<SEC-DOCUMENT>0001213900-20-006183.txt : 20200313
<SEC-HEADER>0001213900-20-006183.hdr.sgml : 20200313
<ACCEPTANCE-DATETIME>20200313060315
ACCESSION NUMBER:		0001213900-20-006183
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200313
DATE AS OF CHANGE:		20200313

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:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-221735
		FILM NUMBER:		20710585

	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>424B5
<SEQUENCE>1
<FILENAME>ea119504-424b5_aytubio.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>As filed pursuant to Rule&nbsp;424(b)(5)<BR>
Registration No.&nbsp;333-221735</B></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>PRELIMINARY PROSPECTUS SUPPLEMENT<BR>
(to Prospectus dated December 1, 2017) </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="img_01.jpg" ALT=""></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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Aytu BioScience, Inc.<BR>
4,450,000 Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pre-Funded
Warrants to Purchase up to 3,376,087 Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Placement Agent
Warrants to Purchase up to 508,696 Shares of Common Stock</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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are offering 4.450,000 shares of our common stock and Pre-Funded
Warrants to purchase 3,376,087 shares of our common stock, which we refer to in this prospectus supplement as the &ldquo;Pre-Funded
Warrants&rdquo;, pursuant to this prospectus supplement and accompanying prospectus to an institutional investor. The purchase
price of each Pre-Funded Warrant will equal the price per share at which our common stock is being sold in this offering, minus
$0.0001, and the exercise price of each Pre-Funded Warrant will equal $0.0001 per share. This prospectus supplement also relates
to the offering of common stock issuable upon exercise of such Pre-Funded Warrants.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Our common stock is listed on The
Nasdaq Capital Market under the symbol &ldquo;AYTU.&rdquo; There is no established trading market for any of the Pre-Funded
Warrants and the Placement Agent Warrants, and we do not expect a market to develop. We do not intend to apply for a listing for any of the warrants on any
securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the
Pre-Funded Warrants and the Placement Agent Warrants will be limited.</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 last reported sale price of our common stock on March&nbsp;12,
2020, was $1.84 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in our securities involves
a high degree of risk. You should review carefully the risks and uncertainties described under the heading &ldquo;Risk Factors&rdquo;
beginning on page&nbsp;S-6 of this prospectus supplement and page 6 of the accompanying prospectus, as well as the risks and uncertainties
described under the heading &ldquo;Risk Factors&rdquo; contained in our annual report on Form 10-K for the year ended June 30,
2019, before investing in our securities.</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 passed upon the adequacy or accuracy
of this prospectus supplement. Any representation to the contrary is a criminal offense.</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 have engaged H.C. Wainwright &amp;
Co., LLC, or the placement agent, as our exclusive placement agent in connection with this offering. The placement agent has
no obligation to buy any of the securities from us or to arrange for the purchase or sale of any specific number or dollar
amount of securities. We have agreed to pay the placement agent the placement agent fees set forth in the table below.
Pursuant to this prospectus supplement and the accompanying prospectus, we will also issue warrants to purchase up to 508,696
shares of our common stock (the &ldquo;Placement Agent Warrants&rdquo;) to the placement agent, or its  designees, as
part of the compensation payable to the placement agent. The Placement Agent Warrants will have an exercise price of $1.4375
per share and will expire five years from the effective date of this offering. We are also registering pursuant to this
prospectus supplement and the accompanying prospectus the shares of common stock issuable upon exercise of the Placement
Agent Warrants. See &ldquo;Plan of Distribution&rdquo; beginning on page S-18 of this prospectus supplement for more
information regarding these arrangements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">PER<BR> SHARE</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">PER PRE-<BR> FUNDED<BR> WARRANT(2)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">TOTAL</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; padding-bottom: 1.5pt; text-indent: -8pt; padding-left: 8pt">Offering Price</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">1.15</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1.15</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">9,000,000.05</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Placement Agent Fees (1)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">0.08625</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.08625</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">675,000.00</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Proceeds, before expenses, to us</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1.06375</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.06375</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">8,325,000.05</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, we
    have agreed to reimburse the placement agent for certain out-of-pocket expenses. See &ldquo;Plan of Distribution&rdquo;
    beginning on page S-18 of this prospectus supplement</FONT> for additional information with respect to the compensation we will pay the placement agent</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(2)</TD>
    <TD STYLE="text-align: justify">Includes the exercise price of the Pre-Funded Warrants</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">Delivery of the common shares and the, Pre-Funded Warrants is expected to be made on or about March 13, 2020, subject to the satisfaction of
certain conditions.&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>H.C. Wainwright &amp; Co.</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>The date of this prospectus supplement
is March 11, 2020</B></P>




