decoration: none">
    <TD STYLE="vertical-align: top; text-decoration: none">10.26</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000121390017013436/f8k121717ex10-1_aytubio.htm" STYLE="-sec-extract: exhibit">Employment
    Agreement, dated December 18, 2017 between Aytu BioScience, Inc. and David A. Green</A></TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">8-K</TD>
    <TD STYLE="text-decoration: none"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-decoration: none">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-decoration: none">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-decoration: none">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">12/19/2017</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">10.1</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White; text-decoration: none">
    <TD STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); text-decoration: none">
    <TD STYLE="vertical-align: top; text-decoration: none">21.1</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000121390018001614/fs12018ex21-1_aytubioscience.htm">Subsidiaries</A></TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">X</TD></TR>
<TR STYLE="background-color: White; text-decoration: none">
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-align: center; text-decoration: none"></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none"></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none"> 23.1 </TD>
    <TD STYLE="text-decoration: none"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-decoration: none"> <A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000121390018002224/fs12018a1ex23-1_aytubio.htm" STYLE="-sec-extract: exhibit">Consent
    of EKS&amp;H LLLP, Independent Registered Public Accounting Firm.</A> </TD>
    <TD STYLE="text-decoration: none"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none"> &nbsp; </TD>
    <TD STYLE="text-decoration: none"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none"> &nbsp; </TD>
    <TD STYLE="text-decoration: none"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none"> &nbsp; </TD>
    <TD STYLE="text-decoration: none"> &nbsp; </TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none"> X </TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none"></TD></TR>
<TR STYLE="background-color: White; text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">23.2</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none">Consent of Sichenzia Ross Ference Kesner LLP (included as part of Exhibit
    5.1) (to be filed by amendment)</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none"></TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none"></TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none"></TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; text-decoration: none; vertical-align: bottom"></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-decoration: none">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-decoration: none"></P></TD></TR>
<TR STYLE="background-color: White; text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">24.1</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none"><A HREF="#poa">Power of Attorney (included on signature page)</A></TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none"></TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none"></TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none"></TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none"></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">X</TD></TR>
<TR STYLE="background-color: White; text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">101.INS</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none">XBRL Instance Document</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none"></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">X</TD></TR>
<TR STYLE="background-color: White; text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">101.SCH</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none">XBRL Taxonomy Extension Schema Document</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none"></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">X</TD></TR>
<TR STYLE="background-color: White; text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">101.CAL</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none">XBRL Taxonomy Extension Calculation Linkbase Document</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none"></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">X</TD></TR>
<TR STYLE="background-color: White; text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">101.DEF</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none">XBRL Taxonomy Extension Definition Linkbase Document</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none"></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">X</TD></TR>
<TR STYLE="background-color: White; text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">101.LAB</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none">XBRL Taxonomy Extension Label Linkbase Document</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none"></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">X</TD></TR>
<TR STYLE="background-color: White; text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); text-decoration: none">
    <TD NOWRAP STYLE="vertical-align: top; text-decoration: none">101.PRE</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-decoration: none">XBRL Taxonomy Extension Presentation Linkbase Document</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-decoration: none"></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-decoration: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-decoration: none">X</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 5%; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&dagger;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 94%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicates
    is a management contract or compensatory plan or arrangement.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">#</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    company has received confidential treatment of certain portions of this agreement. These portions have been omitted and filed
    separately with the Securities and Exchange Commission pursuant to a confidential treatment request.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(b)
Financial statement schedule. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item&nbsp;17.
Undertakings. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The undersigned registrant hereby undertakes:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
                                         file, during any period in which offers or sales are being made, a post-effective amendment
                                         to this registration statement:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
                                         include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933
                                         (the &ldquo;Act&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="margin: 0pt 0">To
                                         reflect in the prospectus any facts or events arising after the effective date of this
                                         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 this
                                         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) (&sect;230.424(b) of this chapter) if, in the aggregate, the
                                         changes in volume and price represent no more than 20% change in the maximum aggregate
                                         offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in
                                         the effective registration statement; and&nbsp;</P>


</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
                                         include any material information with respect to the plan of distribution not previously
                                         disclosed in this registration statement or any material change to such information in
                                         this registration statement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">That,
                                         for the purpose of determining any liability under the Act, each such post-effective
                                         amendment shall be deemed to be a new registration statement relating to the securities
                                         offered herein, and the offering of such securities at that time shall be deemed to be
                                         the initial bona fide offering thereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Insofar
                                         as indemnification for liabilities arising under the Act 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, or SEC, 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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c) </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The undersigned registrant hereby undertakes
    that:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
                                         purposes of determining any liability under the Securities Act, the information omitted
                                         from the form of prospectus filed as part of this registration statement in reliance
                                         upon Rule&nbsp;430A and contained in a form of prospectus filed by the Registrant pursuant
                                         to Rule&nbsp;424(b)(1) or (4)&nbsp;or 497(h) under the Securities Act shall be deemed
                                         to be part of this registration statement as of the time it was declared effective; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For purposes of determining liability under
    the Securities Act, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering,
    other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A (&sect;230.430A
    of this chapter), shall be deemed to be part of and included in the registration statement as of the date it is first used
    after effectiveness. Provided, however, 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 first use, 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 date of first use.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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">(i) Any preliminary prospectus or prospectus of the
        undersigned registrant relating to the offering required to be filed pursuant to Rule 424 (&sect;230.424 of this chapter);</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">(ii) 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">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(iii) 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">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(iv) Any other communication that is an offer in the
        offering made by the undersigned registrant to the purchaser.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For purposes of determining any liability under
    the Securities Act, each post-effective amendment that contains a form of prospectus 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.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of Englewood, State of Colorado, on February 27, 2018.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">
