<SEC-DOCUMENT>0001213900-18-000588.txt : 20180117
<SEC-HEADER>0001213900-18-000588.hdr.sgml : 20180117
<ACCEPTANCE-DATETIME>20180117090529
ACCESSION NUMBER:		0001213900-18-000588
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180117
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180117
DATE AS OF CHANGE:		20180117

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38247
		FILM NUMBER:		18530223

	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>8-K
<SEQUENCE>1
<FILENAME>f8k011718_aytubioscience.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&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>UNITED
STATES</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>SECURITIES
AND EXCHANGE COMMISSION</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>Washington,
D.C. 20549</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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
8-K</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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CURRENT
REPORT</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>Pursuant
to Section 13 or 15(d) of the</B><BR>
<B>Securities Exchange Act of 1934</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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of report (Date of earliest event reported): <U>January 17, 2018</U></FONT></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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">AYTU BIOSCIENCE, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; text-align: center; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding: 0 0 1.5pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; text-align: center; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">001-38247</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding: 0 0 1.5pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; text-align: center; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">47-0883144</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(State or Other Jurisdiction</FONT><BR>
<FONT STYLE="font-size: 10pt">of Incorporation)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(Commission</FONT><BR>
<FONT STYLE="font-size: 10pt">File Number)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: center; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: center; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(IRS Employer</FONT><BR>
<FONT STYLE="font-size: 10pt">Identification No.)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; text-align: center; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">373 Inverness Parkway, Suite 206, Englewood, Colorado</FONT></TD>
    <TD STYLE="width: 2%; padding: 0 0 1.5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; text-align: center; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">80112</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center; padding-top: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(Zip Code)</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: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrant&rsquo;s
Telephone Number, Including Area Code: <U>(720) 437-6580</U></FONT></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: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-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; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (<I>see</I> General Instruction A.2. below):</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>