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus Supplement</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: bottom">
    <TD STYLE="width: 95%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page </B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><A HREF="#a_001">About this Prospectus Supplement</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-ii</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><A HREF="#a_002">Prospectus Supplement Summary</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-1</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><A HREF="#a_003">Risk Factors</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-6</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><A HREF="#a_004">Cautionary STATEMENT Regarding Forward-Looking Statements</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-8</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><A HREF="#a_005">Use of Proceeds</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-9</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#n_001">DILUTION</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-10&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><A HREF="#a_006">DIVIDEND POLICY</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-11</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#n_002">DESCRIPTION OF THE SECURITIES WE ARE OFFERING</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-12</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><A HREF="#a_007">Certain Material United States Federal Income Tax Considerations</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-14</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#n_003">PLAN OF DISTRIBUTION</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-18</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><A HREF="#a_008">Legal Matters</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-19</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><A HREF="#a_009">Experts</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-19</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><A HREF="#a_010">Where You Can Find More Information</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-20</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><A HREF="#a_011">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-21</FONT></TD></TR>
</TABLE>
<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>Prospectus </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: 95%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_001">ABOUT THIS PROSPECTUS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_002">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_003">ABOUT AYTU BIOSCIENCE, INC.</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_004">RISK FACTORS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_005">USE OF PROCEEDS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_006">DESCRIPTION OF CAPITAL STOCK</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_007">DESCRIPTION OF WARRANTS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_008">DESCRIPTION OF UNITS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_009">PLAN OF DISTRIBUTION</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_010">LEGAL MATTERS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_011">EXPERTS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_012">WHERE YOU CAN FIND MORE INFORMATION</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_013">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS SUPPLEMENT</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">This prospectus supplement and accompanying
prospectus relates to the offering of our securities. Before buying any of the securities that we are offering, we urge you to
carefully read this prospectus supplement, the accompanying prospectus, any free writing prospectus that we have authorized for
use in connection with this offering, and the information incorporated by reference as described under the headings &ldquo;Where
You Can Find More Information&rdquo; and &ldquo;Information Incorporated by Reference&rdquo; in this prospectus supplement. These
documents contain important information that you should consider when making your investment decision.</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">This document is comprised of two parts.
The first part is this prospectus supplement, which describes the specific terms of this offering and also adds to, and updates
information contained in, the accompanying prospectus and the documents incorporated by reference into this prospectus supplement
and the accompanying prospectus. The second part, the accompanying prospectus, including the documents incorporated by reference
into the accompanying prospectus, provides more general information, some of which may not apply to this offering. Generally, when
we refer to this prospectus, we are referring to the combined document consisting of this prospectus supplement and the accompanying
prospectus. In this prospectus supplement, as permitted by law, we &ldquo;incorporate by reference&rdquo; information from other
documents that we file with the Securities and Exchange Commission, or the SEC. This means that we can disclose important information
to you by referring to those documents. The information incorporated by reference is considered to be a part of this prospectus
supplement and the accompanying prospectus and should be read with the same care. When we make future filings with the SEC to update
the information contained in documents that have been incorporated by reference, the information included or incorporated by reference
in this prospectus supplement is considered to be automatically updated and superseded. In other words, in case of a conflict or
inconsistency between information contained in this prospectus supplement and information in the accompanying prospectus or incorporated
by reference into this prospectus supplement, you should rely on the information contained in the document that was filed later.</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">This prospectus supplement and the accompanying
prospectus are part of a registration statement on Form&nbsp;S-3 that we filed on November 22, 2017 with the SEC using a &ldquo;shelf&rdquo;
registration process with respect to up to $100,000,000 in securities that may be sold thereunder. The shelf registration statement
was declared effective by the SEC on December 1, 2017.</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 the shelf registration process, we
may offer and sell any combination of securities described in the accompanying prospectus in one or more offerings. The purpose
of this prospectus supplement is to provide supplemental information regarding us in connection with this offering of 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">You should rely only on the information
contained in, or incorporated by reference into, this prospectus supplement, the accompanying prospectus, and in any free writing
prospectus that we have authorized for use in connection with this offering. We have not authorized any other person to provide
you with different information. We are not making an offer to sell or soliciting an offer to buy our securities in any jurisdiction
in which an offer or solicitation is not authorized or in which the person making that offer or solicitation is not qualified to
do so or to anyone to whom it is unlawful to make an offer or solicitation. You should assume that the information appearing in
this prospectus supplement, the accompanying prospectus, the documents incorporated by reference into this prospectus supplement
and the accompanying prospectus, and in any free writing prospectus that we have authorized for use in connection with this offering,
is accurate only as of the date of those respective documents. Our business, financial condition, results of operations, and prospects
may have changed since those dates.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>PROSPECTUS SUPPLEMENT SUMMARY </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"><I>This summary description about us and
our business highlights selected information contained elsewhere in this prospectus supplement or the accompanying prospectus,
or incorporated in this prospectus supplement or the accompanying prospectus by reference. This summary does not contain all of
the information you should consider before buying securities in this offering. You should carefully read this entire prospectus
supplement and the accompanying prospectus, including each of the documents incorporated herein or therein by reference, before
making an investment decision. Unless the context otherwise requires, the terms &ldquo;Aytu,&rdquo; &ldquo;the Company,&rdquo;
&ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; in this prospectus supplement and accompanying prospectus refer to Aytu
Bioscience,&nbsp;Inc., and its subsidiaries</I>.</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>Recent Developments</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">On March 9, 2020, the Company signed an
exclusive distribution agreement for the right to commercialize a coronavirus 2019 rapid test. The test has been licensed from
L.B. Resources, Limited, which licensed North American rights from product developer Zhejiang Orient Gene Biotech Co., Ltd.</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">On February 27, 2020, the Company issued
a promissory note to an unrelated third-party investor&nbsp;in which the investor&nbsp;loaned gross proceeds of $800,000 to the
Company.&nbsp; The unsecured, nonconvertible note&nbsp;has&nbsp;an OID&nbsp;of $160,000 and the Company received net proceeds of
$640,000. The note will be repaid by the Company with eight consecutive monthly payments to the investor in the amount of $100,000,
beginning April 1, 2020.</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">On February 14, 2020, we completed the acquisition
of Innovus Pharmaceuticals. Through this acquisition, Aytu expands into the $40 billion consumer healthcare market with a portfolio
of over thirty-five consumer products competing in large therapeutic categories including diabetes, men&rsquo;s health, sexual
wellness and respiratory health. This expanded product line broadens Aytu&rsquo;s portfolio beyond its $20 million prescription
therapeutic portfolio to enable wider revenue distribution and consumer reach, reduced seasonality associated with Aytu&rsquo;s
seasonal antitussive product line, and higher revenue from an expanded base of proprietary 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">Combined, Aytu and Innovus generated approximately
$43 million in revenue over the preceding four quarters ended December 31, 2019 when accounting for the Innovus business and the
recently expanded Rx portfolio following the acquisition of nine pediatric primary care products from Cerecor, Inc.</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">This business combination provides increased
scale and enables operational synergies that can be leveraged to accelerate the combined company&rsquo;s growth and path to profitability.
Initially, the company expects to operate the commercial aspects of the Innovus consumer business separately from Aytu&rsquo;s
prescription business, while rationalizing general and administrative expenses through the removal of Innovus&rsquo; public company
costs and redundant administrative and operational processes, along with the reduction in overhead, administrative and facilities
costs.</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 prescription product portfolio will
continue to be primarily commercialized through the existing Aytu sales force, while the consumer health products will continue
to be primarily commercialized via Innovus&rsquo; proprietary Beyond Human&reg; marketing platform. However, we expect both lines
of business to benefit from opportunistic cross-selling such that some consumer products may be marketed in the professional market
by Aytu&rsquo;s Rx commercial team, while the marketing of the prescription products may be bolstered through various online and
direct-to-consumer marketing initiatives.</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>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">In May 2017, we entered into a commercial agreement with WWPIL,
a wholly-owned subsidiary of Hikma Pharmaceuticals PLC (&ldquo;Hikma&rdquo;) (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY). Pursuant
to the commercial agreement, WWPIL provided us with the rights to launch our branded, fluticasone propionate nasal spray USP, 50
mcg per spray (FlutiCare&reg;), under WWPIL&rsquo;s FDA approved ANDA No. 207957 in the U.S. in mid-November 2017. The initial
term of the commercial agreement is for two years, and upon expiration of the initial term, the agreement will automatically renew
for subsequent one-year terms unless either party notifies the other party in writing of its desire not to renew at least 90 days
prior to the end of the then current term. The agreement requires us to meet certain minimum product batch purchase requirements
in order for the agreement to continue to be in effect. In November 2019, we terminated the Hikma agreement because in our view
Hikma failed to provide us with releasable product in the required timeline.&nbsp; We have, however, agreed to purchase the remainder
of the one batch that we ordered in 2019. &nbsp;Hikma has disputed our right to terminate the agreement going forward, and the
parties are in settlement discussions regarding whether to continue any future arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">On August 24, 2018, the Company received a letter from the
Marin County District Attorney's Office requesting substantiation for certain advertising claims made for certain of the Company's
products, DiabaSens&reg;, and Apeaz&reg; that were marketed and sold to customers in that County. The Marin County District Attorney's
Office is part of a larger ten county Northern California Task Force of district attorneys to handle customer protection matters.
In November 2018, the Company responded through its regulatory attorneys to the Marin County&rsquo;s District Attorney&rsquo;s
letter. In March 2019, the Company heard back from the Marin County District Attorney.&nbsp; In April 2019, the Company responded
to the letter and in June 2019 the Company met with the Northern California Task Force. The Company is currently negotiating a
settlement agreement with the Marin County District Attorney's office, though no assurance can be given that a settlement will
be reached.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Overview</B>&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">We are a specialty pharmaceutical company
focused on commercializing novel products that address significant patient needs such as hypogonadism (low testosterone), cough
and upper respiratory symptoms, insomnia, male infertility, and various pediatric conditions and we plan to expand opportunistically
into other therapeutic areas as we continue to execute on our growth plans. We commercialize our products through our internal
commercial infrastructure and nationwide direct sales force.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been historically focused on commercialization
of the following products (i) Natesto&reg;, a testosterone replacement therapy, or TRT, (ii) ZolpiMist&trade;, a short-term insomnia
treatment, and (iii) Tuzistra&reg; XR, a codeine&ndash;based antitussive.</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">Additionally, we completed an Asset Purchase Agreement (the
&ldquo;Purchase Agreement&rdquo;) with Cerecor, Inc (&ldquo;Cerecor&rdquo;) on November 1, 2019, acquiring six products, (i) AcipHex&reg;
Sprinkle&trade;, (ii) Cefaclor for Oral Suspension, (iii) Karbinal&reg; ER, (iv) Flexichamber&trade;, (v) Poly-Vi-Flor&reg; and
Tri-Vi-Flor&trade; (the &ldquo;Pediatric Portfolio&rdquo;). We immediately began to include these acquired Pediatric Portfolio
in our commercialization efforts in order to leverage our internal commercial infrastructure and national sales force.</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally, on February 14, 2020 we successfully
completed the acquisition of Innovus Pharmaceuticals, Inc., resulting in our entrance into the approximately $40 billion consumer
healthcare market with a portfolio of over thirty-five consumer 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">In the future we will seek to acquire additional
commercial-stage or near-market products, including existing products we believe can offer distinct clinical advantages and patient
benefits over existing other marketed products. Our management team&rsquo;s prior experience has involved identifying both clinical-stage
and 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"><B>Key Product Highlights </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>Primary Care Rx Portfolio</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">Prior to November 1, 2020, we were focused
on the commercial development of the following three primary care focused products:</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 STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Natesto&reg; &ndash; </I>In 2016 We acquired exclusive U.S. rights to Natesto&reg; (testosterone) nasal gel, a novel formulation of testosterone delivered via a discreet, easy-to-use nasal gel. 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 nearly 7 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;.</FONT></TD></TR>
</TABLE>
<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 STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>ZolpiMist&trade; </I>&ndash; In June 2018 we acquired an exclusive U.S. 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&reg;, Edluar&reg;, 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 of both testosterone and prescription sleep aids.</FONT></TD></TR>
</TABLE>
<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 STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Tuzistra&reg; XR</I> &ndash; In November 2018 we acquired Tuzistra XR, the only FDA-approved 12-hour codeine-based antitussive. Tuzistra XR is a prescription antitussive consisting of codeine polistirex and chlorpheniramine polistirex in an extended-release oral suspension. 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.</FONT></TD></TR>
</TABLE>
<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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Pediatric Rx Portfolio</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">In November 2019 we acquired a portfolio
of pediatric primary care products (the &ldquo;Commercial Portfolio&rdquo;) from Cerecor, Inc. in order to expand our portfolio
of commercial-stage products and further leverage our commercial infrastructure and sales force. Through this acquisition the Company
now commercializes nine prescription products and sells directly to pediatric and primary care physicians throughout the U.S.</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 Commercial Portfolio contains established
prescription products competing in markets exceeding $8 billion in annual U.S. sales. 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AcipHex&reg; Sprinkle&trade; (rabeprazole sodium)</I> &ndash; 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Cefaclor (cefaclor oral suspension)</I> &ndash; Cefaclor for oral suspension is a second-generation cephalosporin antibiotic suspension and is indicated for the treatment of numerous common infections caused by <I>Streptococcus pneumoniae</I>, <I>Haemophilus influenzae</I>, staphylococci, and <I>Streptococcus pyogenes,</I> and others.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Flexichamber&reg; </I>&ndash; 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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Karbinal&reg; ER (carbinoxamine maleate extended-release oral suspension)</I> &ndash; 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Poly-Vi-Flor&reg; and Tri-Vi-Flor&reg;</I> &ndash; 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; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Innovus Merger (Consumer Portfolio)</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">Upon the February 14, 2020 acquisition
of Innovus Pharmaceuticals, Inc., we now market and sell over 35&nbsp;products in the U.S. and more than 10&nbsp;in multiple countries
around the world through 5&nbsp;international commercial partners.&nbsp;The following represents the&nbsp;core products:</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 STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vesele&reg;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UriVarx&reg;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FlutiCare&reg;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apeaz&reg;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diabasens&reg;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prostagorx&reg;&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sensum+&reg;&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trexar&reg;</FONT></TD></TR>
</TABLE>