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    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AYTU
    BIOSCIENCE, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 60%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 37%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Joshua R. Disbrow</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Joshua
    R. Disbrow</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chairman
    and Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="poa"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the
capacities and on the dates indicated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT> </TD>
    <TD STYLE="padding: 0 0 1.5pt; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT> </TD>
    <TD STYLE="padding: 0 0 1.5pt; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-indent: 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-top: 0; padding-right: 0; font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Joshua R. Disbrow</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    and Chief Executive Officer</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    27, 2018</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joshua
    R. Disbrow</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Principal
    Executive Officer)</I></FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left; vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    David A. Green</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer </FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    27, 2018</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    A. Green</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Principal
    Financial and Accounting Officer)</I></FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Michael Macaluso *</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    27, 2018</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    Macaluso</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Gary Cantrell *</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    27, 2018</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gary
    V. Cantrell</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Carl C. Dockery *</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    27, 2018</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carl
    C. Dockery</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    John Donofrio, Jr. *</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    27, 2018</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
    A. Donofrio, Jr.</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
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    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
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    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 5%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
                                         By:</FONT> </P></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 28%; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
                                         Joshua R. Disbrow</FONT> </P></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 2%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 45%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 2%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 18%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="margin: 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney-in-fact</FONT> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">II-7</P>

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<DOCUMENT>
<TYPE>EX-3.6
<SEQUENCE>2
<FILENAME>fs12018a3ex3-6_aytubio.htm
<DESCRIPTION>FORM OF CERTIFICATE OF DESIGNATION OF SERIES B PREFERRED STOCK
<TEXT>
<HTML>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 3.6</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AYTU
BIOSCIENCE, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTIFICATE
OF DESIGNATION OF PREFERENCES, RIGHTS AND LIMITATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SERIES
B CONVERTIBLE PREFERRED STOCK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">PURSUANT
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TO SECTION 151 OF THE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DELAWARE
GENERAL CORPORATION LAW</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aytu
BioScience, Inc., a corporation organized and existing under the General Corporation Law of the State of Delaware (the &ldquo;<U>Corporation</U>&rdquo;),
certifies that pursuant to the authority contained in Article IV of its Certificate of Incorporation (the &ldquo;<U>Certificate
of Incorporation</U>&rdquo;) and in accordance with the provisions of Section 151 of the General Corporation Law of the State
of Delaware, the board of directors of the Corporation (the &ldquo;<U>Board of Directors</U>&rdquo;) by unanimous written consent
dated February&nbsp;<B>[</B>_<B>]</B>, 2018 duly approved and adopted the following resolution which resolution remains in full
force and effect on the date hereof:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RESOLVED,
that pursuant to the authority vested in the Board of Directors by its Certificate of Incorporation, the Board of Directors does
hereby designate, create, authorize and provide for the issue of Series B Convertible Preferred Stock, par value $0.0001 per share
(the &ldquo;<U>Preferred Stock</U>&rdquo;), consisting of <B>[</B>_<B>]</B> (<B>[</B>_<B>]</B>) shares, having the voting powers,
preferences and relative, participating, optional and other special rights, and qualifications, limitations and restrictions thereof
as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TERMS
OF SERIES B PREFERRED STOCK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 71.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section
1</U>. <U>Definitions</U>. For the purposes hereof, the following terms shall have the following meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Affiliate</U>&rdquo;
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 of the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Alternate
Consideration</U>&rdquo; shall have the meaning set forth in Section 7(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Beneficial
Ownership Limitation</U>&rdquo; shall have the meaning set forth in Section 6(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Business
Day</U>&rdquo; means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action
to close.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Buy-In</U>&rdquo;
shall have the meaning set forth in Section 6(c)(iv).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Commission</U>&rdquo;
means the United States Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Common
Stock</U>&rdquo; means the Corporation&rsquo;s common stock, par value $0.0001 per share, and stock of any other class of securities
into which such securities may hereafter be reclassified or changed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Common
Stock Equivalents</U>&rdquo; means any securities of the Corporation or the Subsidiaries which would entitle the holder thereof
to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
receive, Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Conversion
Amount</U>&rdquo; means the sum of the Stated Value at issue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Conversion
Date</U>&rdquo; shall have the meaning set forth in Section 6(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Conversion
Price</U>&rdquo; shall have the meaning set forth in Section 6(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Conversion
Shares</U>&rdquo; means, collectively, the shares of Common Stock issuable upon conversion of the shares of Series B Preferred
Stock in accordance with the terms hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Exchange
Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Fundamental
Transaction</U>&rdquo; shall have the meaning set forth in Section 7(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>GAAP</U>&rdquo;
means United States generally accepted accounting principles.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holder</U>&rdquo;
shall have the meaning given such term in Section 2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>New
York Courts</U>&rdquo; shall have the meaning set forth in Section 8(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Notice
of Conversion</U>&rdquo; shall have the meaning set forth in Section 6(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Original
Issue Date</U>&rdquo; means the date of the first issuance of any shares of the Series B Preferred Stock regardless of the number
of transfers of any particular shares of Series B Preferred Stock and regardless of the number of certificates which may be issued
to evidence such Series B Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Person</U>&rdquo;
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Representative</U>&rdquo;
means Joseph Gunnar &amp; Co., LLC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Securities
Act</U>&rdquo; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Series
B&nbsp;Preferred Stock</U>&rdquo; shall have the meaning set forth in Section 2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Share
Delivery Date</U>&rdquo; shall have the meaning set forth in Section 6(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Stated
Value</U>&rdquo; shall have the meaning set forth in Section 2, as the same may be increased pursuant to Section 3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Subsidiary</U>&rdquo;
means any subsidiary of the Corporation and shall, where applicable, also include any direct or indirect subsidiary of the Corporation
formed or acquired after the date hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Successor
Entity</U>&rdquo; shall have the meaning set forth in Section 7(d).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Trading
Day</U>&rdquo; means a day on which the principal Trading Market is open for business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Trading
Market</U>&rdquo; means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Transfer
Agent</U>&rdquo; means VStock Transfer LLC, the current transfer agent of the Corporation, with a mailing address of 18 Lafayette
Pl, Woodmere, NY 11598 and a facsimile number of 646-536-3179, and any successor transfer agent of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section
2</U>.&nbsp;<U>Designation, Amount and Par Value</U>. The series of preferred stock shall be designated as its Series B Convertible
Preferred Stock (the &ldquo;<U>Series B Preferred Stock</U>&rdquo;) and the number of shares so designated shall be up to _____
thousand (____) (which shall not be subject to increase without the written consent of the holders of a majority of the outstanding
Series B Preferred Stock (each, a &ldquo;<U>Holder</U>&rdquo; and collectively, the &ldquo;<U>Holders</U>&rdquo;)). Each share
of Series B Preferred Stock shall have a par value of $0.0001 per share and a stated value equal to one thousand dollars ($1,000.00)
(the &ldquo;<U>Stated Value</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section
3</U>.&nbsp;<U>Dividends</U>. Except for stock dividends or distributions for which adjustments are to be made pursuant to Section
7, Holders shall be entitled to receive, and the Corporation shall pay, dividends on shares of Series B Preferred Stock equal
