<SEC-DOCUMENT>0001213900-19-026676.txt : 20191220
<SEC-HEADER>0001213900-19-026676.hdr.sgml : 20191220
<ACCEPTANCE-DATETIME>20191220160430
ACCESSION NUMBER:		0001213900-19-026676
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20191220
DATE AS OF CHANGE:		20191220

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-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-235548
		FILM NUMBER:		191301141

	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-3/A
<SEQUENCE>1
<FILENAME>fs32019a1_aytubio.htm
<DESCRIPTION>AMENDMENT NO. 1 TO FORM S-3
<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-top: 0pt; margin-bottom: 0pt; text-align: center"> <B>As filed with
the Securities and Exchange Commission on December 20, 2019</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> <B>Registration No.&nbsp;333-235548</B> </P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Exact Name of Registrant as Specified
in Its Charter)</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>47-0883144</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(State or Other Jurisdiction of<BR>
Incorporation or Organization)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(I.R.S. Employer<BR>
Identification No.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>373 Inverness Parkway, Suite 206</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Address, Including Zip Code, and Telephone
Number, Including Area Code, of Registrant&rsquo;s Principal Executive Offices)</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>373 Inverness Parkway, Suite 206</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Name, Address, Including Zip Code, and
Telephone Number, Including Area Code, of Agent for Service)</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>111 S. Main Street, Suite 2100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Salt Lake City, Utah 84111</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(801) 933-7360</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Approximate date of commencement of
proposed sale to the public:</B> From time to time after the effective date of this registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the only securities being registered
on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest reinvestment plans, please check the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&#9744;</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">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;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</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: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is a registration statement
pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following box.&nbsp;&nbsp;&#9744;</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">If this Form is a post-effective amendment
to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes
of securities pursuant to Rule 413(b) under the Securities Act, check the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the Registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-size: 10pt">Large&nbsp;accelerated&nbsp;filer <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT>&#9746;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Accelerated Filer &#9744;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Non-accelerated filer &#9746;</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

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

<!-- 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: 0pt 0; text-align: justify"></P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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="font-weight: bold; border-bottom: Black 1.5pt solid"> Title of Each Class of Securities to be Registered </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Amount</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>to&nbsp;be</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Registered(1)</B> </P></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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Proposed</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Maximum</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Offering&nbsp;Price</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Per&nbsp;Share(2)</B> </P></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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Proposed</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Maximum</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Aggregate</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Offering</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Price</B> </P></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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Amount&nbsp;of</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Registration</B> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Fee</B> </P></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%; text-align: left; text-indent: -9pt; padding-left: 9pt"> Common Stock, issuable
    upon conversion of Series F Convertible Preferred Stock (3) </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 9%; text-align: right"> 10,000,000 </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"> 0.77 </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"> 7,700,000 </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"> 999.46 </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: -9pt; padding-left: 9pt"> Common Stock issuable upon exercise
    of Warrants (3) </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"> 10,000,000 </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"> 0.77 </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"> $ </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 7,700,000 </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"> $ </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 999.46 </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="font-weight: bold; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"> 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"> 20,000,000 </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"> &nbsp; </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"> 15,400,000 </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"> 1,998.92 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> * </TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to Rule 416 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), the registrant is also registering an indeterminate number of additional shares of Common Stock issuable by reason of any stock dividend, stock split, recapitalization or other similar transaction.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to Rule 457(c) under the Securities Act, and solely for the purpose of calculating the registration fee, the proposed maximum offering price per share is $0.77, which is the average of the high and low prices of the Common Stock on December 12, 2019, on the NASDAQ Capital Market.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes, (i) 10,000,000 shares of Common Stock issuable upon the exercise of warrants (the &ldquo;PIPE Warrants&rdquo;) issued pursuant to the Securities Purchase Agreements (the &ldquo;Purchase Agreement&rdquo;) dated October 11, 2019 with Armistice Capital Master Fund Ltd. and Altium Capital Management LP (the &ldquo;Selling Stockholders&rdquo;) and (ii) 10,000,000 shares of Common Stock issuable upon the conversion of the Series F Convertible Preferred Stock (the &ldquo;Series F Preferred Stock&rdquo;) issued to the Selling Stockholders pursuant to the Purchase Agreement.</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"> * </TD><TD STYLE="text-align: justify"> Previously filed </TD>
</TR></TABLE>

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> This Pre-Effective Amendment No.1 is
being filed to refile in its entirety the Registration Statement on Form S-3. Due to in inadvertent EDGAR processing error, the
Registration Statement on Form S-3 filed on December 17, 2019 was illegible. </P>

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

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

<!-- Field: Page; Sequence: 3 -->
    <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: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="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 filed
with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not
soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <FONT STYLE="color: Red"><B>SUBJECT
TO COMPLETION DATED DECEMBER 20, 2019</B></FONT> </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>10,000,000 Shares of Common Stock Issuable
upon Exercise of PIPE Warrants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>10,000,000 Shares of Common Stock Issuable
upon Conversion of Series F Convertible Preferred Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus relates to the resale of
20,000,000 shares of Common Stock, par value $0.0001 per share (&ldquo;Common Stock&rdquo;) of Aytu BioScience, Inc. (the &ldquo;Company&rdquo;)
by Armistice Capital Master Fund Ltd. and Altium Capital Management LP (the &ldquo;Selling Stockholders&rdquo;). The Common Stock
includes (1) 10,000,000 shares of Common Stock issuable upon the exercise of PIPE warrants (the &ldquo;PIPE Warrants&rdquo;) issued
pursuant to the securities purchase agreement, dated October 11, 2019 (the &ldquo;Purchase Agreement&rdquo;) by and between us
and the Selling Stockholders and (2) 10,000,000 shares of Common Stock issuable upon the conversion of 10,000 shares of Series
F Convertible Preferred Stock (&ldquo;Series F Preferred Stock&rdquo;) of the Company issued to the Selling Stockholders pursuant
to the Purchase Agreement. The PIPE Warrants have an exercise price of $1.25 per share, each subject to adjustment as described
below. We will receive the proceeds from the exercise of the Warrants. We will not receive any proceeds from the conversion of
Series F Preferred Stock or from the sale of any shares of Common Stock by the Selling Stockholders pursuant to 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: 0pt 0; text-align: justify">Our registration of the securities covered
by this prospectus does not mean that the Selling Stockholders will offer or sell any of the shares of Common Stock. The Selling
Stockholders may sell the shares of Common Stock offered by this prospectus from time to time on terms to be determined at the
time of sale through ordinary brokerage transactions or through any other means described in this prospectus under the caption
&ldquo;Plan of Distribution.&rdquo; The shares of Common Stock may be sold at fixed prices, at market prices prevailing at the
time of sale, at prices related to prevailing market prices or at negotiated prices.</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">Our Common Stock is traded on the NASDAQ
Capital Market (&ldquo;NASDAQ&rdquo;) under the symbol &ldquo;AYTU&rdquo;. On December 12, 2019, the last reported sales price
of our Common Stock was $0.8257 per share.</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"><B>An investment in our securities involves
risks. See &ldquo;Risk Factors&rdquo; beginning on page 5 of this prospectus, page 13 of our Annual Report on Form 10-K for the
fiscal year ended June 30, 2019, and any updates to those risk factors or new risk factors contained in our subsequent Annual Reports
on Form 10-K, Quarterly Reports on Form&nbsp;10-Q and Current Reports on Form 8-K filed with the SEC, all of which we incorporate
by reference herein.</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: justify"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2019</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"></P>

<!-- Field: Page; Sequence: 4 -->
    <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: 0pt 0"></P>