<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>

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<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">
<P STYLE="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 addition, we currently expect to launch
in the U.S. the following products in 2020, subject to the applicable regulatory approvals, if required:</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 STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Musclin&reg; is a proprietary supplement made of two FDA Generally Recognized As Safe (GRAS) approved ingredients designed to increase muscle mass, endurance and activity (first&nbsp;half of 2020).&nbsp; The main ingredient in Musclin&reg; is a natural activator of the transient receptor potential cation channel, subfamily V, member 3 (TRPV3) channels on muscle fibers responsible to increase fibers width resulting in larger muscles;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regenerum&trade; is a proprietary product containing two natural molecules: the first is an activator of the TRPV3 channels resulting in the increase of muscle fiber width, and the second targets a different unknown receptor to build the muscle&rsquo;s capacity for energy production and increases physical endurance, allowing longer and more intense exercise.&nbsp; Regenerum&trade; is being developed for patients suffering from muscle wasting.&nbsp; We currently expect to launch this product in 2020 pending successful clinical trials in patients with muscle wasting or cachexia;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 0.5in; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Octiq&trade; is an expected FDA ophthalmic OTC monograph compliant product for the treatment of eye redness and eye lubrication (early 2020); and</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regoxidine&trade; is an ANDA approved 5% Minoxidil foam for men and women for hair growth on the top of the scalp (first half 2020).</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">We have 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 continue
to build a substantial portfolio of complementary 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"><B>Our Strategy</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the near-term, we expect to create value
for shareholders by implementing a focused strategy of increasing sales of our prescription therapeutics while leveraging our commercial
infrastructure. Further, we expect to increase sales of our newly acquired consumer healthcare product portfolio following the
closing of our acquisition of Innovus Pharmaceuticals, Additionally, we expect to expand both our Rx and consumer health product
portfolios through continuous business and product development. Finally, we expect to identify operational efficiencies identified
through our recent transactions and implement expense reductions accordingly,</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>Corporate Information</B></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">
<P STYLE="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 OFFERING</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock offered by us pursuant to this prospectus supplement</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 59%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4,450,000 shares of common stock</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-Funded Warrants offered by us pursuant to this prospectus supplement</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">We are also offering to an institutional investor, Pre-Funded
    Warrants to purchase up to 3,376,087 shares of common stock. The purchase price of each Pre-Funded Warrant will equal the
    price per share at which the common shares are being sold in this offering, minus $0.0001, and the exercise price of each
    Pre-Funded Warrant will be $0.0001 per share. Each Pre-Funded Warrant will be exercisable immediately upon issuance and will
    not expire until exercised in full. This prospectus supplement also relates to the offering of the common shares issuable upon
    exercise of such Pre-Funded Warrants. See &ldquo;Description of Pre-Funded Warrants&rdquo; for a discussion on the terms of
    the Pre-Funded Warrants.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Placement Agent Warrants</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">We will also issue Placement Agent Warrants to purchase up to
508,696 shares of common stock (and the shares of common stock issuable upon the exercise of the Placement Agent Warrants) to our
placement agent (or its designees) as part of the compensation payable to our placement agent in connection with this offering.
The Placement Agent Warrants will have an exercise price of $1.4375 per share (which represents 125% of the offering price per
share sold in this offering) and will expire five years from the effective date of this offering. Please refer to &ldquo;Plan of
Distribution&rdquo; for additional information with respect to the Placement Agent Warrants.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock to be outstanding immediately after this offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">46,631,436 shares of common stock.</P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock to be outstanding immediately
    after this offering (including the shares of common stock underlying the Pre-Funded Warrants and excluding the shares of common stock issuable upon the exercise of the Placement Agent Warrants)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">50,007,523 shares of common stock</P>