(on an as-if-converted-to-Common-Stock basis (without giving effect to the Beneficial Ownership Limitation)) to and in the same
form as dividends actually paid on shares of the Common Stock when, as and if such dividends are paid on shares of the Common
Stock. Other than as set forth in the previous sentence, no other dividends shall be paid on shares of Series B Preferred Stock,
and the Corporation shall pay no dividends (other than dividends in the form of Common Stock) on shares of the Common Stock unless
it simultaneously complies with the previous sentence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section
4</U>.&nbsp;<U>Voting Rights</U>. Except as otherwise expressly provided herein or in the Certificate of Incorporation, or as
provided by the Delaware General Corporation Law, the holders of shares of Series B Preferred Stock, the holders of shares of
Common Stock and the holders of any other class or series of shares entitled to vote with the Common Stock shall vote together
as one class on all matters submitted to a vote of stockholders of the Corporation. In any such vote, each share of Series B Preferred
Stock shall entitle the holder thereof to cast the number of votes equal to the number of votes which could be cast in such vote
by a holder of the number of shares of Common Stock into which such share of Series B Preferred Stock would then be convertible;
provided, however, that in no event will a holder of shares of Series B Preferred Stock be entitled to vote a number of shares
in excess of such holder&rsquo;s Beneficial Ownership Limitation. However, as long as any shares of Series B Preferred Stock are
outstanding, the Corporation shall not, without the affirmative vote of the Holders of a majority of the then outstanding shares
of the Series B Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Series B Preferred
Stock or alter or amend this Certificate of Designation, (b) amend its certificate of incorporation or other charter documents
in any manner that adversely affects any rights of the Holders, (c) increase the number of authorized shares of Series B Preferred
Stock, or (d) enter into any agreement with respect to any of the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section
5</U>.&nbsp;<U>Liquidation</U>. Upon any liquidation, dissolution or winding-up of Corporation, whether voluntary or involuntary
(a &ldquo;<U>Liquidation</U>&rdquo;), the Holders shall be entitled to participate on an as-converted-to-Common Stock basis (without
giving effect to the Beneficial Ownership Limitation) with holders of the Common Stock in any distribution of assets of the Corporation
to the holders of the Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section
6</U>. <U>Conversion</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: left; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;<U>Conversions
at Option of Holder</U>. Each share of Series B Preferred Stock shall be convertible, at any time and from time to time from and
after the Original Issue Date at the option of the Holder thereof, into that number of shares of Common Stock (subject to the
limitations set forth in Section 6(d)) determined by dividing the Stated Value of such share of Series B Preferred Stock by the
Conversion Price then in effect. Holders shall effect conversions by providing the Corporation with the form of conversion notice
attached hereto as&nbsp;<U>Annex A</U>&nbsp;(a &ldquo;<U>Notice of Conversion</U>&rdquo;). Each Notice of Conversion shall specify
the number of shares of Series B Preferred Stock to be converted, the number of shares of Series B Preferred Stock owned prior
to the conversion at issue, the number of shares of Series B Preferred Stock owned subsequent to the conversion at issue and the
date on which such conversion is to be effected, which date may not be prior to the date the applicable Holder delivers by facsimile
or e-mail such Notice of Conversion to the Corporation (such date, the &ldquo;<U>Conversion Date</U>&rdquo;). Upon delivery of
the Notice of Conversion, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Conversion
Shares with respect to which the shares of Series B Preferred Stock have been converted irrespective of the date of delivery of
the Conversion Shares. If no Conversion Date is specified in a Notice of Conversion, the Conversion Date shall be the date that
such Notice of Conversion to the Corporation is deemed delivered hereunder. No ink original Notice of Conversion shall be required,
nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Conversion form be required. The
calculations and entries in the Notice of Conversion shall control in the absence of manifest or mathematical error. To effect
conversion of shares of Series B Preferred Stock, a Holder shall not be required to surrender the certificate(s) representing
such shares of Series B Preferred Stock to the Corporation unless and until all shares of Series B Preferred Stock represented
thereby are so converted, in which case such Holder shall deliver such certificate(s) within five (5) Trading Days after delivery
of the Notice of Conversion relating to the conversion of the last shares of Series B Preferred Stock. The calculations and entries
set forth in the Notice of Conversion shall control in the absence of manifest or mathematical error. Shares of Series B Preferred
Stock converted into Common Stock or redeemed in accordance with the terms hereof shall be canceled and shall not be reissued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: left; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;<U>Conversion
Price</U>. The conversion price for the Series B Preferred Stock shall equal&nbsp;<B>$____</B>, subject to adjustment herein (the
&ldquo;<U>Conversion Price</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&nbsp;<U>Mechanics
of Conversion</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: left; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.&nbsp;&nbsp;<U>Delivery
of Conversion Shares Upon Conversion</U>. Promptly after each Conversion Date but in any case within the earlier of (i) two
(2) Trading Days and (ii) the Standard Settlement Period, thereof (the &ldquo;<U>Share Delivery Date</U>&rdquo;), the
Corporation shall deliver, or cause to be delivered, to the converting Holder the number of Conversion Shares being acquired
upon the conversion of the Series B Preferred Stock and a wire transfer of immediately available funds in the amount of
accrued and unpaid dividends, if any. Conversion Shares issuable hereunder shall be transmitted by the Transfer Agent to the
Holder by crediting the account of the Holder&rsquo;s or its designee&rsquo;s balance account with The Depository Trust
Company through its Deposit or Withdrawal at Custodian system (&ldquo;<U>DWAC</U>&rdquo;) if the Corporation is then a
participant in such system and either (A) there is an effective registration statement permitting the issuance of the
Conversion Shares to or resale of the Conversion Shares by the Holder or (B) the Conversion Shares are eligible for resale by
the Holder without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery of a
certificate, registered in the Corporation&rsquo;s share register in the name of the Holder or its designee, for the number
of Conversion Shares to which the Holder is entitled pursuant to such conversion to the address specified by the Holder in
the Notice of Conversion. The Corporation shall deliver (or cause to be delivered) to the converting Holder (A) a certificate
or certificates for the number of shares of Common Stock issuable upon conversion, and (B) if less than the number of shares
of Series B Preferred Stock evidenced by the surrendered certificate or certificates are being converted, a new certificate
or certificates, of like tenor, for the number of shares evidenced by any surrendered Series B Preferred Stock certificate or
certificates (if applicable) less the number of shares converted. The Corporation agrees to maintain a transfer agent that is
a participant in the FAST program so long as any shares of Series B Preferred Stock remain outstanding. As used herein,
&ldquo;<U>Standard Settlement Period</U>&rdquo; means the standard settlement period, expressed in a number of Trading Days,
on the Corporation&rsquo;s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of
the Notice of Conversion.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: left; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.&nbsp;&nbsp;<U>Failure
to Deliver Conversion Shares</U>. If, in the case of any Notice of Conversion, such Conversion Shares are not delivered to or
as directed by the applicable Holder by the Share Delivery Date, in addition to any other rights herein, the Holder shall be entitled
to elect by written notice to the Corporation at any time on or before its receipt of such Conversion Shares, to rescind such
Conversion, in which event the Corporation shall promptly return to the Holder any original Series B Preferred Stock certificate
delivered to the Corporation and the Holder shall promptly return to the Corporation the Conversion Shares issued to such Holder
pursuant to the rescinded Notice of Conversion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.95pt; text-align: justify; text-indent: 29.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.95pt; text-align: justify; text-indent: 29.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.95pt; text-align: justify; text-indent: 29.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.95pt; text-align: justify; text-indent: 29.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: left; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.&nbsp;&nbsp;<U>Obligation
Absolute; Partial Liquidated Damages</U>. The Corporation&rsquo;s obligation to issue and deliver the Conversion Shares upon conversion
of Series B Preferred Stock in accordance with the terms hereof are absolute and unconditional, irrespective of any action or
inaction by a Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment
against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any
breach or alleged breach by such Holder or any other Person of any obligation to the Corporation or any violation or alleged violation
of law by such Holder or any other person, and irrespective of any other circumstance which might otherwise limit such obligation
of the Corporation to such Holder in connection with the issuance of such Conversion Shares;&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
that such delivery shall not operate as a waiver by the Corporation of any such action that the Corporation may have against such
Holder. In the event a Holder shall elect to convert any or all of the Stated Value of its Series B Preferred Stock, the Corporation
may not refuse conversion based on any claim that such Holder or any one associated or affiliated with such Holder has been engaged
in any violation of law, agreement or for any other reason, unless an injunction from a court, on notice to Holder, restraining
and/or enjoining conversion of all or part of the Series B Preferred Stock of such Holder shall have been sought and obtained,
and the Corporation posts a surety bond for the benefit of such Holder in the amount of 150% of the Stated Value of Series B Preferred
Stock which is subject to the injunction, which bond shall remain in effect until the completion of arbitration/litigation of
the underlying dispute and the proceeds of which shall be payable to such Holder to the extent it obtains judgment. In the absence
of such injunction, the Corporation shall issue Conversion Shares and, if applicable, cash, upon a properly noticed conversion.