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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="width: 10%; text-align: center">ii</TD></TR>
<TR STYLE="background-color: White">
    <TD><A HREF="#a_002"><FONT STYLE="font-size: 10pt">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: center">1</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><A HREF="#a_003"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: center">5</TD></TR>
<TR STYLE="background-color: White">
    <TD><A HREF="#a_004"><FONT STYLE="font-size: 10pt">FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: center">6</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><A HREF="#a_005"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: center">7</TD></TR>
<TR STYLE="background-color: White">
    <TD><A HREF="#a_006"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: center">7</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><A HREF="#a_007"><FONT STYLE="font-size: 10pt">PRIVATE PLACEMENT</FONT></A></TD>
    <TD STYLE="text-align: center">14</TD></TR>
<TR STYLE="background-color: White">
    <TD><A HREF="#a_008"><FONT STYLE="font-size: 10pt">SELLING STOCKHOLDERS</FONT></A></TD>
    <TD STYLE="text-align: center">15</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><A HREF="#a_009"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: center">16</TD></TR>
<TR STYLE="background-color: White">
    <TD><A HREF="#a_010"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: center">17</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><A HREF="#a_011"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: center">17</TD></TR>
<TR STYLE="background-color: White">
    <TD><A HREF="#a_012"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: center">18</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><A HREF="#a_013"><FONT STYLE="font-size: 10pt">DOCUMENTS INCORPORATED BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: center">18</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>You should rely only on the information
provided in this prospectus, as well as the information incorporated by reference into this prospectus and any applicable prospectus
supplement. We have not authorized anyone to provide you with different information. We are not making an offer of these securities
in any jurisdiction where the offer is not permitted. You should not assume that the information in this prospectus, any applicable
prospectus supplement or any documents incorporated by reference is accurate as of any date other than the date of the applicable
document. Since the respective dates of this prospectus and the documents incorporated by reference into this prospectus, our business,
financial condition, results of operations and prospects may have changed.</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>

<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></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: 0pt 0"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information
contained in this prospectus or in any related free writing prospectus filed by us with the Securities and Exchange Commission
(&ldquo;SEC&rdquo;). We and the Selling Stockholders have not authorized anyone to provide you with any information or to make
any representation not contained in this prospectus. We and the Selling Stockholders do not take any responsibility for, and can
provide no assurance as to the reliability of, any information that others may provide to you. This prospectus is not an offer
to sell or an offer to buy securities in any jurisdiction where offers and sales are not permitted. The information in this prospectus
is accurate only as of its date, regardless of the time of delivery of this prospectus or any sale of securities. You should also
read and consider the information in the documents to which we have referred you under the caption &ldquo;Where You Can Find More
Information&rdquo; in the prospectus.&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; text-align: justify">Neither we nor the Selling Stockholders
have done anything that would permit a public offering of the securities 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 of the United States.</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 urge you to read carefully this prospectus,
as supplemented and amended, before deciding whether to invest in any of the Common Stock being offered.</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">Unless the context indicates otherwise,
as used in this prospectus, the terms &ldquo;Aytu,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; and &ldquo;our
business&rdquo; refer to Aytu BioScience, Inc. and its subsidiary.</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 own, license, or otherwise have rights
to various U.S. federal trademark registrations and applications, and unregistered trademarks and service marks, including Korbinal,
Cefaclor, AcipHex Sprinkle, MiOXSYS, Natesto, Poly-Vi-Flor, Tri-Vi-Flor, and ZolpiMist. 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-top: 0pt; text-align: left; margin-bottom: 0pt"></P>



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

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></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: 0pt 0"></P>



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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_002"></A>PROSPECTUS SUMMARY</B></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: justify"><I>This prospectus summary highlights selected
information contained in this prospectus and does not contain all of the information that is important to you. This prospectus
summary is qualified in its entirety by the more detailed information included in or incorporated by reference into this prospectus.
Before making your investment decision with respect to our Common Stock, you should carefully read this entire prospectus, any
applicable prospectus supplement and the documents referred to in &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Documents
Incorporated by Reference.&rdquo;</I></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a commercial-stage specialty pharmaceutical
company focused on global commercialization of novel products addressing significant medical needs. We have multiple approved products
on the market, and we seek to build a portfolio of novel therapeutics that serve large medical needs, across a range of conditions,
through our in-house commercial team. Our commercial infrastructure consists primarily of a pharmaceutical sales force calling
on physicians throughout the US. We focus our commercial efforts on serving large therapeutic areas and offer products with distinct
patient benefits.</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 acquired exclusive U.S. rights to Natesto<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
U.S. with our direct sales force in 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 $1.7 billion market accounting for over 6.9
million prescriptions annually. 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&reg;.</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 June 2018 we acquired an exclusive
U.S. and Canadian license to ZolpiMist&trade;. ZolpiMist is an FDA-approved prescription product that is indicated for the short-term
treatment of insomnia and is the only oral spray formulation of zolpidem tartrate, the most widely prescribed prescription sleep
aid in the U.S. ZolpiMist is commercially available and competes in the non-benzodiazepine prescription sleep aid category, a
$1.8 billion prescription drug category with over 43 million prescriptions written annually. Thirty million prescriptions of zolpidem
tartrate (Ambien&reg;, Ambien&reg; CR, Intermezzo<SUP>&reg;</SUP>, Edluar<SUP>&reg;</SUP>, ZolpiMist&trade;, and generic forms
of immediate-release, controlled release, and orally dissolving tablet formulations) are written each year in the U.S., representing
almost 70% of the non-benzodiazepine sleep aid category. Approximately 2.5 million prescriptions are written for novel formulations
of zolpidem tartrate products (controlled release and sublingual tablets). We intend to integrate ZolpiMist into our sales force&rsquo;s
promotional efforts as an adjunct product to Natesto as there is substantial overlap of physician prescribers among our primary
care physician targets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2018 we acquired an exclusive
commercial license from Tris Pharma to market Tuzistra<SUP>&reg;</SUP> XR in the U.S. Tuzistra XR is indicated for the temporary
relief of cough and upper respiratory symptoms associated with allergy or the common cold in patients 18 years of age and older.
Tuzistra XR is a patented combination of codeine, an opiate agonist antitussive, and chlorpheniramine, a histamine-1 receptor
antagonist, indicated for relief of cough and symptoms associated with upper respiratory allergies or a common cold in adults
aged 18 years and older. Tuzistra XR is protected by two Orange Book-listed patents extending to 2031 and multiple pending patents.
According to MediMedia, the US cough cold prescription market is worth in excess of $3 billion at current brand pricing, with
30-35 million annual prescriptions. This market is dominated by short-acting treatments, which require dosing 4-6 times a day.
Tuzistra XR was developed using Tris Pharma&rsquo;s liquid sustained release technology, LiquiXR&reg;, which allows for extended drug
delivery throughout a 12-hour dosing period.</P>

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

</DIV>

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

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

<!-- Field: Page; Sequence: 7; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></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: 0pt 0; text-align: justify"></P>