</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering Price Per Share of Common Stock</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1.15
per share of common stock</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering Price Per Pre-Funded Warrant</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1.1499
per Pre-Funded Warrant</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Listing</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 59%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    common stock is listed on The Nasdaq Capital Market under the symbol &ldquo;AYTU&rdquo;.&nbsp;&nbsp;The Pre-Funded Warrants
    and the Placement Agent Warrants will not be listed for trading on any national securities exchange</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We intend to use the net proceeds from this offering for general corporate purposes, including working capital. See &ldquo;Use of Proceeds&rdquo; on page&nbsp;S-9.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing in our securities involves significant risks. You should read the &ldquo;Risk Factors&rdquo; section beginning on page&nbsp;S-6 of this prospectus supplement and in the documents incorporated by reference in this prospectus supplement and accompanying prospectus, including the risk factors described under the section entitled &ldquo;Risk Factors&rdquo; contained in our Annual Report on Form&nbsp;10-K for the fiscal year ended June 30, 2019, for a discussion of factors to consider before deciding to purchase our securities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Material U.S. Federal Income Tax Considerations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For a discussion
of the material federal income tax consequences of purchasing, owning and disposing of common stock and the Pre-Funded Warrants,
please see the section entitled &ldquo;Certain Material U.S. Federal Income Tax Considerations.&rdquo; You should consult your
tax advisor with respect to the U.S. federal income tax consequences of owning common stock and/or Pre-Funded Warrants in light
of your own particular situation and with respect to any tax consequences arising under the laws of any state, local, foreign
or other taxing jurisdiction.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The above discussion and table are based on
42,181,436 common shares outstanding as of March 11, 2020, which does not include the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; width: 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; vertical-align: top; width: 0.25in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; vertical-align: top; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,482
    common shares issuable upon the exercise of stock options outstanding as of December 31, 2019 at a weighted average exercise
    price of $325.54 per share of common stock. As of March 10, 2020, there were 13,937 common shares issuable upon the exercise
    of stock options outstanding as of March 10, 2020 with a weighted exercise price of $34.69.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; width: 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; vertical-align: top; width: 0.25in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; vertical-align: top; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26,459,663
    common shares issuable upon the exercise of warrants outstanding as of December 31, 2019, at a weighted average exercise price
    of $2.92 per share of common stock, of which 17,030,191 remain outstanding at March 10, 2020 with a weighted average exercise
    price of $3.76.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; width: 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; vertical-align: top; width: 0.25in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; vertical-align: top; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an
    additional 403,209 common shares that are available for future issuance under our stock option plan, which was subsequently
    increased by 2,000,000 shares upon receiving shareholder approval on February 13, 2020.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; vertical-align: top; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; vertical-align: top; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; vertical-align: top; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; vertical-align: top; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,884,784
    shares issuable upon the exercise of the 508,696 Placement Agent Warrants or the 3,376,087 Pre-Funded Warrants.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>RISK FACTORS</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"><I>An investment in our securities involves
a high degree of risk. Prior to making a decision about investing in our securities, you should carefully consider the specific
factors discussed below, the risk factors beginning on page&nbsp;6 of the accompanying prospectus, as well as the risk factors
discussed under the section entitled &ldquo;Risk Factors&rdquo; contained in our Annual Report on Form&nbsp;10-K for the fiscal
year ended June 30, 2019 as updated by our subsequent filings under the Exchange Act, each of which is incorporated by reference
in this prospectus supplement and accompanying prospectus in their entirety, together with all of the other information contained
or incorporated by reference in this prospectus supplement, the accompanying prospectus, the documents incorporated by reference
herein and therein, and any related free writing prospectus. The risks and uncertainties we have described are not the only ones
we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our
operations. These risks might cause you to lose all or part of your investment in the offered 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"><B>Risks Related to our Operations</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our cash position is low relative to our anticipated cash
needs.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of February 28, 2020, we had a cash
balance of approximately $2.4 million. This is substantially less than our projected short-term cash requirements (including fixed
costs and projected future costs). There can be no guaranty that we can raise additional funds from sales of our equity or debt
securities on terms that are acceptable to us or otherwise generate sufficient revenue to maintain our operations. Our inability
to obtain such funds would have a material adverse effect on the Company&rsquo;s financial condition and operations.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>The recent coronavirus (COVID-19) outbreak
could adversely affect our financial condition and results of operation.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2019, a novel
strain of coronavirus (COVID-19) was reported to have surfaced in Wuhan, China. The impact of the outbreak of COVID-19 on the businesses
and the economy in China and the rest of the world is unknown. If the impact is significant, the outbreak could impact our ability
to implement logistic centers, develop business, conduct operations, and obtain components used in our products. The extent to
which COVID-19 outbreak will impact business and the economy is highly uncertain and cannot be predicted. Accordingly, we cannot
predict the extent to which our financial condition and results of operation will be affected.</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to our Bylaws</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><I>Our Amended and Restated Bylaws provides
that the Court of Chancery of the State of Delaware is the exclusive forum for certain litigation that may be initiated by our
stockholders, including claims under the Securities Act, which could limit our stockholders&rsquo; ability to obtain a favorable
judicial forum for disputes with us or our directors, officers or employees.</I></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">Our Amended and Restated Bylaws provides
that the Court of Chancery of the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum
for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim for breach of a fiduciary
duty owed by any of our directors, officers, employees or agents to us or our stockholders, (iii) any action asserting a claim
arising pursuant to any provision of the Delaware General Corporation Law, our certificate of incorporation or our bylaws or (iv)
any action asserting a claim governed by the internal affairs doctrine. The choice of forum provision may limit a stockholder&rsquo;s
ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, employees
or agents, which may discourage such lawsuits against us and our directors, officers, employees and agents. Stockholders who do
bring a claim in the Court of Chancery could face additional litigation costs in pursuing any such claim, particularly if they
do not reside in or near the State of Delaware. The Court of Chancery may also reach different judgments or results than would
other courts, including courts where a stockholder considering an action may be located or would otherwise choose to bring the
action, and such judgments or results may be more favorable to us than to our stockholders. Alternatively, if a court were to find
the choice of forum provision contained in our certificate of incorporation to be inapplicable or unenforceable in an action, we
may incur additional costs associated with resolving such action in other jurisdictions, which could adversely affect our business
and financial condition. Notwithstanding the foregoing, the exclusive provision shall not preclude or contract the scope of exclusive
federal or concurrent jurisdiction for actions brought under the Exchange Act, or the Securities Act of 1933, as amended, or the
Securities Act, or the respective rules and regulations promulgated thereunder.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to this Offering </B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Purchasers of common shares in this offering
will experience immediate and substantial dilution in the book value of their investment. </I></B>&nbsp;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The offering price per share of common stock in this offering
is substantially higher than the net tangible book value per share of our common shares before giving effect to this offering.
Accordingly, if you purchase common stock in this offering, you will incur immediate substantial dilution of approximately $0.26
per common share, representing the difference between the offering price per common share, and our as adjusted net tangible book
value as of December 31, 2019. Furthermore, if outstanding options or warrants are exercised, you could experience further dilution.
For a further description of the dilution that you will experience immediately after this offering, see the section in this prospectus
supplement entitled &ldquo;Dilution.&rdquo;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>A substantial number of common shares may be sold in the
market following this offering, which may depress the market price for our common shares.</I></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales of a substantial number of common shares in the public
market following this offering could cause the market price of our common shares to decline. A substantial majority of the outstanding
common shares are, and the common shares offered hereby will be, freely tradable without restriction or further registration under
the Securities Act.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>You may experience future dilution as a result of future
equity offerings and other issuances of our common shares or other securities. In addition, this offering and future equity offerings
and other issuances of our common shares or other securities may adversely affect our common shares.</I></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to raise additional capital, we may in the future offer
additional common shares or other securities convertible into or exchangeable for common shares at prices that may not be the same
as the price per share in this offering. We cannot assure you that we will be able to sell shares or other securities in any other
offering at a price per share that is equal to or greater than the price per share paid by investors in this offering, and investors
purchasing shares or other securities in the future could have rights superior to existing shareholders. The price per share at
which we sell additional shares of common stock or securities convertible into common stock in future transactions may be higher
or lower than the price per share in this offering.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the sale of shares in this offering and any future
sales of a substantial number of shares of common stock in the public market, or the perception that such sales may occur, could
adversely affect the price of our common stock. We cannot predict the effect, if any, that market sales of those shares of common
stock or the availability of those shares of common stock for sale will have on the market price of our common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>There is no public market for the Warrants and Placement
Agent Warrants being offered in this offering.</I></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is no established public trading market for the Pre-Funded
Warrants and Placement Agent Warrants being offered in this offering, and we do not expect a market to develop. In addition, we
do not intend to apply to list the Pre-Funded Warrants and Placement Agent Warrants on any securities exchange or nationally recognized
trading system, including the Nasdaq Capital Market. Without an active market, the liquidity of the Pre-Funded Warrants and Placement
Agent Warrants will be limited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>The Holder
of&nbsp;Pre-Funded Warrants and the Holders of the Placement Agent Warrants purchased or acquired in this offering will have no
rights as a common shareholder until such holder exercises its</I></B>&nbsp;<B><I>Pre-Funded Warrants and acquires our common shares.</I></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; background-color: white">Until a holder
of&nbsp;Pre-Funded&nbsp;Warrants or the Placement Agent Warrants acquires the common shares upon exercise of the&nbsp;Pre-Funded&nbsp;Warrants
or the Placement Agent Warrants, as applicable, a holder of&nbsp;Pre-Funded&nbsp;Warrants or the Placement Agent Warrants will
have no rights with respect to the shares of common stock underlying such Pre-Funded Warrants or Placement Agent Warrants. Upon
exercise of the&nbsp;Pre-Funded&nbsp;Warrants or the Placement Agent Warrants, as applicable, the holder will be entitled to exercise
the rights of a common stockholder only as to matters for which the record date occurs after the exercise date.</P>