If the Corporation fails to deliver to a Holder such Conversion Shares pursuant to Section 6(c)(i) on the Share Delivery Date
applicable to such conversion, the Corporation shall pay to such Holder, in cash, as liquidated damages and not as a penalty,
for each $1,000 of Stated Value of the Series B Preferred Stock being converted, $10 per Trading Day (increasing to $20 per Trading
Day on the fifth Trading Day after such damages begin to accrue) for each Trading Day after the Share Delivery Date until such
Conversion Shares are delivered or Holder rescinds such conversion. Nothing herein shall limit a Holder&rsquo;s right to pursue
actual damages for the Corporation&rsquo;s failure to deliver Conversion Shares within the period specified herein and such Holder
shall have the right to pursue all remedies available to it hereunder, at law or in equity including, without limitation, a decree
of specific performance and/or injunctive relief. The exercise of any such rights shall not prohibit a Holder from seeking to
enforce damages pursuant to any other Section hereof or under applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.95pt; text-align: justify; text-indent: 29.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: left; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.&nbsp;&nbsp;<U>Compensation
for Buy-In on Failure to Timely Deliver Conversion Shares Upon Conversion</U>. In addition to any other rights available to the
Holder, if the Corporation fails for any reason to deliver to a Holder the applicable Conversion Shares by the Share Delivery
Date pursuant to Section 6(c)(i), and if after such Share Delivery Date such Holder is required by its brokerage firm to purchase
(in an open market transaction or otherwise), or the Holder&rsquo;s brokerage firm otherwise purchases, shares of Common Stock
to deliver in satisfaction of a sale by such Holder of the Conversion Shares which such Holder was entitled to receive upon the
conversion relating to such Share Delivery Date (a &ldquo;<U>Buy-In</U>&rdquo;), then the Corporation shall (A) pay in cash to
such Holder (in addition to any other remedies available to or elected by such Holder) the amount, if any, by which (x) such Holder&rsquo;s
total purchase price (including any brokerage commissions) for the Common Stock so purchased exceeds (y) the product of (1) the
aggregate number of shares of Common Stock that such Holder was entitled to receive from the conversion at issue multiplied by
(2) the actual sale price at which the sell order giving rise to such purchase obligation was executed (including any brokerage
commissions) and (B) at the option of such Holder, either reissue (if surrendered) the shares of Series B Preferred Stock equal
to the number of shares of Series B Preferred Stock submitted for conversion (in which case, such conversion shall be deemed rescinded)
or deliver to such Holder the number of shares of Common Stock that would have been issued if the Corporation had timely complied
with its delivery requirements under Section 6(c)(i). For example, if a Holder purchases shares of Common Stock having a total
purchase price of $11,000 to cover a Buy- In with respect to an attempted conversion of shares of Series B Preferred Stock with
respect to which the actual sale price of the Conversion Shares (including any brokerage commissions) giving rise to such purchase
obligation was a total of $10,000 under clause (A) of the immediately preceding sentence, the Corporation shall be required to
pay such Holder $1,000. The Holder shall provide the Corporation written notice indicating the amounts payable to such Holder
in respect of the Buy-In and, upon request of the Corporation, evidence of the amount of such loss. Nothing herein shall limit
a Holder&rsquo;s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Corporation&rsquo;s failure to timely deliver the
Conversion Shares upon conversion of the shares of Series B Preferred Stock as required pursuant to the terms hereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: left; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">v.&nbsp;&nbsp;<U>Reservation
of Shares Issuable Upon Conversion</U>. The Corporation covenants that it will at all times reserve and keep available out of
its authorized and unissued shares of Common Stock for the sole purpose of issuance upon conversion of the Series B Preferred
Stock as herein provided, free from preemptive rights or any other actual contingent purchase rights of Persons other than the
Holder (and the other holders of the Series B Preferred Stock), not less than such aggregate number of shares of the Common Stock
as shall be issuable (taking into account the adjustments and restrictions of Section 7) upon the conversion of the then outstanding
shares of Series B Preferred Stock. The Corporation covenants that all shares of Common Stock that shall be so issuable shall,
upon issue, be duly authorized, validly issued, fully paid and nonassessable.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: left; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">vi.&nbsp;&nbsp;<U>Fractional
Shares</U>. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of the Series B Preferred
Stock. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion, the Corporation
shall at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Conversion Price or round to the next whole share, with 0.5 shares being rounded up to one whole share. Subject to the
foregoing, fractional shares of Series B Preferred Stock may be issued and / or converted hereunder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: left; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">vii.&nbsp;&nbsp;<U>Transfer
Taxes and Expenses</U>. The issuance of Conversion Shares on conversion of this Series B Preferred Stock shall be made without
charge to any Holder for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such
Conversion Shares, provided that the Corporation shall not be required to pay any tax that may be payable in respect of any transfer
involved in the issuance and delivery of any such Conversion Shares upon conversion in a name other than that of the Holders of
such shares of Series B Preferred Stock and the Corporation shall not be required to issue or deliver such Conversion Shares unless
or until the Person or Persons requesting the issuance thereof shall have paid to the Corporation the amount of such tax or shall
have established to the satisfaction of the Corporation that such tax has been paid. The Corporation shall pay all Transfer Agent
fees required for same-day processing of any Notice of Conversion and all fees to the Depository Trust Company (or another established
clearing corporation preforming similar functions) required for same- day electronic delivery of the Conversion Shares.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.95pt; text-align: justify; text-indent: 29.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: left; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Beneficial
Ownership Limitation</U>. The Corporation shall not effect any conversion of the Series B Preferred Stock, and a Holder shall
not have the right to convert any portion of the Series B Preferred Stock, to the extent that, after giving effect to the conversion
set forth on the applicable Notice of Conversion, such Holder (together with such Holder&rsquo;s Affiliates, and any Persons acting
as a group together with such Holder or any of such Holder&rsquo;s Affiliates (such Persons, &ldquo;<U>Attribution Parties</U>&rdquo;))
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence,
the number of shares of Common Stock beneficially owned by such Holder and its Affiliates and Attribution Parties shall include
the number of shares of Common Stock issuable upon conversion of the Series B Preferred Stock with respect to which such determination
is being made, but shall exclude the number of shares of Common Stock which are issuable upon (i) conversion of the remaining,
unconverted Stated Value of the Series B Preferred Stock beneficially owned by such Holder or any of its Affiliates or Attribution
Parties and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Corporation subject
to a limitation on conversion or exercise analogous to the limitation contained herein (including, without limitation, the Series
B Preferred Stock or the Warrants) beneficially owned by such Holder or any of its Affiliates or Attribution Parties. Except as
set forth in the preceding sentence, for purposes of this Section 6(d), beneficial ownership shall be calculated in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation
contained in this Section 6(d) applies, the determination of whether the Series B Preferred Stock is convertible (in relation
to other securities owned by such Holder together with any Affiliates and Attribution Parties) and of how many shares of Series
B Preferred Stock are convertible shall be in the sole discretion of such Holder, and the submission of a Notice of Conversion
shall be deemed to be such Holder&rsquo;s determination of whether the shares of Series B Preferred Stock may be converted (in
relation to other securities owned by such Holder together with any Affiliates and Attribution Parties) and how many shares of
the Series B Preferred Stock are convertible, in each case subject to the Beneficial Ownership Limitation. To ensure compliance
with this restriction, each Holder will be deemed to represent to the Corporation each time it delivers a Notice of Conversion
that such Notice of Conversion has not violated the restrictions set forth in this paragraph and the Corporation shall have no
obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated
above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
For purposes of this Section 6(d), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number
of outstanding shares of Common Stock as stated in the most recent of the following: (i) the Corporation&rsquo;s most recent periodic
or annual report filed with the Commission, as the case may be, (ii) a more recent public announcement by the Corporation or (iii)
a more recent written notice by the Corporation or the Transfer Agent setting forth the number of shares of Common Stock outstanding.
Upon the written or oral request of a Holder (which may be via email), the Corporation shall within three Trading Days confirm
orally and in writing to such Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Corporation,
including the Series B Preferred Stock, by such Holder or its Affiliates or Attribution Parties since the date as of which such
number of outstanding shares of Common Stock was reported. The &ldquo;<U>Beneficial Ownership Limitation</U>&rdquo; shall be 4.99%
(or upon the election by a Holder prior to the issuance of any shares of Series B Preferred Stock, 9.99%) of the number of shares
of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion
of Series B Preferred Stock held by the applicable Holder. A Holder, upon notice to the Corporation, may increase or decrease
the Beneficial Ownership Limitation provisions of this Section 6(d) applicable to its Series B Preferred Stock provided that the
Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock upon conversion of this Series B Preferred Stock held by the Holder
and the provisions of this Section 6(d) shall continue to apply. Any such increase in the Beneficial Ownership Limitation will
not be effective until the 61st day after such notice is delivered to the Corporation and shall only apply to such Holder and
no other Holder. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 6(d) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with
the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of Series B Preferred
Stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section
7</U>. <U>Certain Adjustments</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: left; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;&nbsp;&nbsp;<U>Stock
Dividends and Stock Splits</U>. If the Corporation, at any time while this Series B Preferred Stock is outstanding: (i) pays a
stock dividend or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock
or any other Common Stock Equivalents (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the
Corporation upon conversion of, or payment of a dividend on, this Series B Preferred Stock), (ii) subdivides outstanding shares
of Common Stock into a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding shares
of Common Stock into a smaller number of shares, or (iv) issues, in the event of a reclassification of shares of the Common Stock,
any shares of capital stock of the Corporation, then the Conversion Price shall be multiplied by a fraction of which the numerator
shall be the number of shares of Common Stock (excluding any treasury shares of the Corporation) outstanding immediately before
such event, and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event.