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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2019 we acquired a portfolio
of six commercial assets from Cerecor, Inc. (the &ldquo;Commercial Portfolio&rdquo;). The Commercial Portfolio includes prescription
products competing in markets exceeding $8 billion in annual U.S. sales. The portfolio consists of six established, commercialized
pediatric primary care products including: Karbinal&reg; ER, Poly-Vi-Flor<SUP>&reg;</SUP>, Tri-Vi-Flor&trade;, AcipHex<SUP>&reg;
</SUP>Sprinkle&trade;, Cefaclor for Oral Suspension, and Flexichamber&trade;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each product has distinct clinical features
and patient-friendly benefits and are indicated to treat common pediatric and primary care conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Karbinal<SUP>&reg;
                                         </SUP>ER (carbinoxamine maleate extended-release oral suspension): Karbinal ER is an
                                         H1 receptor antagonist (antihistamine) indicated to treat various allergic conditions
                                         including seasonal and perennial allergic rhinitis, vasomotor rhinitis, and other common
                                         allergic conditions.</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Poly-Vi-Flor<SUP>&reg;
                                         </SUP>and Tri-Vi-Flor<SUP>&reg;</SUP>: Poly-Vi-Flor and Tri-Vi-Flor are two complementary
                                         prescription fluoride-based supplement product lines containing combinations of vitamins
                                         and fluoride in various oral formulations. These prescription supplements are prescribed
                                         for infants and children to treat or prevent fluoride deficiency due to poor diet or
                                         low levels of fluoride in drinking water and other sources.</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">AcipHex<SUP>&reg;
                                         </SUP>Sprinkle&trade; (rabeprazole sodium): AcipHex Sprinkle is a granule formulation
                                         of rabeprazole sodium, a commonly prescribed proton pump inhibitor. AcipHex Sprinkle
                                         is indicated for the treatment of gastroesophageal reflux disease (GERD) in pediatric
                                         patients 1 to 11 years of age for up to 12 weeks.</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Cefaclor (cefaclor oral suspension):
Cefaclor for oral suspension is a second-generation cephalosporin antibiotic suspension and is indicated for the treatment of
numerous common infections caused by Streptococcus pneumoniae, Haemophilus influenzae, staphylococci, and Streptococcus pyogenes,
and others.</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Flexichamber&trade;: Flexichamber
is an anti-static, valved collapsible holding chamber intended to be used by patients to administer aerosolized medication from
most pressurized metered dose inhalers (MDIs) such as commonly used asthma medications.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the future we will look to acquire additional
commercial-stage or near-market products, including existing products we believe can offer distinct commercial advantages. Our
management team&rsquo;s prior experience has involved identifying primarily commercial-stage assets that can be launched or re-launched
to increase value, with a focused commercial infrastructure specializing in novel, niche products.</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">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.</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>Corporate Information</B></P>

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

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

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

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

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

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

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

</DIV>

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

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

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></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: 0pt 0">&nbsp;</P>

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 stockholders held on May 24, 2016, our stockholders 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 stockholders held on July
26, 2017, our stockholders 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. In addition, at our annual meeting of stockholders held on June 27, 2018,
our stockholders approved an amendment to our Certificate of Incorporation to affect a reverse stock split at a ratio of up to
1-for-20, which reverse stock split became effective at a ratio of 1-for-20 on August 10, 2018. All share and per share amounts
in this prospectus have been adjusted to reflect the effect of these four reverse stock splits.</P>

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

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

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

</DIV>

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

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

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></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: 0pt 0"></P>



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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are registering the resale of (1) 10,000,000
shares of Common Stock issuable upon exercise of 10,000,000 PIPE Warrants issued pursuant to the Purchase Agreement and (2) 10,000,000
shares of Common Stock issuable upon the conversion of 10,000 shares of Series F Preferred Stock issued pursuant to the Purchase
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 38%"><FONT STYLE="font-size: 10pt">Shares of Common Stock offered by the Selling Stockholders</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt">20,000,000&nbsp;shares.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">Shares of Common Stock&nbsp;outstanding prior to this Offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">20,733,052 shares.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">Shares of Common Stock&nbsp;outstanding after this Offering assuming exercise of all of the PIPE Warrants and conversion of all of the shares of Series F Preferred Stock </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">40,733,052 shares.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Use of proceeds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All of the shares of Common Stock offered by the Selling Stockholders pursuant to this prospectus will be sold by the Selling Stockholders for its own account. We will not receive any of the proceeds from these sales.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Terms of PIPE Warrants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each PIPE Warrant entitles the holder to purchase one share of our Common Stock at an exercise price of $1.25 per share, subject to adjustment. The PIPE Warrants will expire on October 11, 2024.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We will receive up to an aggregate of approximately $12.5 million from the exercise of the PIPE Warrants, assuming the exercise in full of all of the PIPE Warrants for cash. We expect to use the net proceeds from the exercise of the PIPE Warrants for general corporate purposes.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">Trading Market and Ticker Symbol for Common Stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Common Stock is currently listed on NASDAQ under the symbol &ldquo;AYTU.&rdquo;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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 5 of this prospectus and the documents incorporated by reference herein for a discussion of factors to consider before deciding to purchase our securities.</FONT></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; text-align: justify">Unless otherwise indicated, all information
in this prospectus excludes as of December 1, 2019:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1,482 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 $325.54 per share, of which 1,482 are exercisable;</FONT></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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">16,459,663 shares of
our Common Stock issuable upon exercise of outstanding warrants (other than the PIPE Warrants) with a weighted average exercise
price of $4.16 per share; and</FONT></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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">10,205,845 shares of
our Common Stock issuable upon conversion (other than the Series F Preferred Stock) of 400,000 shares of Series D Convertible
Preferred Stock, and 9,805,845 shares of Series G Convertible Preferred Stock.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

</DIV>

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

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></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: 0pt 0"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_003"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>An investment in our securities involves
risks and uncertainties. You should consider carefully the risks described below, those beginning on page 13 of our Annual Report
on Form 10-K for the fiscal year ended June 30, 2019, and any updates to those risk factors or new risk factors contained in our
subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, all
of which we incorporate by reference herein, as well as the other information included in this prospectus, and any applicable prospectus
supplement, before making an investment decision. Any of the risk factors could significantly and negatively affect our business,
financial condition, results of operations, cash flows, and prospects and the trading price of our securities.</I></P>

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

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

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></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: 0pt 0"></P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_004"></A>FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</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">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 the documents incorporated by reference herein. 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.</P>

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

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

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></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: 0pt 0; text-align: justify; text-indent: 0.5in"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_005"></A>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of the shares of Common Stock offered
by the Selling Stockholders pursuant to this prospectus will be sold by the Selling Stockholders for its own account. We will not
receive any of the proceeds from these sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will receive up to an aggregate of approximately
$12.5 million from the exercise of the PIPE Warrants, assuming the exercise in full of all of the PIPE Warrants for cash. We expect
to use the net proceeds from the exercise of the PIPE Warrants for general corporate purposes.</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"><B><A NAME="a_006"></A>DESCRIPTION OF SECURITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following summary of the material
terms of our securities is not intended to be a complete summary of the rights and preferences of such securities. We urge you
to read our certificate of incorporation in its entirety for a complete description of the rights and preferences of our securities.</I></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: justify"><B>General</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</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">Excluding the Series F Preferred Stock,
as of December 1, 2019, a total of 20,733,052 shares of our Common Stock were issued and outstanding, 400,000 shares of our Series
D Preferred Stock were issued and outstanding and 9,805,845 shares of our Series G Preferred Stock were issued and outstanding.
There were no shares of our Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, or Series E Preferred
Stock issued or outstanding.</P>