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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our management team may invest or spend the proceeds of
this offering in ways with which you may not agree or in ways which may not yield a significant return.</I></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">Our management will have broad discretion
over the use of proceeds from this offering. We will use the net proceeds from this offering primarily for working capital and
general corporate purposes. Our management will have considerable discretion in the application of the net proceeds, and you will
not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. We
may use the net proceeds for corporate purposes that do not increase our operating results or enhance the value of our preferred
stock. The failure of our management to use these funds effectively could have a material adverse effect on our business, cause
the market price of our preferred stock to decline and potentially impair the operation and expansion of our business. Pending
their use, we may invest the net proceeds from this offering in short-term, investment-grade, interest-bearing instruments and
U.S. government securities. These investments may not yield a favorable return to our stockholders.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS </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">This prospectus supplement, the accompanying
prospectus, the documents we have filed with the SEC that are incorporated by reference in this prospectus supplement and accompanying
prospectus and any free writing prospectus that we have authorized for use in connection with this offering contain &ldquo;forward-looking
statements&rdquo; within the meaning of Section&nbsp;27A of the Securities Act and Section&nbsp;21E of the Exchange Act, concerning
our business, operations and financial performance and condition. In some cases, you can identify forward-looking statements by
terminology such as &ldquo;anticipate,&rdquo; &ldquo;assume,&rdquo; believe,&rdquo; &ldquo;contemplate,&rdquo; &ldquo;continue,&rdquo;
&ldquo;could,&rdquo; &ldquo;due,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;goal,&rdquo; &ldquo;intend,&rdquo;
&ldquo;may,&rdquo; &ldquo;objective,&rdquo; &ldquo;plan,&rdquo; &ldquo;predict,&rdquo; &ldquo;potential,&rdquo; &ldquo;positioned,&rdquo;
&ldquo;seek,&rdquo; &ldquo;should,&rdquo; &ldquo;target,&rdquo; &ldquo;will,&rdquo; &ldquo;would&rdquo; and other similar expressions
that are predictions of or indicate future events and future trends, or the negative of these terms or other 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 supplement, the accompanying prospectus and the documents incorporated by reference herein. These risks are
not exhaustive. Moreover, we operate in a very competitive and rapidly changing environment.</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 believe that it is important to communicate
our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict
or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking
statements. These forward-looking statements are based on management&rsquo;s current expectations, estimates, forecasts and projections
about our business and the industry in which we operate and management&rsquo;s beliefs and assumptions and are not guarantees of
future performance or developments and involve known and unknown risks, uncertainties and other factors that are in some cases
beyond our control. As a result, any or all of our forward-looking statements in this prospectus supplement, the accompanying prospectus,
the documents we have filed with the SEC that are incorporated by reference in this prospectus supplement and accompanying prospectus,
and any free writing prospectus that we have authorized for use in connection with this offering may turn out to be inaccurate.
Factors that may cause actual results to differ materially from current expectations include, among other things, those listed
under the heading &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-6 of this prospectus supplement and elsewhere in the accompanying
prospectus and those included in our Annual Report on Form&nbsp;10-K for the fiscal year ended June 30, 2019 (as supplemented by
our Quarterly Reports on form 10-Q) and other documents we periodically file with the SEC that are incorporated by reference in
this prospectus supplement and accompanying prospectus. We urge you to consider these factors carefully in evaluating the forward-looking
statements. We assume no obligation to update or revise these forward-looking statements for any reason, even if new information
becomes available in the future, except as may be required under applicable 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">You should not rely upon forward-looking
statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements
are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected
in the forward-looking statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for
the accuracy and completeness of the forward-looking statements. We undertake no obligation to update publicly any forward-looking
statements for any reason after the date of this prospectus supplement to conform these statements to actual results or to changes
in our expectations.</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">You should read this prospectus supplement,
the accompanying prospectus, the documents we have filed with the SEC that are incorporated by reference in this prospectus supplement
and accompanying prospectus and any free writing prospectus that we have authorized for use in connection with this offering completely
and with the understanding that our actual future results, levels of activity, performance and events and circumstances may be
materially different from what we expect. We qualify all of the forward-looking statements in the foregoing documents by these
cautionary statements.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_005"></A>USE OF PROCEEDS</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">We estimate that the net proceeds from
this offering, after deducting placement agent fees and estimated offering expenses payable by us, will be approximately $8.1
million, excluding the proceeds, if any, from the exercise of the Placement Agent Warrants.&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">We have not allocated any specific portion
of the net proceeds to any particular purpose, and our management will have the discretion to allocate the proceeds as it determines.
Furthermore, the amount and timing of our actual expenditures will depend on numerous factors, including the cash used in or generated
by our operations, the pace of the integration of acquired businesses, the level of our sales and marketing activities and the
attractiveness of any additional acquisitions or investments. See &ldquo;Risk Factors &ndash; Our management team may invest or
spend the proceeds of this offering in ways with which you may not agree or in ways which may not yield a significant return.&rdquo;
on page S-7.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="n_001"></A><B>DILUTION<SUP></SUP></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you invest in this offering, your ownership interest will
be immediately diluted to the extent of the difference between the offering price per share of common stock and the as adjusted
net tangible book value per share of common stock after this offering.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2019, we had a net tangible book value of
$17,090,240, or $0.83 per share of common stock. Our net tangible book value per share of common stock represents total
tangible assets less total liabilities, divided by the number of common shares outstanding at December 31, 2019.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After giving effect to the issuance and
sale by us of 4,450,000 shares of common stock in this offering and Pre-Funded Warrants to purchase up to 3,376,087 shares of
common stock in the aggregate amount of $9,000,000 million in this offering at an offering price of $1.15 per share of common
stock and $1.15 per Pre-Funded Warrant) (and excluding any resulting accounting associated with the Pre-Funded Warrants), and after deducting placement
agent fees and estimated offering expenses payable by us, our as adjusted net tangible book value as of December 31, 2019 would have
been approximately $25,415,240 million, or approximately $1.01 per share of common stock. This amount represents an immediate
increase in net tangible book value of $0.18 per share of common stock to our existing shareholders and an immediate dilution
in as adjusted net tangible book value of approximately $0.14 per share of common stock to new investors purchasing securities
of in this offering.</P>



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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dilution per share of common stock to new investors is determined
by subtracting as adjusted net tangible book value per share of common stock after this offering from the offering price per share
of common stock paid by new investors. The following table illustrates this dilution on a per share of common stock basis:</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 STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 76%"><FONT STYLE="font-size: 10pt">Offering price per share of common stock</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">1.15</P>


</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Net tangible book value per share of common stock as of December 31, 2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">0.82</P>


</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Increase in net tangible book value per share of common stock attributable to this offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">0.18</P>


</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">As adjusted net tangible book value per share of common stock after this offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: black 1pt solid">$</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">1.01</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Dilution per share of common stock to new investors participating in this offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">0.14</P>