Any adjustment made pursuant to this Section 7(a) shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date
in the case of a subdivision, combination or re-classification.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: left; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;<U>Subsequent
Rights Offerings</U>. In addition to any adjustments pursuant to Section 7(a) above, if at any time the Corporation grants, issues
or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the &ldquo;<U>Purchase Rights</U>&rdquo;), then the Holder will be entitled to
acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of shares of Common Stock acquirable upon complete conversion of such Holder&rsquo;s Series
B Preferred Stock (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership
Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or,
if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant,
issue or sale of such Purchase Rights (provided, however, to the extent that the Holder&rsquo;s right to participate in any such
Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled
to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such
Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time,
if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: left; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&nbsp;&nbsp;&nbsp;<U>Pro
Rata Distributions</U>. During such time as this Series B Preferred Stock is outstanding, if the Corporation declares or makes
any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way
of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property
or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a &ldquo;<U>Distribution</U>&rdquo;), at any time after the issuance of this Series B Preferred Stock, then, in each such case,
the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein
if the Holder had held the number of shares of Common Stock acquirable upon complete conversion of this Series B Preferred Stock
(without regard to any limitations on conversion hereof, including without limitation, the Beneficial Ownership Limitation) immediately
before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record
holders of shares of Common Stock are to be determined for the participation in such Distribution (<U>provided</U>,&nbsp;<U>however</U>,
to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial
ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution
shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the
Holder exceeding the Beneficial Ownership Limitation).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: left; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&nbsp;&nbsp;<U>Fundamental
Transaction</U>. If, at any time while this Series B Preferred Stock is outstanding, (i) the Corporation, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Corporation with or into another Person, (ii) the
Corporation, directly or indirectly, effects any sale, lease, exclusive license, assignment, transfer, conveyance or other disposition
of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase
offer, tender offer or exchange offer (whether by the Corporation or another Person) is completed pursuant to which holders of
Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted
by the holders of 50% or more of the outstanding Common Stock, (iv) the Corporation, directly or indirectly, in one or more related
transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange
pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the
Corporation, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with
another Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any shares
of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock or share purchase agreement or other business combination) (each a &ldquo;<U>Fundamental Transaction</U>&rdquo;),
then, upon any subsequent conversion of this Series B Preferred Stock, the Holder shall have the right to receive, for each Conversion
Share that would have been issuable upon such conversion immediately prior to the occurrence of such Fundamental Transaction (without
regard to any limitation in Section 6(d) on the conversion of this Series B Preferred Stock), the number of shares of Common Stock
of the successor or acquiring corporation or of the Corporation, if it is the surviving corporation, and any additional consideration
(the &ldquo;<U>Alternate Consideration</U>&rdquo;) receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which this Series B Preferred Stock is convertible immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 6(d) on the conversion of this Series B Preferred Stock). For purposes of any such
conversion, the determination of the Conversion Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction,
and the Corporation shall apportion the Conversion Price among the Alternate Consideration in a reasonable manner reflecting the
relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as
to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice
as to the Alternate Consideration it receives upon any conversion of this Series B Preferred Stock following such Fundamental
Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the Corporation or surviving entity
in such Fundamental Transaction shall file a new Certificate of Designation with the same terms and conditions and issue to the
Holders new preferred stock consistent with the foregoing provisions and evidencing the Holders&rsquo; right to convert such preferred
stock into Alternate Consideration. The Corporation shall cause any successor entity in a Fundamental Transaction in which the
Corporation is not the survivor (the &ldquo;<U>Successor Entity</U>&rdquo;) to assume in writing all of the obligations of the
Corporation under this Certificate of Designation in accordance with the provisions of this Section 7(d) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the holder of this Series B Preferred Stock, deliver to the Holder in exchange
for this Series B Preferred Stock a security of the Successor Entity evidenced by a written instrument substantially similar in
form and substance to this Series B Preferred Stock which is convertible for a corresponding number of shares of capital stock
of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon conversion
of this Series B Preferred Stock (without regard to any limitations on the conversion of this Series B Preferred Stock) prior
to such Fundamental Transaction, and with a conversion price which applies the conversion price hereunder to such shares of capital
stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the
value of such shares of capital stock, such number of shares of capital stock and such conversion price being for the purpose
of protecting the economic value of this Series B Preferred Stock immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Certificate of Designation referring to the &ldquo;Corporation&rdquo; shall refer instead to the Successor
Entity), and may exercise every right and power of the Corporation and shall assume all of the obligations of the Corporation
under this Certificate of Designation with the same effect as if such Successor Entity had been named as the Corporation herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: left; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&nbsp;&nbsp;&nbsp;<U>Calculations</U>.
All calculations under this Section 7 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 7, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding any treasury shares of the Corporation) issued and outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)&nbsp;&nbsp;&nbsp;<U>Notice
to the Holders</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: left; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.&nbsp;&nbsp;<U>Adjustment
to Conversion Price</U>. Whenever the Conversion Price is adjusted pursuant to any provision of this Section 7, the Corporation
shall promptly deliver to each Holder by facsimile or email a notice setting forth the Conversion Price after such adjustment
and setting forth a brief statement of the facts requiring such adjustment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: left; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.&nbsp;&nbsp;<U>Notice
to Allow Conversion by Holder</U>. If (A) the Corporation shall declare a dividend (or any other distribution in whatever form)
on the Common Stock, (B) the Corporation shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock,
(C) the Corporation shall authorize the granting to all holders of the Common Stock of rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Corporation shall
be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Corporation
is a party, any sale or transfer of all or substantially all of the assets of the Corporation, or any compulsory share exchange
whereby the Common Stock is converted into other securities, cash or property or (E) the Corporation shall authorize the voluntary
or involuntary dissolution, liquidation or winding up of the affairs of the Corporation, then, in each case, the Corporation shall
cause to be filed at each office or agency maintained for the purpose of conversion of this Series B Preferred Stock, and shall
cause to be delivered by facsimile or email to each Holder at its last facsimile number or email address as it shall appear upon
the stock books of the Corporation, at least twenty (20) calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled
to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it
is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities,
cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange, provided
that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains,
material, non-public information regarding the Corporation or any of the Subsidiaries, the Corporation shall simultaneously file
such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to convert the Conversion
Amount of this Series B Preferred Stock (or any part hereof) during the 20-day period commencing on the date of such notice through
the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 71.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section
8</U>.&nbsp;<U>Miscellaneous</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: left; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&nbsp;<U>Notices</U>.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation,
any Notice of Conversion, shall be in writing and delivered personally, by facsimile, by e-mail or sent by a nationally recognized
overnight courier service, addressed to the Corporation at 373 Inverness Parkway, Suite 206, Englewood, Colorado 80112, Attention:<B>&nbsp;</B>Chief
Executive Officer, email address: josh.disbrow@aytubio.com or such other e-mail address or address as the Corporation may specify
for such purposes by notice to the Holders delivered in accordance with this Section 8. Any and all notices or other communications
or deliveries to be provided by the Corporation hereunder shall be in writing and delivered personally, by facsimile, by e-mail
or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number or address of such
Holder appearing on the books of the Corporation, or if no such facsimile number or address appears on the books of the Corporation,
at the principal place of business of such Holder. Any notice or other communication or deliveries hereunder shall be deemed given
and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the
facsimile number or via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any
date, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at
the facsimile number or via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later
than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by
U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required
to be given. To the extent that any notice provided pursuant to this Certificate of Designation constitutes, or contains, material,
non-public information regarding the Corporation or any Subsidiaries, the Corporation shall simultaneously file such notice with
the Commission pursuant to a Current Report on Form 8-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: left; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)&nbsp;&nbsp;&nbsp;<U>Absolute
Obligation</U>. Except as expressly provided herein, no provision of this Certificate of Designation shall alter or impair the
obligation of the Corporation, which is absolute and unconditional, to pay liquidated damages and accrued dividends, as applicable,
on the shares of Series B Preferred Stock at the time, place, and rate, and in the coin or currency, herein prescribed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: left; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)&nbsp;&nbsp;&nbsp;<U>Lost
or Mutilated Series B Preferred Stock Certificate</U>. If a Holder&rsquo;s Series B Preferred Stock certificate shall be mutilated,
lost, stolen or destroyed, the Corporation shall execute and deliver, or cause to be executed and delivered, in exchange and substitution
for and upon cancellation of a mutilated certificate, or in lieu of or in substitution for a lost, stolen or destroyed certificate,
a new certificate for the shares of Series B Preferred Stock so mutilated, lost, stolen or destroyed, but only upon receipt of
evidence of such loss, theft or destruction of such certificate, and of the ownership hereof reasonably satisfactory to the Corporation
with the actual third-party costs of the replacement of such certificate to be borne by the Holder (but without any requirement
to post an indemnity bond).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: left; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)&nbsp;&nbsp;<U>Governing
Law</U>. All questions concerning the construction, validity, enforcement and interpretation of this Certificate of Designation
shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without regard
to the principles of conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement
and defense of the transactions contemplated by this Certificate of Designation (whether brought against a party hereto or its
respective Affiliates, directors, officers, shareholders, employees or agents) shall be commenced in the state and federal courts
sitting in the City of New York, Borough of Manhattan (the &ldquo;<U>New York Courts</U>&rdquo;). Each party hereto hereby irrevocably
submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such New York Courts, or such New
York Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process
and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Certificate
of Designation and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by applicable law.
Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by
jury in any legal proceeding arising out of or relating to this Certificate of Designation or the transactions contemplated hereby.
If any party shall commence an action or proceeding to enforce any provisions of this Certificate of Designation, then the prevailing
party in such action or proceeding shall be reimbursed by the other party for its attorneys&rsquo; fees and other costs and expenses
incurred in the investigation, preparation and prosecution of such action or proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: left; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)&nbsp;&nbsp;&nbsp;<U>Waiver</U>.
Any waiver by the Corporation or a Holder of a breach of any provision of this Certificate of Designation shall not operate as
or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Certificate
of Designation or a waiver by any other Holders. The failure of the Corporation or a Holder to insist upon strict adherence to
any term of this Certificate of Designation on one or more occasions shall not be considered a waiver or deprive that party (or
any other Holder) of the right thereafter to insist upon strict adherence to that term or any other term of this Certificate of
Designation on any other occasion. Any waiver by the Corporation or a Holder must be in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: left; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)&nbsp;&nbsp;&nbsp;<U>Severability</U>.
If any provision of this Certificate of Designation is invalid, illegal or unenforceable, the balance of this Certificate of Designation
shall remain in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable
to all other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates
the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the
maximum rate of interest permitted under applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: left; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g)&nbsp;&nbsp;&nbsp;<U>Next
Business Day</U>. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment
shall be made on the next succeeding Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: left; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">h)&nbsp;&nbsp;&nbsp;<U>Headings</U>.
The headings contained herein are for convenience only, do not constitute a part of this Certificate of Designation and shall
not be deemed to limit or affect any of the provisions hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: justify; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt; text-align: left; text-indent: 42.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)&nbsp;&nbsp;&nbsp;<U>Status
of Converted or Redeemed Series B Preferred Stock</U>. If any shares of Series B Preferred Stock shall be converted, redeemed
or reacquired by the Corporation, such shares shall resume the status of authorized but unissued shares of preferred stock and
shall no longer be designated as Series B Convertible Preferred Stock.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*********************</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the Corporation has caused this certificate to be duly executed by Joshua Disbrow this ____&nbsp;day of March, 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Aytu BioScience, Inc. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Josh Disbrow</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ANNEX
A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTICE
OF CONVERSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(TO
BE EXECUTED BY THE REGISTERED HOLDER IN ORDER TO CONVERT SHARES OF SERIES B PREFERRED STOCK)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The undersigned hereby elects to convert
the number of shares of Series B Convertible Preferred Stock indicated below into shares of common stock, no par value per share
(the &ldquo;<U>Common Stock</U>&rdquo;), of Aytu BioScience, Inc., a Delaware corporation (the &ldquo;<U>Corporation</U>&rdquo;),
according to the conditions hereof, as of the date written below. If shares of Common Stock are to be issued in the name of a
Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto. No fee will be charged
to the Holders for any conversion, except for any such transfer taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion
calculations:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
to Effect Conversion:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of shares of Series B Preferred Stock owned prior to Conversion:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of shares of Series B Preferred Stock to be Converted:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stated
Value of shares of Series B Preferred Stock to be Converted:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of shares of Common Stock to be Issued:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable
Conversion Price:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of shares of Series B Preferred Stock subsequent to Conversion:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address
for Delivery:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Or</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DWAC
Instructions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Broker
no:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Account
no:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">[Holder]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1.5pt solid">&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.8
<SEQUENCE>3
<FILENAME>fs12018a3ex4-8_aytubio.htm
<DESCRIPTION>FORM OF WARRANT FOR OFFERING
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 4.8</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>COMMON STOCK PURCHASE WARRANT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Aytu
BioScience, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant Shares: _______</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial Exercise Date: [&#9679;] ___, [&#9679;]</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Issue Date: [&#9679;] ___, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">THIS COMMON STOCK PURCHASE
WARRANT (the &ldquo;<U>Warrant</U>&rdquo;) certifies that, for value received, _____________ or its assigns (the &ldquo;<U>Holder</U>&rdquo;)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after [&#9679;] ___, 2018 (the &ldquo;<U>Initial Exercise Date</U>&rdquo;) and on or prior to the close of business on the five
(5) year anniversary of the Initial Exercise Date (the &ldquo;<U>Termination Date</U>&rdquo;) but not thereafter, to subscribe
for and purchase from Aytu BioScience, Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), up to ______ shares (as
subject to adjustment hereunder, the &ldquo;<U>Warrant Shares</U>&rdquo;) of Common Stock. The purchase price of one share of Common
Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><U>Section 1</U>.&nbsp;<U>Definitions</U>.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&quot;<U>Black Scholes
Value</U>&quot; means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the &quot;OV&quot;
function on Bloomberg determined as of the day immediately following the first public announcement of the applicable Change of
Control, or, if the Change of Control is not publicly announced, the date the Change of Control is consummated, for pricing purposes
and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of
this Warrant as of such date of request, (ii) an expected volatility equal to the greater of 100% and the 100 day volatility obtained
from the &ldquo;HVT&rdquo; function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately
following the earliest to occur of (A) the public disclosure of the applicable Change of Control, (B) the consummation of the applicable
Change of Control and (C) the date on which the Holder first became aware of the applicable Change of Control, (iii) the underlying
price per share used in such calculation shall be the greater of (a) the highest Weighted Average Price during the five (5) Trading
Days prior to the closing of the Change of Control and (b) the sum of the price per share being offered in cash, if any, plus the
value of any non-cash consideration, if any, being offered in such Change of Control, (iv) a zero cost of borrow and (v) a 360
day annualization factor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<U>Business
Day</U>&rdquo; means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<U>Change of
Control</U>&rdquo; means any Fundamental Transaction other than (i) any reorganization, recapitalization or reclassification of
the Common Stock in which holders of the Company&rsquo;s voting power immediately prior to such reorganization, recapitalization
or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly traded securities
and, directly or indirectly, are, in all material respect, the holders of the voting power of the surviving entity (or entities
with the authority or voting power to elect the members of the board of directors (or their equivalent if other than a corporation)
of such entity or entities) after such reorganization, recapitalization or reclassification, (ii) pursuant to a migratory merger
effected solely for the purpose of changing the jurisdiction of incorporation of the Company or (iii) a merger in connection with
a bona fide acquisition by the Company of any Person in which (x) the gross consideration paid, directly or indirectly, by the
Company in such acquisition is not greater than 20% of the Company&rsquo;s market capitalization as calculated on the date of the
consummation of such merger and (y) such merger does not contemplate a change to the identity of a majority of the board of directors
of the Company. Notwithstanding anything herein to the contrary, any transaction or series of transaction that, directly or indirectly,
results in the Company or the Successor Entity not having Common Stock or common stock, as applicable, registered under the 1934
Act and listed on an Eligible Market shall be deemed a Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<U>Commission</U>&rdquo;
means the United States Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<U>Common Stock</U>&rdquo;
means the common stock of the Company, par value $0.0001 per share, and any other class of securities into which such securities
may hereafter be reclassified or changed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<U>Common Stock
Equivalents</U>&rdquo; means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<U>Exchange
Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;&quot;<U>Parent
Entity</U>&quot; of a Person means an entity that, directly or indirectly, controls the applicable Person, including such entity
whose common stock or equivalent equity security is quoted or listed on a Trading Market (or, if so elected by the Holder, any
other market, exchange or quotation system), or, if there is more than one such Person or such entity, the Person or such entity
designated by the Holder or in the absence of such designation, such Person or entity with the largest public market capitalization
as of the date of consummation of the Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<U>Proceeding</U>&rdquo;