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

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

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

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

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

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

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Outstanding Preferred 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; text-align: justify">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. Our preferred stock consists of the following (excluding the Series F Preferred Stock):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We previously designated
10,000 shares as Series A Preferred Stock. No shares of Series A Preferred Stock are outstanding as of December 1, 2019.</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We previously designated
3,216 shares as Series B Preferred Stock. No shares of Series B Preferred Stock are outstanding as of December 1, 2019.</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We previously designated
8,342,993 shares as Series C Preferred Stock. No shares of Series C Preferred Stock are outstanding as of December 1, 2019.</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We previously designated
400,000 shares as Series D Preferred Stock. 400,000 shares of Series D Preferred Stock are outstanding as of December 1, 2019.</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We previously designated
2,751,148 shares as Series E Preferred Stock. No shares of Series E Preferred Stock are outstanding as of December 1, 2019.</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We previously designated
9,805,845 shares as Series G Preferred Stock 9,805,845 shares of Series G Preferred Stock are outstanding as of December 1, 2019.</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; text-align: justify"><B>Description of the Series F Preferred
Stock</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: justify"><I>Conversion</I>. Prior to Stockholder
Approval (as defined below), the Series F Preferred Stock is non-convertible. Following Stockholder Approval, each share of Series
F Preferred Stock will be convertible at any time at the holder&rsquo;s option into shares of Common Stock, which conversion ratio
will be subject to adjustment for stock splits, stock dividends, distributions, subdivisions and combinations. Notwithstanding
the foregoing, the certificate of designation further provides that we shall not effect any conversion ofthe Series F Preferred
Stock, with certain exceptions, to the extent that, after giving effect to an attempted conversion, the holder (together with its
affiliates, and any persons acting as a group together with the holder or any of its affiliates) would beneficially own a number
of shares of Common Stock in excess of 9.99%, or 40% (only with respect to Armistice Master Capital Fund Ltd.) of the shares of
Common Stock then outstanding after giving effect to such exercise.</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"><I>Fundamental Transaction</I>. In the
event we consummate a merger or consolidation with or into another person or other reorganization event in which our Common Stock
is converted or exchanged for securities, cash, or other property, or we sell, lease, license, assign, transfer, convey or otherwise
dispose of all or substantially all of our assets or we or another person acquires 50% or more of our outstanding shares of Common
Stock, then following such event, the holders of the Series F Preferred Stock will be entitled to receive upon conversion of such
Series F Preferred Stock the same kind and amount of securities, cash, or property which the holders would have received had they
converted their Series F Preferred Stock immediately prior to such fundamental transaction. Any successor to us or surviving entity
shall assume the obligations under the Series F Preferred Stock.</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"><I>Liquidation Preference</I>. In the event
of a liquidation, the holders of Series F Preferred Stock will be entitled to participate on an as-converted-to-common-stock basis
with holders of our Common Stock in any distribution of our assets to the holders of the Common Stock.</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"><I>Voting Rights</I>. With certain exceptions,
as described in the certificate of designation, the Series F Preferred Stock will have no voting rights. However, as long as any
shares of Series F Preferred Stock remain outstanding, the certificate of designation provides that we shall not, without the affirmative
vote of holders of a majority of the then-outstanding shares of Series F Preferred Stock: (a) alter or change adversely the powers,
preferences or rights given to the Series F Preferred Stock or alter or amend the certificate of designation; (b) amend our 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 F Preferred Stock; 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dividends</I>. The certificate of designation
provides, among other things, that we shall not pay any dividends on shares of Common Stock (other than dividends in the form of
our Common Stock) unless and until such time as it pays dividends on each share of Series F Preferred Stock on an as-converted
basis. Other than as set forth in the previous sentence, the certificate of designation provides that no other dividends shall
be paid on shares of Series F Preferred Stock and that we shall pay no dividends (other than dividends in the form of our Common
Stock) on shares of Common Stock unless we simultaneously comply with the previous sentence.</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"><I>Exchange Listing.</I>&nbsp;The Series
F Preferred Stock is not listed on any securities exchange or other trading system.</P>

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

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

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></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: 0pt 0; text-align: justify"></P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 1, 2019, we had outstanding
warrants to purchase an aggregate of 16,459,663 shares of our Common Stock, consisting of (excluding the PIPE Warrants):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants to purchase
35 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 $3,120.00, and provide for cashless exercise;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants to purchase
22 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 $300.00, and provide for cashless exercise;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants to purchase
58 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 $1,920.00, and provide for cashless exercise;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants to purchase
1,361 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 $2,400.00;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants to purchase
767 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 $2,400.00;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants to 279 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 $300.00;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants with a release
to purchase 221 shares of Common Stock issued to the Luoxis stockholders. These warrants expire on July 7, 2021 and have an exercise
price equal to $1,600.00;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants to purchase
10,548 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 $744.00;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants to purchase
1,009 shares of Common Stock issued to the underwriters of our November public offering. These warrants are exercisable beginning
October 27, 2016 until October 27, 2021 and have an exercise price equal to $300.00;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants to purchase
221,006 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 $72.00;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants to purchase
19,749 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 $72.00, and provide for cashless exercise;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants to purchase
1,527,606 shares of our Common Stock that were issued in the public offering of Common Stock, preferred stock and warrants we
completed on March 6, 2018. These warrants are exercisable for five years from issuance and have an exercise price equal to $10.80;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants to purchase
100,000 shares of our Common Stock were issued on March 23, 2018. These warrants are exercisable for five years from issuance
and have an exercise price equal to $10.80;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></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: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;&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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants to purchase
10,423,600 shares of our Common Stock were issued on October 9, 2018, of which 10,173,593 are issued and outstanding. These warrants
are exercisable for five years from issuance and have an exercise price equal to $1.50; and</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants to purchase
4,403,409 shares of our Common Stock were issued on April 18, 2019. These warrants are exercisable for five years from issuance
and have an exercise price equal to $1.00.</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; text-align: justify"><B>Description of the PIPE Warrants</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: justify"><I>General</I>. The PIPE Warrants entitle
each Selling Stockholder to purchase 5,000,000 shares of Common Stock at an exercise price of $1.25 per share, subject to adjustment
as discussed below. The PIPE Warrants will expire on the five-year anniversary from the date this Registration Statement is declared
effective by the SEC.</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"><I>Exercise</I>. Prior to Stockholder Approval,
the PIPE Warrants are not exercisable. Following Stockholder Approval, the PIPE Warrants may be exercised by providing an executed
notice of exercise form followed by full payment of the exercise price or on a cashless basis, if applicable. The Selling Stockholders
do not have the rights or privileges of holders of Common Stock or any voting rights with respect to the shares of Common Stock
represented by the PIPE Warrants until such Selling Stockholder exercises the PIPE Warrant and receives its shares of Common Stock.
After the issuance of shares of Common Stock upon exercise of the PIPE Warrants, the Selling Stockholders will be entitled to one
vote for each share held of record on all matters to be voted on by stockholders generally.</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"><I>Beneficial Ownership Limitation</I>.
Each Selling Stockholder will be subject to a requirement that they will not have the right to exercise the PIPE Warrants to the
extent that, after giving effect to such exercise, such Selling Stockholder (together with its affiliates) would beneficially own
in excess of 9.99% or 40% (only with respect to Armistice Capital Master Fund Ltd.) of the shares of Common Stock of the Company
outstanding immediately after giving effect to such exercise.</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"><I>Anti-Dilution Protection</I>. If the
number of outstanding shares of Common Stock: (i) is increased by a stock dividend payable in shares of Common Stock; (ii) is increased
by a split-up of shares of Common Stock; (iii) is decreased by a combination of outstanding shares of Common Stock; or (iv) is
reclassified by the issuance of any shares of Common Stock of the Company then, on the effective date of such event, the exercise
price of the PIPE Warrant will be multiplied by a fraction of which the numerator is (x) the number of shares of Common Stock outstanding
immediately prior to such event and the denominator is (y) the number of shares of Common Stock outstanding immediately after such
event, and the number of shares of Common Stock issuable upon exercise of the PIPE Warrant will be proportionately adjusted such
that the aggregate exercise price will remain unchanged. Such adjustment will be effective immediately after the record date for
the determination of stockholders entitled to receive such dividend or distribution and will be effective immediately after the
effective date in the case of a subdivision, combination or re-classification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if the Company, at any time
while the PIPE Warrants are outstanding and unexpired, grants, issues or sells any: (i) securities of the Company or its 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; or (ii) 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;Purchase Rights&rdquo;), then the Selling Stockholders
will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which it could have
acquired if it had held the number of shares of Common Stock acquirable upon complete exercise of the PIPE Warrants immediately
before the date on which a record is taken or the record holders are determined for the grant, issuance or sale of such Purchase
Rights.</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">If the Company, at any time while the PIPE
Warrants are outstanding and unexpired, declares or makes any dividend or other distribution of assets to holders of Common Stock,
by way of return of capital or otherwise, at any time after the issuance of the PIPE Warrants, then the Selling Stockholders shall
be entitled to participate in such distribution to the same extent that it would have participated therein had it held the number
of shares of Common Stock acquirable upon complete exercise of the PIPE Warrant immediately before the date of which a record is
taken or the record holders are determined for such distribution.</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"><I>Fundamental Transaction</I>. In the
event of a &ldquo;fundamental transaction&rdquo; then, upon a subsequent exercise of the PIPE Warrants, the Selling Stockholders
will have the right to purchase and receive the same kind and amount of consideration receivable by the stockholders of the Company
in such fundamental transaction. The Company will cause the surviving company in a fundamental transaction to assume the obligations
of the Company under the PIPE Warrants. For purposes of the PIPE Warrants, a &ldquo;fundamental transaction&rdquo; includes, subject
to certain exceptions: (i) any reclassification, reorganization or recapitalization of the Common Stock of the Company; (ii) any
merger or consolidation of the Company with or into another corporation; (iii) any sale, lease, license, assignment, transfer,
conveyance or other disposition of all or substantially all of the Company&rsquo;s assets in one or more transactions; (iv) any,
direct or indirect, purchase offer, tender offer or exchange offer is completed pursuant to which stockholders 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 of the Company; or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination with another person whereby such other person acquires
more than 50% of the outstanding shares of Common Stock of the Company.</P>