</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Assuming the Pre-Funded Warrants and
$1.4375 Placement Agent Warrants were immediately exercised, this would result in an as adjusted net tangible book value per
share after giving effect to this offering and warrant exercise of approximately $0.7 million as of December 31, 2019,
which represents a dilution per share to new investors of $0.25 per share of common stock, and an increase in net tangible
book value per share to existing shareholders of $0.08 per share of common stock.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The discussion of dilution, and the table quantifying it, assume
the sale of all shares covered by this prospectus supplement and no exercise of any of the Pre-Funded Warrants offered hereby or
any outstanding options or warrants or other potentially dilutive securities. The exercise of potentially dilutive securities having
an exercise price less than the offering price would increase the dilutive effect to new investors.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The above discussion and table are based on 20,733,052 common
shares outstanding as of December 31, 2019, which does not include the following:</P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">1,482 common shares issuable upon the exercise of stock options outstanding as of December 31, 2019 at a weighted average exercise price of $325.54 per share of common stock. As of March 10, 2020, there were 13,937 common shares issuable
upon the exercise of stock options outstanding as of March 10, 2020 with a weighted exercise price of 34.69.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">26,459,663 common shares issuable upon
the exercise of warrants outstanding as of December 31, 2019, at a weighted average exercise price of $2.92 per share of common
stock, of which 17,056,254 remain outstanding at March 10, 2020 with a weighted average exercise price of $3.76.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">an additional 403,209 common shares that are available for future issuance under our stock option plan, which was subsequently increased by 2,000,000 shares upon
receiving shareholder approval on February 13, 2020.&nbsp;&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&#9679;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">3,884,784 shares issuable upon the exercise of the 508,696 Placement
    Agent Warrants and  the 3,376,087 Pre-Funded Warrants.</TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent any of these outstanding options or warrants are
exercised, there will be further dilution to new investors.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_006"></A>DIVIDEND POLICY</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have never declared or paid cash dividends on our common
stock. We currently intend to retain all available funds and any future earnings to fund the development and expansion of our business
and we do not anticipate paying any cash dividends in the foreseeable future. Any future determination to declare and pay dividends
will be made at the discretion of our board of directors and will depend on then-existing conditions, including our results of
operations, financial condition, contractual restrictions, capital requirements, business prospects and other factors our board
of directors may deem relevant.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="n_002"></A>DESCRIPTION OF THE SECURITIES WE ARE
OFFERING</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"><B>Common Stock </B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The material terms and provisions of our common stock are described
under the heading &ldquo;Description of Capital Stock&rdquo; in the accompanying prospectus.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a summary of the material terms and provisions
of the Pre-Funded Warrants that are being offered hereby. This summary is subject to and qualified in its entirety by the form
of Pre-Funded Warrants, which has been provided to the investors in this offering and which has been filed with the U.S. Securities
and Exchange Commission, or SEC, as an exhibit to a Current Report on Form 8-K in connection with this offering and incorporated
by reference into the registration statement of which this prospectus forms a part. Prospective investors should carefully review
the terms and provisions of the form of warrant for a complete description of the terms and conditions of the Pre-Funded Warrants.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Pre-Funded Warrants offered hereby will have an exercise
price of $0.0001 per share. The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time after their
original issuance until such Pre-Funded Warrants are exercised in full. The exercise prices and numbers of shares of common stock
issuable upon exercise are subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or
similar events affecting our common stock. Pre-funded warrants will be issued in certificated form only.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Pre-Funded Warrants will be exercisable, at the option of
each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full for the number
of shares of our common stock purchased upon such exercise (except in the case of a cashless exercise as discussed below). A holder
(together with its affiliates) may not exercise any portion of such holder&rsquo;s warrants to the extent that the holder would
own more than 4.99% of our outstanding common stock immediately after exercise, except that upon at least 61 days&rsquo; prior
notice from the holder to us, the holder may increase the amount of ownership of outstanding stock after exercising the holder&rsquo;s
Pre-Funded Warrants up to 9.99% of the number of shares of our common stock outstanding immediately after giving effect to the
exercise, as such percentage ownership is determined in accordance with the terms of the Pre-Funded Warrants. Purchasers in this
offering may also elect prior to the issuance of Pre-Funded Warrants to have the initial exercise limitation set at 9.99% of our
outstanding common stock. Further, such Pre-Funded Warrants may not be exercised to the extent that such exercise would result
in a holder and its affiliates beneficially owning more than 19.99% of the outstanding common stock or outstanding voting power
of the Company (including shares of common stock issuable upon exercise of the warrants held by them).</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In lieu of making the cash payment otherwise contemplated to
be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such
exercise (either in whole or in part) the net number of shares of common stock determined according to a formula set forth in the
warrant.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If, at the time a holder exercises its warrants, a registration
statement registering the issuance of the shares of common stock underlying the warrants under the Securities Act of 1933, as amended,
or the Securities Act, is not then effective or available for the issuance of such shares, then in lieu of making the cash payment
otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead
to receive upon such exercise (either in whole or in part) the net number of shares of common stock determined according to a formula
set forth in the warrant.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of any fundamental transaction, as described in
the Pre-Funded Warrants and generally including any merger with or into another entity, sale of all or substantially all of our
assets, tender offer or exchange offer, or reclassification of our common stock, then upon any subsequent exercise of a Pre-Funded
Warrant, the holder will have the right to receive as alternative consideration, for each share of our common stock that would
have been issuable upon such exercise immediately prior to the occurrence of such fundamental transaction, the number of shares
of common stock of the successor or acquiring corporation or of our company, if it is the surviving corporation, and any additional
consideration receivable upon or as a result of such transaction by a holder of the number of shares of our common stock for which
the Pre-Funded Warrant is exercisable immediately prior to such event.</P>