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<U>Registration
Statement</U>&rdquo; means the Company&rsquo;s registration statement on Form S-1 (File No. 333-222994).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<U>Rule 144</U>&rdquo;
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<U>Securities
Act</U>&rdquo; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&quot;<U>Successor
Entity</U>&quot; means one or more Person or Persons (or, if so elected by the Holder, the Company or Parent Entity) formed by,
resulting from or surviving any Change of Control or one or more Person or Persons (or, if so elected by the Holder, the Company
or the Parent Entity) with which such Change of Control shall have been entered into.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<U>Trading Day</U>&rdquo;
means a day on which the Common Stock is traded on a Trading Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<U>Trading Market</U>&rdquo;
means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question:
the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange,
OTCQB or OTCQX (or any successors to any of the foregoing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transfer
Agent</U>&rdquo; means VStock Transfer LLC, with a mailing address of 18 Lafayette Pl, Woodmere, NY 11598 and a facsimile number
of&nbsp;646-536-3179, and any successor transfer agent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<U>Warrants</U>&rdquo;
means this Warrant and other Common Stock Purchase Warrants issued by the Company pursuant to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><U>Section 2</U>.&nbsp;<U>Exercise</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">a) Exercise
of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
Exercise Date and on or before close of business on the Termination Date by delivery to the Company of a duly executed facsimile
copy (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the &quot;<U>Notice of Exercise</U>&quot;). Within
two (2) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the
shares specified in the applicable Notice of Exercise by wire transfer or cashier&rsquo;s check drawn on a United States bank unless
the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original
Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice
of Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been
exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading
Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases
of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number
of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and
the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall
deliver any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice.&nbsp;<B>The Holder and any
assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the
purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given
time may be less than the amount stated on the face hereof.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">b)&nbsp;<U>Exercise
Price</U>. The exercise price per share of the Common Stock under this Warrant shall be&nbsp;<B>$</B>_____, subject to adjustment
hereunder (the &ldquo;<U>Exercise Price</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: left; text-indent: 0.5in">c)&nbsp;<U>Cashless
Exercise</U>. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained
therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole
or in part, at such time by means of a &ldquo;cashless exercise&rdquo; in which the Holder shall be entitled to receive a number
of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99pt; text-align: left; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
last VWAP immediately preceding the time of delivery of the Notice of Exercise giving rise to the applicable &ldquo;cashless exercise&rdquo;,
as set forth in the applicable Notice of Exercise (to clarify, the &ldquo;last VWAP&rdquo; will be the last VWAP as calculated
over an entire Trading Day such that, in the event that this Warrant is exercised at a time that the Trading Market is open, the
prior Trading Day&rsquo;s VWAP shall be used in this calculation);</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 1.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Exercise Price of this Warrant, as adjusted hereunder; and</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 1.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(X)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if
such exercise were by means of a cash exercise rather than a cashless exercise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: left; text-indent: -31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="background-color: white">If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company
agrees not to take any position contrary to this Section 2(c). </FONT>Notwithstanding anything herein to the contrary but without
limiting the rights of the Holder to receive Warrant Shares on a &ldquo;cashless exercise&rdquo; and without limiting the liquidated
damages provision in section 2(d)(i) and the Buy-In provision in Section 2(d)(iv)<FONT STYLE="color: #454545">, in the event </FONT>there
is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the
Warrant Shares to the Holder, under no circumstance will the Company be required <FONT STYLE="color: #454545">to net cash settle
the warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&ldquo;<U>VWAP</U>&rdquo;
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported in the &ldquo;Pink Sheets&rdquo; published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other
cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the
holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: left; text-indent: -31.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">d)&nbsp;<U>Mechanics
of Exercise</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">i.&nbsp;<U>Delivery
of Warrant Shares Upon Exercise</U>. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder&rsquo;s or its designee&rsquo;s balance account with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (&ldquo;<U>DWAC</U>&rdquo;) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or
resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical
delivery of a certificate, registered in the Company&rsquo;s share register in the name of the Holder or its designee, for the
number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the
Notice of Exercise by the date that is two (2) Trading Days after the delivery to the Company of the Notice of Exercise (such date,
the &ldquo;<U>Warrant Share Delivery Date</U>&rdquo;). Upon delivery of the Notice of Exercise, the Holder shall be deemed for
all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised,
irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in
the case of a cashless exercise) is received within two (2) Trading Days of delivery of the Notice of Exercise. If the Company
fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery
Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares
subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading
Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading
Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company
agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">ii.&nbsp;<U>Delivery
of New Warrants Upon Exercise</U>. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">iii.&nbsp;<U>Rescission
Rights</U>. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">iv.&nbsp;<U>Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</U>. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder
is required by its broker to purchase (in an open market transaction or otherwise) or the Holder&rsquo;s brokerage firm otherwise
purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
receiving upon such exercise (a &ldquo;<U>Buy-In</U>&rdquo;), then the Company shall (A) pay in cash to the Holder the amount,
if any, by which (x) the Holder&rsquo;s total purchase price (including brokerage commissions, if any) for the shares of Common
Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required
to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such
purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent
number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver
to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise
and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such
purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the
Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the
Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder&rsquo;s right
to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company&rsquo;s failure to timely deliver shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">v.&nbsp;<U>No
Fractional Shares or Scrip</U>. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">vi.&nbsp;<U>Charges,
Taxes and Expenses</U>. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder;&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
that in the event Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for
exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as
a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall
pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company
(or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">vii.&nbsp;<U>Closing
of Books</U>. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">e)&nbsp;<U>Holder&rsquo;s
Exercise Limitations</U>. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder&rsquo;s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder&rsquo;s Affiliates (such Persons, &ldquo;Attribution Parties&rdquo;)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence,
the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include
the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made,
but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, non-exercised
portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion
of the unexercised or non-converted portion of any other securities of the Company (including, without limitation, any other Common
Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes
of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder
that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission
of a Notice of Exercise shall be deemed to be the Holder&rsquo;s determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant
is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify
or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall
be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes
of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding
shares of Common Stock as reflected in (A) the Company&rsquo;s most recent periodic or annual report filed with the Commission,
as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or
the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder,
the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion
or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since
the date as of which such number of outstanding shares of Common Stock was reported. The &ldquo;<U>Beneficial Ownership Limitation</U>&rdquo;
shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common
Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant.