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

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

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></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: 0pt 0; text-align: justify"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Amendments</I>. The PIPE Warrants provide
that the terms of the PIPE Warrants may be amended only in writing signed by the Company and such Selling Stockholder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 3,000,000 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 1, 2019, we had outstanding
options to purchase an aggregate of 1,482 shares of our Common Stock at a weighted average exercise price of $325.54 per share.
Of these, an aggregate of 1,482 are exercisable.</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 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.</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">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 35 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.</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 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.</P>

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

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

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></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: 0pt 0"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Quotation on the NASDAQ Capital Market</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Common Stock is quoted on the NASDAQ
Capital Market under the symbol &ldquo;AYTU&rdquo;. We have two series of warrants quoted on the OTCQB under the symbols &ldquo;AYTUW&rdquo;
and &ldquo;AYTUZ&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"><B>Transfer Agent</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer agent of our Common Stock
is Issuer Direct Corporation. Their address is 500 Perimeter Park Drive, Suite D, Morrisville, NC 27560.</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"><B>Delaware Anti-Takeover Law and Provisions of Our Certificate
of Incorporation and Bylaws</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">prior to the date of
the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted
in the stockholder becoming an interested stockholder;</FONT></TD>
</TR></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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: 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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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: 0pt 0">&nbsp;</P>

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

<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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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: 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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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: 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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">subject to exceptions,
any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested
stockholder;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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: 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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the receipt by the interested
stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the
corporation.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In general, Section 203 defines an &ldquo;interested stockholder&rdquo;
as any person that is:</P>

<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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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: 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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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: 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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the affiliates and associates
of the above.</FONT></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; text-align: justify">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.</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">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.</P>

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

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

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></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: 0pt 0"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Certificate of Incorporation and Bylaw.&nbsp;</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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="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></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">limiting the removal
of directors by the stockholders;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">allowing for the creation
of a staggered board of directors;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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: 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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="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: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></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: 0pt 0; text-align: justify"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_007"></A>PRIVATE PLACEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 11, 2019, the Company entered
into Securities Purchase Agreements (the &ldquo;Purchase Agreements&rdquo;) with the Selling Stockholders providing for the issuance
and sale by the Company (the &ldquo;Offering&rdquo;) of $10,000,000 worth of: (i) shares of the Series F Preferred Stock which
are convertible into shares of Common Stock (the &ldquo;Conversion Shares&rdquo;); and (ii) the PIPE Warrants exercisable for shares
of Common Stock (the &ldquo;Warrant Shares&rdquo;) having an exercise price equal to $1.25 and containing a cashless exercise provision.
The closing of the Offering occurred on October 16, 2019. The Series F Preferred Stock and PIPE Warrants were issued under the
Securities Act in reliance on the exemptions provided by Section 4(a)(2) and/or Regulation D promulgated thereunder and in reliance
on similar exemptions under applicable state laws. Accordingly, the Selling Stockholders may exercise the PIPE Warrants and sell
the underlying Warrant Shares only pursuant to an effective registration statement under the Securities Act covering the resale
of those Warrant Shares, an exemption under Rule 144 under the Securities Act, or another applicable exemption under the Securities
Act.</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 connection with the Offering, we entered
into a Registration Rights Agreement in which we agreed to file with the SEC, on or prior to ninety days from October 11, 2019,
a registration statement covering the resale by the Selling Stockholders of the Conversion Shares and the Warrant Shares. We have
also agreed to use our reasonable best efforts to have the registration statement declared effective by the SEC by the one hundred-
and twentieth-day following October 11, 2019 (or the one hundred- and fiftieth-day following October 11, 2019, in the event of
a full review by the SEC). Upon receipt of Stockholder Approval, each PIPE Warrant will be exercisable and will expire five years
from the time this Registration Statement covering the Conversion Shares and Warrant Shares is declared effective by the SEC.</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 Series F Preferred Stock and PIPE Warrants
are exercisable only after we obtain stockholder approval as required by Nasdaq Marketplace Rule 5635(d) (the &ldquo;Stockholder
Approval&rdquo;). Nasdaq Marketplace Rule 5635(d) requires stockholder approval in connection with a transaction other than a public
offering involving the sale, issuance, or potential issuance by the issuer of common stock (or securities convertible into or exercisable
for common stock) equal to 20% or more of the common stock or 20% or more of the voting power outstanding before the issuance for
a price that is less than the lower of: (i) the closing price (as reflected on Nasdaq.com) immediately preceding the signing of
the binding agreement; or (ii) the average closing price of the common stock (as reflected on Nasdaq.com) for the five trading
days immediately preceding the signing of the binding agreement. As described above, the Series F Preferred Stock and the PIPE
Warrants are not convertible or exercisable into shares of common stock until Stockholder Approval is received. We have filed a
preliminary proxy statement with the SEC on November 4, 2019 as amended on November 21, 2019 (File No. 001-38247).</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">If we obtain Stockholder Approval, and
subject to certain ownership limitation described below, the Series F Preferred Stock shall be convertible at any time at the option
of the holder into Conversion Shares at a price of $1.00 per share. The conversion price is subject to adjustment in the case of
stock splits, stock dividends, combinations of shares and similar recapitalization transactions.&nbsp;In addition, the Series F
Preferred Stock will be subject to anti-dilution provisions until such time that is the earlier of, (i) the two-year anniversary
date of the original issuance date; and (ii) when 85% of the Series F Preferred Stock has been converted.</P>