<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; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
                                         communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif; margin-right: 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; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
                                         material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif; margin-right: 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; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
                                         communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif; margin-right: 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; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
                                         communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif; margin-right: 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">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</FONT></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">Emerging
growth company &#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">&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 pursuant to Section 13(a) of the Exchange Act. &#9744;</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>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <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: 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: 10%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    8.01.</B></FONT></TD>
    <TD STYLE="width: 90%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other
    Events</B></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; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 17, 2017, Aytu BioScience, Inc. (the &ldquo;Company&rdquo;) issued a letter to its shareholders to provide an update on
recent developments in the U.S. testosterone replacement market and also provide an update on Natesto. A copy of the letter is
attached hereto as Exhibit 99.1. </FONT></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: 10%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    9.01.</B></FONT></TD>
    <TD STYLE="width: 90%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial
    Statements and Exhibits.&nbsp;</B>&nbsp;</FONT></TD></TR>
</TABLE>
<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 3%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="width: 97%; text-align: justify; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white"><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">Exhibit No.</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1.5pt solid">Description</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 9%; text-align: justify">99.1</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%; text-align: justify"><A HREF="f8k011718ex99-1_aytubiosci.htm">Shareholder Letter dated January 17, 2018</A></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: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <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: 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"><U>SIGNATURE</U></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-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<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-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    January 17, 2018&#9;</FONT></TD>
    <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">AYTU
BIOSCIENCE, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; 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="width: 5%; 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="width: 35%; 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></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-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <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: 10pt Times New Roman, Times, Serif">/s/ Joshua 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-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">Name:&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">Joshua
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-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">Title:</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
    Executive Officer</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-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f8k011718ex99-1_aytubiosci.htm
<DESCRIPTION>SHAREHOLDER LETTER DATED JANUARY 17, 2018
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
99.1</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">January
17, 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">Dear
Aytu BioScience Shareholders and Colleagues,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, 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
wanted to share some news with you to start 2018 in light of recent developments involving the U.S. testosterone replacement (TRT)
market and in response to inquiries from various shareholders and other external stakeholders.&nbsp; There was an important development
involving the FDA last week that we believe could provide a positive tailwind for Aytu and our lead product Natesto.&nbsp; I also
wanted to share some recent preliminary sales data to help you gauge the success of our ongoing commercialization efforts for
Natesto in 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"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
January 10, 2018, Lipocine Inc. (NASDAQ: LPCN) announced that the Bone, Reproductive and Urologic Drugs Advisory Committee (&ldquo;BRUDAC&rdquo;)
of the U.S. Food and Drug Administration (&ldquo;FDA&rdquo;) voted six in favor and thirteen <B><I>against</I></B> the benefit/risk
profile of Tlando, Lipocine&rsquo;s oral testosterone product candidate for testosterone replacement therapy (&ldquo;TRT&rdquo;)
in adult males with hypogonadism.&nbsp; Additionally, on January 9<SUP>th</SUP>, the FDA held a separate Advisory Committee meeting
to review privately-held Clarus Therapeutics&rsquo; oral testosterone candidate Jatenzo. The committee also voted against approving
Clarus&rsquo; candidate primarily over safety concerns. <B>Thus, it appears unlikely that either product will be approved by FDA
at this time, and the prospect of an FDA approval at any point in the future appears doubtful.</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
believe that the recommendations to not approve Tlando and Jatenzo could yield important commercial benefits for Natesto and further
bolsters Natesto&rsquo;s unique market position as the only topical TRT without a BLACK BOX warning, explicitly warning users
of these agents, against the risk of testosterone transference.&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">To
provide you with some context, the role of the BRUDAC, or &ldquo;adcom,&rdquo; is, in part, to provide recommendations to the
FDA about whether a drug should be approved on the basis of the safety and efficacy evidence presented in the applicants&rsquo;
New Drug Application. Recommendations by these advisory committees are non-binding as the final decision about approval is made
by the FDA.&nbsp; However, the agency <B><I>rarely</I></B> approves products not supported by an advisory committee.&nbsp; Multiple
observers have noted that neither product is expected to be approved on the basis of these adcom votes and the notable concerns
related to each product&rsquo;s safety profile.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">One
of the issues cited as a reason for the negative adcom sentiment on these oral testosterone therapies is related to the products&rsquo;
cardiovascular risk profiles as presented in their New Drug Applications.&nbsp; Also, and more generally, an increase in hematocrit
levels is commonly cited as a safety concern in the TRT category and has been noted to be an issue of potential focus for future
TRT product candidates.&nbsp; Importantly (and in direct contrast to many agents in the TRT category), Natesto (over 360 days
on treatment) demonstrated <U>no significant increase</U> in hematocrit levels and may, therefore, offer an improved safety profile
over the established products in the TRT category.&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"></FONT></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <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: 0"><FONT STYLE="font: 10pt Times New Roman, Times, 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
you may recall Natesto has additional clinical advantages over currently marketed topical testosterone products including maintain
normal levels of luteinizing hormone (LH) and follicle stimulating hormone (FSH) while improving the clinical symptoms of hypogonadism
as early as thirty days following initiation of Natesto treatment.&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">We
believe that with two prospective competitors now unlikely to gain market clearance in the U.S., the opportunity for Natesto to
become an increasingly accepted treatment in the $2 billion TRT category is more pronounced.&nbsp; Natesto is gaining significant
traction based on the company&rsquo;s most recent prescription and factors sales figures. Aytu recently reported a <B>259%</B>
increase in total prescriptions for the 3-month period ending in November 2017 (the last complete month for which we have data
from IMS), as compared to the 3 months ending in February 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">Additionally,
factory sales (representing actual Natesto dispensers sold to U.S. wholesalers for fulfillment to retail pharmacies) were reported
as all-time highs as of December 2017 at an annual gross run-rate of almost $7 million and have increased <B>306%</B> over the
last four quarters.&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
further evidence of our progress with Natesto, we are pleased to relay that as of November 2017, in our covered sales territories
<B>Natesto already achieved 1% market share of new prescriptions of the topical testosterone 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">With
each month that passes during this launch phase, we continue to recognize that there is a very real opportunity for Natesto to
become a significant product in the TRT category.&nbsp; To that end we are continuing to invest in commercialization efforts aimed
at increasing physician awareness and prescribing, improving patient reimbursement access while also improving the gross-to-net
profile for Natesto.&nbsp; We are actively engaged with multiple insurers and other payers, and we are planning initiatives to
improve the reimbursement status through strategic contracting with large national plans and strategic regional payers. We are
also in the early stages of rolling out a novel program aimed at making it easier for patients to get Natesto that we expect to
yield increased new and refilled prescription rates and a higher net selling price for the product.&nbsp; We expect to begin resourcing
this program in the near term as a key augmentation to the sales force&rsquo;s promotional efforts in the field, and we&rsquo;ll
share more details as the program is operationalized.&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">In
summary, we believe that these recent market events affecting two prospective future competitors combined with our ramping commercialization
efforts and more stringent focus on improving patient access will serve to drive a more rapid increase in Natesto sales.&nbsp;
Natesto remains the company&rsquo;s highest commercial priority, and we continue to believe that this is just the beginning of
gaining a meaningful portion of the market in the quarters and years ahead.&nbsp; Thank you for your support and continued interest
in the success of Aytu BioScience.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chairman
&amp; Chief Executive Officer</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="ex99-1_img01.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>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"><U>josh.disbrow@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"><B>NASDAQ:
AYTU</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(O)
+1 720 437 6520</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, 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
communication includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, or the Exchange Act. All statements other than statements of historical
facts contained in this communication, including statements regarding our anticipated future clinical and regulatory events, future
financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements.
Forward looking statements are generally written in the future tense and/or are preceded by words such as &ldquo;may,&rdquo; &ldquo;will,&rdquo;
&ldquo;should,&rdquo; &ldquo;forecast,&rdquo; &ldquo;could,&rdquo; &ldquo;expect,&rdquo; &ldquo;suggest,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;continue,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; or similar words, or the negatives of such
terms or other variations on such terms or comparable terminology. These statements are just predictions and are subject to risks
and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include, among
others: risks relating to gaining market acceptance of our products, the potential future commercialization of our product candidates,
the anticipated start dates, durations and completion dates, as well as the potential future results, of our ongoing and future
clinical trials, the anticipated designs of our future clinical trials, anticipated future regulatory submissions and events,
and future events under our current and potential future collaborations. We also refer you to the risks described in &ldquo;Risk
Factors&rdquo; in Part I, Item 1A of Aytu BioScience, Inc.&rsquo;s Annual Report on Form 10-K and in the other reports and documents
we file with the Securities and Exchange Commission from time to time.&nbsp; Any forward-looking statement made by us in this
communication is based only on information currently available to us and speaks only as of the date on which it is made. We undertake
no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether
as a result of new information, future developments 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-top: 0; text-align: center; 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-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>ex99-1_img01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex99-1_img01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  W 'D# 2(  A$! Q$!_\0
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M6VM?#'@#P]I\VL7%Q*TQ0B6]@@-XMK&#<WK'2K&*.6[$<;_P:_".P_X++?\
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MYHWCFSU/2)[?69_$ATO2!X2URPBU/3I-8GN6T>_+&PM[F>>=(S9\/?LR> ]
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MS?Z\FGG5(M,36-0TE]2U*ZD^QZE?W7EQF*.*1&CWD]WN_P"OR#WNR/SQMO\
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C#"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH _]D!

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