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

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Pre-Funded Warrant may be transferred at the option of the
holder upon surrender of the Pre-Funded Warrant to us together with the appropriate instruments of transfer.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No fractional shares of common stock will be issued upon the
exercise of the Pre-Funded Warrants. Rather, the number of shares of common stock to be issued will, at our election, either be
rounded up to the nearest whole number or we will pay a cash adjustment in respect of such final fraction in an amount equal to
such fraction multiplied by the exercise price.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is no established trading market for any of the Pre-Funded
Warrants, and we do not expect a market to develop. We do not intend to apply for a listing for any of the warrants on any securities
exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the Pre-Funded Warrants
will be limited.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as otherwise provided in the Pre-Funded Warrants or by
virtue of the holders&rsquo; ownership of shares of our common stock, the holders of Pre-Funded Warrants do not have the rights
or privileges of holders of our common stock, including any voting rights, until such Pre-Funded Warrant holders exercise their
warrants.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No term of the pre-funded may be amended or waived without the
written consent of the holder of such warrant.</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>Placement Agent Warrants</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have also agreed to issue to the placement agent the
Placement Agent Warrants to purchase up to 508,696 shares of common stock. The Placement Agent Warrants will have substantially
the same terms as the Pre-Funded Warrants described above, except that the Placement Agent Warrants will not be pre-funded, will
have an exercise price will have an exercise price of $1.4375 per share (which represents 125% of the offering price per share
sold in this offering) and will expire five years from the effective date of this offering.</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_007"></A>CERTAIN
MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</B></FONT><B><SUP></SUP></B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following discussion describes
certain material U.S. federal income tax consequences of the acquisition, ownership and disposition of our common stock and
Pre-Funded Warrants acquired in this offering. This discussion is based on the current provisions of the Internal Revenue
Code of 1986, as amended (referred to as the &ldquo;Code&rdquo;), existing and proposed U.S. Treasury regulations promulgated
thereunder, and administrative rulings and court decisions in effect as of the date hereof, all of which are subject to
change at any time, possibly with retroactive effect. No ruling has been or will be sought from the Internal Revenue Service,
or IRS, with respect to the matters discussed below, and there can be no assurance the IRS will not take a contrary position
regarding the tax consequences of the acquisition, ownership or disposition of our common stock or Pre-Funded Warrants, or
that any such contrary position would not be sustained by a court.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We assume in this discussion that the shares of our common stock
and Pre-Funded Warrants will be held as capital assets (generally, property held for investment). This discussion does not address
all aspects of U.S. federal income taxes, does not discuss the potential application of the Medicare contribution tax on net investment
income, the alternative minimum tax and does not address state or local taxes, U.S. federal gift and estate tax laws, except as
specifically provided below with respect to non-U.S. holders, or any non-U.S. tax consequences that may be relevant to holders
in light of their particular circumstances. This discussion also does not address the special tax rules applicable to particular
holders, such as:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 0.25in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; font-size: 10pt">&#9679;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">financial institutions; </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">brokers or dealers in securities; </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">tax-exempt organizations; </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">pension plans; </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">regulated investment companies; </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">owners that hold our common stock or Pre-Funded Warrants as part of a straddle, hedge, conversion transaction, synthetic security or other integrated investment; </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">insurance companies; </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">controlled foreign corporations, passive foreign investment companies, or corporations that accumulate earnings to avoid U.S. federal income tax; and </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">certain U.S. expatriates. </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, this discussion does not address the tax treatment
of partnerships or other pass-through entities or persons who hold our common stock or Pre-Funded Warrants through partnerships
or other entities which are pass-through entities for U.S. federal income tax purposes. A partner in a partnership or other pass-through
entity that will hold our common stock or Pre-Funded Warrants should consult his, her or its own tax advisor regarding the tax
consequences of the ownership and disposition of our common stock or Pre-Funded Warrants through a partnership or other pass-through
entity, as applicable.</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>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This discussion of U.S. federal income tax considerations
is for information purposes only and is not tax advice. Prospective investors should consult their own tax advisors regarding the
U.S. federal, state, local and non-U.S. income and other tax considerations of acquiring, holding and disposing of our common stock
and Pre-Funded Warrants. </B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purposes of this discussion,
a &ldquo;U.S. Holder&rdquo; means a beneficial owner (other than a partnership or other pass-through entity) of our common
stock or Pre-Funded Warrants that is for U.S. federal income tax purposes (a)&nbsp;an individual citizen or resident of the
United States, (b)&nbsp;a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes),
created or organized in or under the laws of the United States, any state thereof or the District of Columbia, (c)&nbsp;an
estate the income of which is subject to U.S. federal income taxation regardless of its source, or (d)&nbsp;a trust if it
(1)&nbsp;is subject to the primary supervision of a court within the United States and one or more U.S. persons (within the
meaning of Section&nbsp;7701(a)(30) of the Code) have the authority to control all substantial decisions of the trust or
(2)&nbsp;has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person. A
&ldquo;Non-U.S. Holder&rdquo; is, for U.S. federal income tax purposes, a beneficial owner of common stock or Pre-Funded
Warrants that is not a U.S. Holder or a partnership for U.S. federal income tax purposes.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Allocation of Purchase Price to Pre-Funded Warrants </I></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For U.S. federal income tax purposes,
a holder&rsquo;s acquisition of both common stock and Pre-Funded Warrants should be treated as the acquisition of an &ldquo;investment
unit&rdquo; consisting of one share of common stock and one Pre-Funded Warrant. The purchase price for each investment unit will
be allocated between these two components in proportion to their relative fair market values at the time the unit is purchased
by the holder. This allocation of the purchase price for each unit will establish the holder&rsquo;s initial tax basis for U.S.
federal income tax purposes in the common stock and Pre-Funded Warrant, as applicable. The separation of the share of common stock
or Pre-Funded Warrant, as applicable, and the common stock warrant included in each unit should not be a taxable event for U.S.
federal income tax purposes. Each holder should consult his, her or its own tax advisor regarding the allocation of the purchase
price for a unit.</P>