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

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

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></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: 0pt 0; text-align: left"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_008"></A>SELLING STOCKHOLDERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Common Stock being offered by the Selling
Stockholders are those previously issued to the Selling Stockholders, and those issuable to the Selling Stockholders, upon exercise
of the warrants. We are registering the shares of common stock in order to permit the Selling Stockholders to offer the shares
for resale from time to time. For additional information regarding the issuance of those shares of common stock and PIPE Warrants
see &ldquo;Private Placement&rdquo; above. Except as disclosed in the footnotes, the Selling Stockholders have not had any material
relationship with us within the past three 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; text-align: justify">The table below lists the Selling Stockholders
and other information regarding the beneficial ownership of the shares of common stock by each of the Selling Stockholders. The
second column lists the number of shares of common stock beneficially owned by each Selling Stockholder, based on its ownership
of the shares of Common Stock and warrants, as of December 1, 2019, assuming exercise of the PIPE Warrants and the conversion of
the Series F Preerred Stock held by the Selling Stockholders on that date, without regard to any limitations on exercises.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The third column lists the shares of Common
Stock being offered by this prospectus by the Selling Stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the terms of a registration
rights agreement with the Selling Stockholders, this prospectus generally covers the resale of the sum of&nbsp;&nbsp;the maximum
number of shares of Common Stock issuable upon the conversion of the Series F Preferred Stock and the exercise of the&nbsp; PIPE
Warrants, determined as if the outstanding Series F Preferred Stock and PIPE Warrants were converted or exercised in full, as applicable,
as of the trading day immediately preceding the date this registration statement was initially filed with the SEC, each as of the
trading day immediately preceding the applicable date of determination and all subject to adjustment as provided in the registration
right agreement, without regard to any limitations on the conversion of the Series F Preferred Stock or the exercise of the PIPE
Warrants.<B>&nbsp;</B>The fourth column assumes the sale of all of the shares offered by the Selling Stockholders pursuant to 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: 0pt 0; text-align: justify">Under the terms of the Series F Preferred
Stock and the PIPE Warrants, a selling stockholder may not convert the Series F Preferred Stock or exercise the PIPE Warrants to
the extent such exercise would cause such selling stockholder, together with its affiliates and attribution parties, to beneficially
own a number of shares of Common Stock which would exceed 9.99% or 40% (only with respect to Armistice Capital Master Fund Ltd.)
of our then outstanding Common Stock following such exercise, excluding for purposes of such determination shares of Common Stock
issuable upon the conversion of the Series F Preferred Stock and the exercise of the PIPE Warrants which have not been exercised.
The number of shares in the second column does not reflect this limitation. The Selling Stockholders may sell all, some or none
of their shares in this offering. See &ldquo;Plan of Distribution.&rdquo;</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="font-weight: bold; border-bottom: Black 1.5pt solid">Name of Selling Stockholder</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 shares of Common Stock Owned Prior to Offering</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">Maximum Number of shares of Common Stock to be Sold Pursuant to this Prospectus</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 shares of Common Stock Owned After Offering</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: 64%; text-align: left"><FONT STYLE="font-size: 10pt">Armistice Capital Master Fund Ltd. (<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9808;</FONT>)</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">26,504,008</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">10,000,000</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">16,504,008</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">Altium Capital Management, LP</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">10,000,000</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">10,000,000</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">&mdash;</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">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">36,504,008</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">20,000,000</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">16,504,008</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: justify">&nbsp;</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">&#9808;</FONT>)
&ndash;&nbsp; Armistice Capital Master Fund Ltd. entered into an agreement between Aytu limiting at any given time the ability
of&nbsp; Armistice Capital Master Fund Ltd. to own more than 40% of the outstanding common stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Steven J. Boyd is the Chief
Investment Officer and Founder of Armistice Capital, LLC, the investment manager of Armistice Capital Master Fund Ltd. Armistice
Capital Master fund Ltd. is one of the Selling Stockholders and Mr. Boyd is a member of our board of directors. Each of Armistice
Capital, LLC and Mr. Boyd disclaims beneficial ownership over the listed securities except to the extent of their pecuniary interest
therein.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></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: 0pt 0"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_009"></A>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Selling Stockholder of the securities
and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their securities covered
hereby on the principal Trading Market or any other stock exchange, market or trading facility on which the securities are traded
or in private transactions. These sales may be at fixed or negotiated prices. A Selling Stockholder may use any one or more of
the following methods when selling securities:</P>

<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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ordinary brokerage transactions
and transactions in which the broker-dealer solicits purchasers;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">block trades in which
the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal
to facilitate the transaction;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE 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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">purchases by a broker-dealer
as principal and resale by the broker-dealer for its account;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an exchange distribution
in accordance with the rules of the applicable exchange;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">privately negotiated
transactions;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">settlement of short
sales;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in transactions through
broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities at a stipulated price per
security;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">through the writing
or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a combination of any
such methods of sale; or</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any other method permitted
pursuant to applicable law.</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; text-align: justify">The Selling Stockholders may also sell
securities under Rule 144 or any other exemption from registration under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), if available, rather than under 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: 0pt 0; text-align: justify">Broker-dealers engaged by the Selling Stockholders may arrange
for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Stockholders
(or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but,
except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in excess of a customary brokerage
commission in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or markdown in compliance with
FINRA IM-2440.</P>

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

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

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></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: 0pt 0"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the sale of the securities
or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers or other financial institutions,
which may in turn engage in short sales of the securities in the course of hedging the positions they assume. The Selling Stockholders
may also sell securities short and deliver these securities to close out their short positions, or loan or pledge the securities
to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter into option or other transactions
with broker-dealers or other financial institutions or create one or more derivative securities which require the delivery to such
broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer or other
financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such 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; text-align: justify">The Selling Stockholders and any broker-dealers
or agents that are involved in selling the securities may be deemed to be &ldquo;underwriters&rdquo; within the meaning of the
Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any
profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities
Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement or understanding, directly
or indirectly, with any person to distribute the securities.</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 Company is required to pay certain
fees and expenses incurred by the Company incident to the registration of the securities. The Company has agreed to indemnify the
Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.</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 agreed to keep this prospectus effective
until the earlier of (i) the date on which the securities may be resold by the Selling Stockholders without registration and without
regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to be in compliance
with the current public information under Rule 144 under the Securities Act or any other rule of similar effect or (ii) all of
the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect.
The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable state securities
laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered or
qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and
is complied with.</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">Under applicable rules and regulations
under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market
making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M, prior to the
commencement of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions of the Exchange
Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the
common stock by the Selling Stockholders or any other person. We will make copies of this prospectus available to the Selling Stockholders
and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including
by compliance with Rule 172 under the Securities Act).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_010"></A>LEGAL MATTERS</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 validity of the securities covered by this prospectus has
been passed upon for us by Dorsey &amp; Whitney LLP, Salt Lake City, Utah.</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><A NAME="a_011"></A>EXPERTS</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 consolidated financial statements of Aytu BioScience, Inc.
at June 30, 2019 and 2018, and for each of the two years in the period ended June 30, 2019 have been audited by Plante &amp; Moran,
PLLC, independent registered public accounting firm. Such financial statements have been incorporated herein by reference in reliance
on the report of such firm given upon their authority as experts in accounting and auditing.</P>

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

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

<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></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: 0pt 0"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_012"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We file annual, quarterly and other reports, proxy statements
and other information with the SEC. Our SEC filings are available to the public over the Internet at the SEC&rsquo;s website at
http://www.sec.gov. Our Annual Report on Form&nbsp;10-K, Quarterly Reports on Form&nbsp;10-Q, and Current Reports on Form&nbsp;8-K,
including any amendments to those reports, and other information that we file with or furnish to the SEC pursuant to Section&nbsp;13(a)&nbsp;or
15(d)&nbsp;of the Exchange Act can also be accessed free of charge through the Internet. These filings will be available as soon
as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. We also maintain a website
at&nbsp;<I>http://www.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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_013"></A>DOCUMENTS INCORPORATED
BY REFERENCE</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: justify">The SEC allows us to &ldquo;incorporate by reference&rdquo;
into this prospectus the documents that we file with the SEC, which means that we can disclose important information to you by
referring you to those documents. The information incorporated by reference is considered to be part of this prospectus. We incorporate
by reference into this prospectus the following documents:</P>

<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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our Preliminary Proxy
Statement filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419012295/aytu_pre14a.htm">November 4, 2019</A>, as amended on <A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419013291/aytu_prer14a.htm">November 21, 2019</A>;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our Annual Report on
<A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419011147/aytu_10k.htm">Form 10-K</A> for the fiscal year ended June 30, 2019;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our Quarterly Report
on <A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419013026/aytu_10q.htm">Form 10-Q</A> for the quarters ended September 30, 2019;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our Current Reports
on Form 8-K filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419011717/aytu_8k.htm">October 15, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419012347/aytu_8k.htm">November 4, 2019</A> (as amended), <A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419012593/aytu_8k.htm">November 12, 2019</A>, and <A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419013400/aytu_8k.htm">November 26, 2019</A>;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the description of our
Common Stock contained in our Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417052856/tv476809_8a12b.htm">Form 8-A</A>, as filed with the SEC on October 17, 2017, including any amendment
or report filed for the purpose of updating such description; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">all documents filed
by us with the SEC pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act (Commission File Number 001-38247) after
the date of this prospectus and before the termination of the offering contemplated hereby.</FONT></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; text-align: justify">We also incorporate by reference any future filings (other than
information furnished under Items 2.02 or 7.01 of any Current Reports on Form 8-K and exhibits filed on such form that are related
to such items unless such Form 8-K expressly provides to the contrary) made with the SEC pursuant to Sections 13(a), 13(c), 14
or 15(d) of the Exchange Act after the date of the initial registration statement and prior to effectiveness of the registration
statement, excluding, in each case, information deemed furnished and not filed.</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">Any statement contained in this prospectus, or in a document
incorporated or deemed to be incorporated by reference herein, shall be deemed to be modified or superseded to the extent that
a statement contained herein, or in any subsequently filed document that also is incorporated or deemed to be incorporated by reference
herein, modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may obtain copies of these documents, at no cost to you,
from our website (<I>www.aytubio.com</I>), or by writing or telephoning us at the following address:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">373 Inverness Parkway, Suite 206</P>