The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section
2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding
immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and
the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective
until the 61<SUP>st</SUP>&nbsp;day after such notice is delivered to the Company. The provisions of this paragraph shall be construed
and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or
any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or
to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in
this paragraph shall apply to a successor holder of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Section 3</U>.&nbsp;<U>Certain
Adjustments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: left; text-indent: 0.5in">a)&nbsp;<U>Stock
Dividends and Splits</U>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">b)&nbsp;<U>Subsequent
Rights Offerings</U>. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues
or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the &ldquo;<U>Purchase Rights</U>&rdquo;), then the Holder will be entitled to
acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to
any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date
on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as
of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights
(provided, however, to the extent that the Holder&rsquo;s right to participate in any such Purchase Right would result in the Holder
exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such
extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase
Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in
the Holder exceeding the Beneficial Ownership Limitation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: left; text-indent: 0.5in">c)&nbsp;<U>Pro
Rata Distributions</U>. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other
distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital
or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of
a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a &ldquo;<U>Distribution</U>&rdquo;),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock
acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation,
the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such
record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in
such Distribution (<U>provided</U>,&nbsp;<U>however</U>, to the extent that the Holder&rsquo;s right to participate in any such
Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to
participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such
Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until
such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">e)&nbsp;<U>Fundamental
Transaction</U>. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a &ldquo;<U>Fundamental Transaction</U>&rdquo;), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon
such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard
to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the &ldquo;<U>Alternate Consideration</U>&rdquo;)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the &ldquo;<U>Successor Entity</U>&rdquo;) to assume in writing all of the obligations of the Company under this Warrant in accordance
with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder,
deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such
Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this
Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative
value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such
number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the &ldquo;Company&rdquo;
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.
Notwithstanding the foregoing, in the event of a Change of Control, at the request of the Holder delivered before the 30th day
after such Change of Control, the Company (or the Successor Entity) shall purchase this Warrant from the Holder by paying to the
Holder, within five (5) Business Days after such request (or, if later, on the effective date of the Change of Control), an amount
equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the effective date of such Change of Control,
payable in cash; provided, however, that, if the Change of Control is not within the Company's control, including not approved
by the Company's Board of Directors, Holder shall only be entitled to receive from the Company or any Successor Entity, as of the
date of consummation of such Change of Control, the same type or form of consideration (and in the same proportion), at the Black
Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of the
Company in connection with the Change of Control, whether that consideration be in the form of cash, stock or any combination thereof,
or whether the holders of Common Stock are given the choice to receive from among alternative forms of consideration in connection
with the Change of Control.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">d)&nbsp;<U>Calculations</U>.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">e)&nbsp;<U>Notice
to Holder</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">i.&nbsp;<U>Adjustment
to Exercise Price</U>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in">ii.&nbsp;<U>Notice
to Allow Exercise by Holder</U>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email
to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least
20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to
be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or
share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock
of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice
or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Section 4</U>.&nbsp;<U>Transfer
of Warrant</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: left; text-indent: 0.5in">a)&nbsp;<U>Transferability</U>.
This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto
duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of
such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this
Warrant to the Company within three (3) Trading Days of the date the Holder delivers an assignment form to the Company assigning
this Warrant full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase
of Warrant Shares without having a new Warrant issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: left; text-indent: 0.5in">b)&nbsp;<U>New
Warrants</U>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the original
Initial Exercise Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable
pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: left; text-indent: 0.5in">c)&nbsp;<U>Warrant
Register</U>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the &ldquo;<U>Warrant
Register</U>&rdquo;), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><U>Section 5</U>.&nbsp;<U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">a)&nbsp;<U>No
Rights as Stockholder Until Exercise</U>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in
Section 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">b)&nbsp;<U>Loss,
Theft, Destruction or Mutilation of Warrant</U>. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">c)&nbsp;<U>Saturdays,
Sundays, Holidays, etc</U>. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">d)&nbsp;<U>Authorized
Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be
listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and non-assessable and free from all taxes, liens and charges created
by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such
issue).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting
the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and non-assessable Warrant Shares upon the exercise of this
Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public
regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0.5in">Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: left; text-indent: 0.5in">e)&nbsp;<U>Governing
Law</U>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflict of laws thereof. Each party agrees that all legal Proceedings concerning the interpretation, enforcement and defense of
this Warrant shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the &ldquo;<U>New
York Courts</U>&rdquo;). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein
(including with respect to the enforcement of any provision hereunder), and hereby irrevocably waives, and agrees not to assert
in any suit, action or Proceeding, any claim that it is not personally subject to the jurisdiction of such New York Courts, or
such New York Courts are improper or inconvenient venue for such Proceeding. Each party hereto hereby irrevocably waives, to the
fullest extent permitted by applicable law, any and all right to trial by jury in any legal Proceeding arising out of or relating
to this Warrant. If any party shall commence an action or Proceeding to enforce any provisions of this Warrant, then the prevailing
party in such action or Proceeding shall be reimbursed by the other party for its attorneys&rsquo; fees and other costs and expenses
incurred in the investigation, preparation and prosecution of such action or Proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">f)&nbsp;<U>Restrictions</U>.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does
not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">g)&nbsp;<U>Nonwaiver
and Expenses</U>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder&rsquo;s rights, powers or remedies. Without limiting any other provision
of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any
material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and
expenses including, but not limited to, reasonable attorneys&rsquo; fees, including those of appellate Proceedings, incurred by
the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">h)&nbsp;<U>Notices</U>.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation,
any Notice of Exercise, shall be in writing and delivered personally, by facsimile or by e-mail, or sent by a nationally recognized
overnight courier service, addressed to the Company, at 373 Inverness Parkway, Suite 206, Englewood, Colorado 80112, Attention:
Chief Executive Officer, facsimile number: (720) 437-6527, email address: Josh.Disbrow@aytubio.com or such other facsimile number,
email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications
or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile, or sent by a
nationally recognized overnight courier service addressed to each Holder at the facsimile number or address of such Holder appearing
on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the
earliest of (i) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or
e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading
Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or e-mail
at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time)
on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight
courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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; text-indent: 0.5in">i) <U>Reserved</U>.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">j)&nbsp;<U>Limitation
of Liability</U>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">k)&nbsp;<U>Remedies</U>.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">l)&nbsp;<U>Successors
and Assigns</U>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: left; text-indent: 0.5in">m)&nbsp;<U>Amendment</U>.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand,
and the Holder or the beneficial owner of this Warrant, on the other hand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">n)&nbsp;<U>Severability</U>.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">o)&nbsp;<U>Headings</U>.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">********************</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Signature Page Follows)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Aytu BioScience, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 13 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF EXERCISE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">TO:</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="text-transform: uppercase">Aytu
BioScience, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
shall take the form of (check applicable box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&#9744;&nbsp;in lawful
money of the United States; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left">&#9744;&nbsp;if permitted
the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c),
to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 2(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">___________________________________</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 Warrant Shares shall be delivered to
the following DWAC Account Number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">___________________________________</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: 1.5in">____________________________________</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: 1.5in">____________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">[SIGNATURE
OF HOLDER]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of Investing Entity: ________________________________________________________</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"><I>Signature of Authorized Signatory of Investing Entity</I>:___________________________________&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">Name of Authorized Signatory:_____________________________________________________&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">Title of Authorized Signatory: ______________________________________________________&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">Date:__________________________________________________________________________&nbsp;</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">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ASSIGNMENT FORM</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: left; text-indent: 10.5pt"><I>(To assign the
foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 10.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 10.5pt">FOR VALUE RECEIVED,
the foregoing Warrant and all rights evidenced thereby are hereby assigned to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 10.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 10.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Please Print)</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Please Print)</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Phone Number:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email Address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: _____________________ __, ______</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holder&rsquo;s Signature:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holder&rsquo;s Address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">ANNEX D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AUTHORIZED REPRESENTATIVES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left; text-indent: 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-top: 0pt; text-align: center; margin-bottom: 0pt">16</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>fs12018a3ex23-1_aytubio.htm
<DESCRIPTION>CONSENT OF EKS&H LLLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
23.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the inclusion in this Registration Statement (No. 333- 222994) on Amendment 3 to Form S-1 and related prospectus
of Aytu BioScience, Inc. (the &ldquo;Company&rdquo;) of our report dated August 31, 2017, with respect to the consolidated balance
sheets of the Company as of June 30, 2017 and 2016, and the related consolidated statements of operations, stockholders&rsquo;
deficit, and cash flows for the years then ended. We also consent to the reference to our firm under the heading &ldquo;Experts&rdquo;
in the Registration Statement and prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
EKS&amp;H LLLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
27, 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denver,
Colorado</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