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

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

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

<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></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: 0pt 0; text-align: center"></P>



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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>10,000,000 Shares of Common Stock Issuable
upon Exercise of PIPE Warrants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>10,000,000 Shares of Common Stock Issuable
upon Conversion of Series F Convertible Preferred Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2019</B></P>

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 25 -->
    <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-top: 0pt; margin-bottom: 0pt; text-align: center"></P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Information Not Required in Prospectus</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 14. Other Expenses of Issuance and Distribution.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the costs and expenses payable
in connection with the offering of the securities being registered, all of which will be paid by Aytu BioScience, Inc. All amounts
are estimates except the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) registration fee.</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="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</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">$</TD><TD STYLE="width: 9%; text-align: right">1,998.92</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Printing and engraving expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Transfer agent and registrar fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">Miscellaneous</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">15,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">41,998.92</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>Item 15. Indemnification of Directors and Officers.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">transaction from which
the director derives an improper personal benefit;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">act or omission not
in good faith or that involves intentional misconduct or a knowing violation of law;</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">unlawful payment of
dividends or redemption of shares; or</FONT></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"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">breach of a director&rsquo;s
duty of loyalty to the corporation or its stockholders.</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">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.</P>

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

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

<!-- Field: Page; Sequence: 26; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></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: 0pt 0; text-align: center"></P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</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>Item 16. Exhibits.&nbsp;</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 6%; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 48%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Registrant&rsquo;s Form</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date Filed</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit Number</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Filed Herewith</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000119312515217957/d939908dex31.htm"><FONT STYLE="font-size: 10pt">Certificate of Incorporation</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">06/09/2015</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420416106487/v441568_ex3-1.htm"><FONT STYLE="font-size: 10pt">Certificate of Amendment of Certificate of Incorporation effective June 1, 2016</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">06/02/2016</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420416111027/v443180_ex3-1.htm"><FONT STYLE="font-size: 10pt">Certificate of Amendment of Certificate of Incorporation, effective June 30, 2016</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">07/01/2016</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">4.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417043700/v473390_ex3-1.htm"><FONT STYLE="font-size: 10pt">Certificate of Designation of Preferences, Rights and Limitations of Series A Convertible Preferred Stock, filed on August 11, 2017.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">08/16/2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">4.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417045636/v474281_ex3-1.htm"><FONT STYLE="font-size: 10pt">Certificate of Amendment of Certificate of Incorporation, effective August 25, 2017</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">08/29/2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">4.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000121390018002319/fs12018a3ex3-6_aytubio.htm">Certificate of Designation of Preferences, Rights and Limitations of Series B Convertible Preferred Stock</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-1/A</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">02/27/2018</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">4.7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000121390018010718/f8k081018ex3-1_aytubio.htm"><FONT STYLE="font-size: 10pt">Certificate of Amendment of Certificate of Incorporation, effective August 10, 2018</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">08/10/2018</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000119312515217957/d939908dex32.htm"><FONT STYLE="font-size: 10pt">Amended and Restated Bylaws</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">06/09/2015</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">3.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">4.9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419001148/aytu_ex104.htm">Form of Certificate of Designation of Preferences, Rights and Limitations of Series E Convertible Preferred Stock</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10-Q</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">02/07/2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">4.10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000121390018015059/f10q0918ex3-1_aytubiosci.htm"><FONT STYLE="font-size: 10pt">Form of Certificate of Designation of Preferences, Rights and Limitations of Series F Convertible Preferred Stock</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10/15/2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">4.11</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><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></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">07/24/2015</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">4.12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420416099585/v439153_ex4-1.htm"><FONT STYLE="font-size: 10pt">Warrant Agent Agreement, dated May 6, 2016 by and between Aytu BioScience, Inc. and VStock Transfer, LLC.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">05/06/2016</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.13</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420416124782/v449009_ex4-5.htm"><FONT STYLE="font-size: 10pt">First Amendment to May 6, 2016 Warrant Agent Agreement between Aytu BioScience, Inc. and VStock Transfer LLC.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">S-1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">09/21/2016</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">4.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">4.14</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420416131142/v450891_ex4-1.htm"><FONT STYLE="font-size: 10pt">Warrant Agent Agreement, dated November 2, 2016 by and between Aytu BioScience, Inc. and VStock Transfer, LLC.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">11/02/2016</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">4.15</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417011968/v460775_ex4-1.htm"><FONT STYLE="font-size: 10pt">Form of Amended and Restated Underwriters Warrant (May 2016 Financing)</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">03/01/2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">4.16</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417011968/v460775_ex4-2.htm"><FONT STYLE="font-size: 10pt">Form of Amended and Restated Underwriters Warrant (October 2016 Financing)</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">03/01/2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">4.17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417043700/v473390_ex4-1.htm"><FONT STYLE="font-size: 10pt">Common Stock Purchase Warrant</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">08/16/2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">4.18</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000121390018002319/fs12018a3ex4-8_aytubio.htm"><FONT STYLE="font-size: 10pt">Form of Warrant for March 2018 Offering</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">02/27/2018</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.19</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000121390018013427/fs1oct18a3ex4-9_aytubio.htm"><FONT STYLE="font-size: 10pt">Form of Warrant for Offering</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">S-1/A</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">10/13/2018</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">4.9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">4.20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000121390018012974/fs12018a1ex4-10_aytubio.htm"><FONT STYLE="font-size: 10pt">Form of Representatives Warrant</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-1/A</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">09/25/2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">4.21</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419001148/aytu_ex105.htm"><FONT STYLE="font-size: 10pt">Common Stock Purchase Warrant</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10-Q</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">02/17/2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">4.22&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419011716/aytu_ex41.htm"><FONT STYLE="font-size: 10pt"><U>Form of Common Stock Purchase Warrant</U></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10/15/2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">4.23&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419011716/aytu_ex101.htm"><FONT STYLE="font-size: 10pt"><U>Placement Agency Agreement dated October 11, 2019</U></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10/15/2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">4.24&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419011716/aytu_ex102.htm"><FONT STYLE="font-size: 10pt"><U>Form of Securities Purchase Agreement</U></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10/15/2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">4.25&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419011716/aytu_ex103.htm"><U>Form of Registration Rights Agreement</U></A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10/15/2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="fs32019a1ex5-1_aytubio.htm">Opinion of Dorsey &amp; Whitney LLP</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><A HREF="fs32019a1ex23-1_aytubio.htm">Consent of Plante &amp; Moran, PLLC</A></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="fs32019a1ex5-1_aytubio.htm">Consent of Dorsey &amp; Whitney LLP (included in Exhibit 5.1)</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_015"><FONT STYLE="font-size: 10pt">Power of Attorney (included on signature page)</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></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: 0pt 0"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 17. Undertakings.</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: justify">(a) The undersigned Registrant hereby undertakes:</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">(1) To file, during any period in which offers or sales are
being made, a post-effective amendment to this registration statement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) To include any prospectus required by Section&nbsp;10(a)(3)
of the Securities Act;</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">(ii) To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually
or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) pursuant to
Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate
offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and</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">(iii) To include any material information with respect to the
plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration
statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>provided, however</I>, that:</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">Paragraphs (a)(1)(i), (ii)&nbsp;and (iii)&nbsp;do
not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports
filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), that are incorporated by reference in the registration statement,
or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</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">(2) That, for the purpose of determining any liability under
the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</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">(3) 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.</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">(4) That, for the purpose of determining liability under the
Securities Act to any purchaser:</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">(i) Each prospectus filed by the Registrant pursuant to Rule
424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included
in the registration statement; and</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">(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2),
(b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i),
(vii)&nbsp;or (x)&nbsp;for the purpose of providing the information required by Section&nbsp;10(a) of the Securities Act shall
be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first
used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As
provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall
be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to
which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I>
offering thereof. <I>Provided</I>, <I>however</I>, that no statement made in a registration statement or prospectus that is part
of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement
or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the
registration statement or made in any such document immediately prior to such effective date.</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">(5) That, for purposes of determining any liability under the
Securities Act, each filing of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act
(and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d) of the Exchange
Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I>
offering thereof.&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></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: 0pt 0"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_015"></A>SIGNATURES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Pursuant to the requirements of the
Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the city of Englewood, Colorado on December 20, 2019. </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>AYTU BIOSCIENCE, INC.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Joshua R. Disbrow</FONT></TD></TR>
<TR>
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Joshua R. Disbrow</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chairman and Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">KNOW ALL BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints Joshua R. Disbrow and David A. Green as his true and lawful attorneys-in-fact and agents,
each with the full power of substitution, for him and in his name, place or stead, in any and all capacities, to sign any and all
amendments to this registration statement (including post-effective amendments), and to file the same, with exhibits thereto and
other documents in connection therewith, with the SEC, granting unto said attorneys-in-fact and agents, and each of them, full
power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities Act of 1933,
this registration statement has been signed by the following persons in the capacities indicated and on the dates indicated.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt"><B>Signature</B></FONT> </TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="width: 45%; text-align: center; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt"><B>Capacity&nbsp;in&nbsp;Which&nbsp;Signed</B></FONT> </TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="width: 20%; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt"><B>Date</B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt">/s/ Joshua R. Disbrow</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">Chairman and Chief Executive Officer</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">December 20, 2019</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">Joshua R. Disbrow</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">(<I>Principal Executive Officer</I>)</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt">/s/ David A. Green</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">December 20, 2019</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">David A. Green</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">(<I>Principal Financial and Accounting Officer</I>)</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt">/s/ Steven J. Boyd</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">December 20, 2019</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">Steven J. Boyd</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt">/s/ Gary V. Cantrell</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">December 20, 2019</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">Gary V. Cantrell</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt">/s/ Carl C. Dockery</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">December 20, 2019</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">Carl C. Dockery</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt">/s/ John A. Donofrio, Jr.</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">December 20, 2019</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">John A. Donofrio, Jr.</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt">/s/ Michael E. Macaluso</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">December 20, 2019</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">Michael E. Macaluso</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-size: 10pt">/s/ Ketan B. Mehta</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">December 20, 2019</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">Ketan B. Mehta</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">II-4</P>

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

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>fs32019a1ex5-1_aytubio.htm
<DESCRIPTION>OPINION OF DORSEY & WHITNEY LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></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: 50%; padding-right: -9pt"><FONT STYLE="font-size: 10pt">Aytu BioScience, Inc.</FONT></TD>
    <TD STYLE="width: 50%; padding-right: -9pt; text-align: right"><FONT STYLE="font-size: 10pt">December 20, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">373 Inverness Parkway, Suite 206</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Englewood, Colorado 80112</FONT></TD>
    <TD>&nbsp;</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"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><U>Registration Statement on Form S-3 (File No. 333-235548)</U></TD>
</TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">We have acted as counsel
to Aytu BioScience, Inc., a Delaware corporation (the &ldquo;Company&rdquo;), in connection with Registration Statement No. 333-235548
on Form S-3 (the &ldquo;Registration Statement&rdquo;) filed by the Company with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), relating to the resale of 20,000,000 shares of
the Company&rsquo;s common stock, par value $0.0001 per share (the &ldquo;Shares&rdquo;) of the Company by Armistice Capital Master
Fund Ltd. and Altium Capital Management LP (the &ldquo;Selling Stockholders&rdquo;). The Shares include: (1) 10,000,000 shares
of the Company&rsquo;s common stock (the &ldquo;Warrant Shares&rdquo;) issuable upon the exercise of warrants (the &ldquo;Warrants&rdquo;)
issued pursuant to the Securities Purchase Agreement (the &ldquo;Purchase Agreement&rdquo;) dated October 11, 2019 between the
Company and the Selling Stockholders; and (2) 10,000,000 shares of the Company&rsquo;s common stock (the &ldquo;Conversion Shares&rdquo;)
issuable upon the conversion of Series F Convertible Preferred Stock (the &ldquo;Series F Preferred Stock&rdquo;) issued to the
Selling Stockholders pursuant to the Purchase Agreement in accordance with a Certificate of Designation of Preferences Rights and
Limitations of Series F Convertible Preferred Stock (the &ldquo;Certificate of Designation&rdquo;) filed with the Secretary of
State of the State of Delaware on October 15, 2019, pursuant to Section&nbsp;151 of the Delaware General Corporation Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have examined such
documents and have reviewed such questions of law as we have considered necessary or appropriate for the purposes of our opinions
set forth below. In rendering our opinions set forth below, we have assumed the authenticity of all documents submitted to us as
originals, the genuineness of all signatures and the conformity to authentic originals of all documents submitted to us as copies.
We have also assumed the legal capacity for all purposes relevant hereto of all natural persons. As to questions of fact material
to our opinions, we have relied upon certificates or comparable documents of officers and other representatives of the Company
and of public officials.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the foregoing
and subject to the limitations, qualifications, and assumptions set forth herein, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.3pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.3pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">The Warrant Shares, when issued upon valid exercise of Warrants in accordance with the terms of
the Warrants, including without limitation payment of the specified exercise price therefor, will be validly issued, fully paid,
and non-assessable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.3pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.3pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">The Conversion Shares, when issued upon conversion of Series F Preferred Stock in accordance with
the terms of the Certificate of Designation, will be validly issued, fully paid, and non-assessable.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our opinions expressed
above are limited to the federal laws of the United States of America, the laws of the State of New York, and the Delaware General
Corporation Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to
the filing of this opinion as an exhibit to the Registration Statement, and to the reference to our firm under the heading &ldquo;Legal
Matters&rdquo; in the prospectus constituting part of the Registration Statement. In giving this consent, we do not admit that
we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations
of the Commission thereunder.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Dorsey &amp; Whitney LLP</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>fs32019a1ex23-1_aytubio.htm
<DESCRIPTION>CONSENT OF PLANTE & MORAN, PLLC
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><B>Exhibit 23.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the incorporation
by reference in this Form S-3 (No. 333-235548) and related prospectus of Aytu BioScience,
Inc. (the &ldquo;Company&rdquo;) of our report dated September 26, 2019, with respect to the consolidated balance sheets of the
Company as of June 30, 2019 and 2018, 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.</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: 60%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: right"><FONT STYLE="font-size: 10pt">/s/ Plante &amp; Moran, PLLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Denver, Colorado</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">December 20, 2019</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.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"  @ & # 2(  A$! Q$!_\0
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M"G)/"6/#/#F39A4QD,'DF"P%:-:ZG)X##4*-/$I/WE&JO:+WDG=?(^#OV_\
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MLY19>'](:YDU=[_Q!?7\L3 _KW_X7G\$RI8?&'X6%0<%O^%@^$MH)Z G^U\
M^V<UH:;\6?A7KEV-/T3XD^ -:U Q7,XL-)\9>'=1O3!91-/>SBUL]2FG,-G
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G0:-H_AO4K2/2S:>"+PZA>17::K/-<75K+JMW$&F5,Z=82N,D __9

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