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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Treatment of Pre-Funded Warrants </I></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although it is not entirely free from doubt, a Pre-Funded Warrant
should be treated as a share of our common stock for U.S. federal income tax purposes and a holder of Pre-Funded Warrants should
generally be taxed in the same manner as a holder of common stock as described below. Accordingly, upon exercise, the holding period
of a Pre-Funded Warrant should carry over to the share of common stock received. Similarly, the tax basis of the Pre-Funded Warrant
should carry over to the share of common stock received upon exercise increased by the exercise price of $0.0001. Each holder should
consult his, her or its own tax advisors regarding the risks associated with the acquisition of a unit pursuant to this offering
(including potential alternative characterizations). The balance of this discussion generally assumes that the characterization
described above is respected for U.S. federal income tax purposes.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tax Considerations Applicable to U.S. Holders </B></P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As discussed above, we currently anticipate that we will retain
future earnings for the development, operation, and expansion of our business and do not anticipate declaring or paying any cash
dividends for the foreseeable future. In the event that we do make distributions on our common stock or Pre-Funded Warrants to
a U.S. Holder, those distributions generally will constitute dividends for U.S. tax purposes to the extent paid out of our current
or accumulated earnings and profits (as determined under U.S. federal income tax principles). Distributions in excess of our current
and accumulated earnings and profits will constitute a return of capital that is applied against and reduces, but not below zero,
a U.S. Holder&rsquo;s adjusted tax basis in our common stock or Pre-Funded Warrants, as applicable. Any remaining excess will be
treated as gain realized on the sale or exchange of our common stock or Pre-Funded Warrants as described below under the section
titled &ldquo;&mdash;Disposition of Our Common Stock or Pre-Funded Warrants.&rdquo;</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Disposition of Our Common Stock or Pre-Funded Warrants </I></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon a sale or other taxable disposition of our common stock
or Pre-Funded Warrants, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference between
the amount realized and the U.S. Holder&rsquo;s adjusted tax basis in the common stock or Pre-Funded Warrants. Capital gain or
loss will constitute long-term capital gain or loss if the U.S. Holder&rsquo;s holding period for the common stock or Pre-Funded
Warrants exceeds one year. The deductibility of capital losses is subject to certain limitations. U.S. Holders who recognize losses
with respect to a disposition of our common stock or Pre-Funded Warrants should consult their own tax advisors regarding the tax
treatment of such losses.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Information Reporting and Backup Withholding </I></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information reporting requirements generally will apply to payments
of dividends (including constructive dividends) on the common stock and Pre-Funded Warrants and to the proceeds of a sale or other
disposition of common stock and Pre-Funded Warrants paid by us to a U.S. Holder unless such U.S. Holder is an exempt recipient,
such as a corporation. Backup withholding will apply to those payments if the U.S. Holder fails to provide the holder&rsquo;s taxpayer
identification number, or certification of exempt status, or if the holder otherwise fails to comply with applicable requirements
to establish an exemption. Backup withholding is not an additional tax. Rather, any amounts withheld under the backup withholding
rules will be allowed as a refund or a credit against the U.S. Holder&rsquo;s U.S. federal income tax liability provided the required
information is timely furnished to the IRS.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tax Considerations Applicable To Non-U.S. Holders </B></P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As discussed above, we currently anticipate that we will retain
future earnings for the development, operation, and expansion of our business and do not anticipate declaring or paying any cash
dividends for the foreseeable future. In the event that we do make distributions on our common stock or Pre-Funded Warrants to
a Non-U.S. Holder, those distributions generally will constitute dividends for U.S. federal income tax purposes as described in
&ldquo;&mdash;U.S. Holders&mdash;Distributions&rdquo;.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any distribution (including constructive distributions) on our
common stock or Pre-Funded Warrants that is treated as a dividend paid to a Non-U.S. Holder that is not effectively connected with
the holder&rsquo;s conduct of a trade or business in the United States will generally be subject to withholding tax at a 30% rate
or such lower rate as may be specified by an applicable income tax treaty between the United States and the Non-U.S. Holder&rsquo;s
country of residence. To obtain a reduced rate of withholding under a treaty, a Non-U.S. Holder generally will be required to provide
the applicable withholding agent with a properly executed IRS Form&nbsp;W-8BEN, IRS Form&nbsp;W-8BEN-E or other appropriate form,
certifying the Non-U.S. Holder&rsquo;s entitlement to benefits under that treaty. Non-U.S. Holders are urged to consult their own
tax advisors regarding their entitlement to benefits under a relevant income tax treaty and the specific methods available to them
to satisfy these requirements.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally are not required to withhold tax on dividends paid
(or constructive dividends deemed paid) to a Non-U.S. Holder that are effectively connected with the holder&rsquo;s conduct of
a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent
establishment or fixed base that the holder maintains in the United States) if a properly executed IRS Form&nbsp;W-8ECI, stating
that the dividends are so connected, is furnished to us or the applicable withholding agent. In general, such effectively connected
dividends will be subject to U.S. federal income tax on a net income basis at the regular graduated rates applicable to U.S. persons.
A corporate Non-U.S. Holder receiving effectively connected dividends may also be subject to an additional &ldquo;branch profits
tax,&rdquo; which is imposed, under certain circumstances, at a rate of 30% (or such lower rate as may be specified by an applicable
treaty) on the corporate Non-U.S. Holder&rsquo;s effectively connected earnings and profits, subject to certain adjustments.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See also the sections below titled &ldquo;&mdash;Information
Reporting and Backup Withholding&rdquo; and &ldquo;&mdash;Foreign Accounts&rdquo; for additional withholding rules that may apply
to dividends paid to certain foreign financial institutions or non-financial foreign entities.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Disposition of Our Common Stock or Pre-Funded Warrants </I></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the discussions below under the sections titled &ldquo;&mdash;Information
Reporting and Backup Withholding&rdquo; and &ldquo;&mdash;Foreign Accounts,&rdquo; a Non-U.S. Holder generally will not be subject
to U.S. federal income or withholding tax with respect to gain realized on a sale or other disposition of our common stock or Pre-Funded
Warrants unless:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">the gain is effectively connected with the Non-U.S. Holder&rsquo;s conduct of a trade or business in the United States, and if an applicable income tax treaty so provides, the gain is attributable to a permanent establishment or fixed base maintained by the Non-U.S. Holder in the United States; in these cases, the Non-U.S. Holder will be taxed on a net income basis at the regular graduated rates and in the manner applicable to U.S. persons, and if the Non-U.S. Holder is a corporation, an additional branch profits tax at a rate of 30%, or a lower rate as may be specified by an applicable income tax treaty, may also apply; </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">the Non-U.S. Holder is a nonresident alien present in the United States for 183 days or more in the taxable year of the disposition and certain other requirements are met, in which case the Non-U.S.&nbsp;Holder will be subject to a 30% tax (or such lower rate as may be specified by an applicable income tax treaty between the United States and such holder&rsquo;s country of residence) on the net gain derived from the disposition, which may be offset by certain U.S.-source capital losses of the Non-U.S. Holder, if any; or </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-size: 10pt">we are, or have been at any time during the five-year period preceding such disposition (or the Non-U.S. Holder&rsquo;s holding period of the common stock or Pre-Funded Warrants, if shorter), a &ldquo;U.S. real property holding corporation,&rdquo; unless our common stock is regularly traded on an established securities market and the Non-U.S. Holder held no more than 5% of our outstanding common stock, directly or indirectly, during the shorter of the five-year period ending on the date of the disposition or the period that the Non-U.S. Holder held our common stock. Special rules may apply to the determination of the 5% threshold in the case of a holder of a Pre-Funded Warrant or common stock warrant. Non-U.S. Holders are urged to consult their own tax advisors regarding the effect of holding our Pre-Funded Warrants on the calculation of such 5% threshold. Generally, a corporation is a &ldquo;U.S. real property holding corporation&rdquo; if the fair market value of its &ldquo;U.S. real property interests&rdquo; (as defined in the Code and applicable regulations) equals or exceeds 50% of the sum of the fair market value of its worldwide real property interests plus its other assets used or held for use in a trade or business. Although there can be no assurance, we believe that we are not currently, and we do not anticipate becoming, a &ldquo;U.S. real property holding corporation&rdquo; for U.S. federal income tax purposes. No assurance can be provided that our common stock will be regularly traded on an established securities market for purposes of the rules described above. </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See the sections titled &ldquo;&mdash;Information Reporting
and Backup Withholding&rdquo; and &ldquo;&mdash;Foreign Accounts&rdquo; below for additional information regarding withholding
rules that may apply to proceeds of a disposition of our common stock or Pre-Funded Warrants paid to foreign financial institutions
or non-financial foreign entities.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common stock or Pre-Funded Warrants owned or treated as owned
by an individual who is a Non-U.S. Holder (as specially defined for U.S. federal estate tax purposes) at the time of death will
be included in the individual&rsquo;s gross estate for U.S. federal estate tax purposes and, therefore, may be subject to U.S.
federal estate tax, unless an applicable estate tax or other treaty provides otherwise.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Information Reporting and Backup Withholding </I></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We must report annually to the IRS and to each Non-U.S. Holder
the gross amount of the distributions (including constructive distributions) on our common stock or Pre-Funded Warrants paid to
such holder and the tax withheld, if any, with respect to such distributions. Non-U.S.&nbsp;Holders may have to comply with specific
certification procedures to establish that the holder is not a U.S. person (as defined in the Code) in order to avoid backup withholding
at the applicable rate, currently 24%, with respect to dividends (including constructive dividends) on our common stock or Pre-Funded
Warrants. Generally, a holder will comply with such procedures if it provides a properly executed IRS Form W-8BEN (or other applicable
Form W-8) or otherwise meets documentary evidence requirements for establishing that it is a Non-U.S. Holder, or otherwise establishes
an exemption. Dividends paid to Non-U.S. Holders subject to withholding of U.S. federal income tax, as described above under the
heading &ldquo;Distributions,&rdquo; will generally be exempt from U.S. backup withholding.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information reporting and backup withholding generally will
apply to the proceeds of a disposition of our common stock or Pre-Funded Warrants by a Non-U.S. Holder effected by or through the
U.S. office of any broker, U.S. or foreign, unless the holder certifies its status as a Non-U.S. Holder and satisfies certain other
requirements, or otherwise establishes an exemption. Generally, information reporting and backup withholding will not apply to
a payment of disposition proceeds to a Non-U.S. Holder where the transaction is effected outside the United States through a non-U.S.
office of a broker. However, for information reporting purposes, dispositions effected through a non-U.S. office of a broker with
substantial U.S. ownership or operations generally will be treated in a manner similar to dispositions effected through a U.S.
office of a broker. Non-U.S. Holders should consult their own tax advisors regarding the application of the information reporting
and backup withholding rules to them.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Copies of information returns may be made available to the tax
authorities of the country in which the Non-U.S.&nbsp;Holder resides or is incorporated under the provisions of a specific treaty
or agreement.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Backup withholding is not an additional tax. Any amounts withheld
under the backup withholding rules from a payment to a Non-U.S. Holder can be refunded or credited against the Non-U.S. Holder&rsquo;s
U.S. federal income tax liability, if any, provided that an appropriate claim is timely filed with the IRS.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Foreign Account Tax Compliance Act, or FATCA, generally
imposes a 30% withholding tax on dividends on common stock and Pre-Funded Warrants if paid to a non-U.S. entity unless (i)&nbsp;if
the non-U.S. entity is a &ldquo;foreign financial institution,&rdquo; the non-U.S. entity undertakes certain due diligence, reporting,
withholding, and certification obligations, (ii)&nbsp;if the non-U.S. entity is not a &ldquo;foreign financial institution,&rdquo;
the non-U.S. entity identifies certain of its U.S. investors, if any, or (iii)&nbsp;the non-U.S. entity is otherwise exempt under
FATCA.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While withholding under FATCA may apply to payments of gross
proceeds from a sale or other disposition of our common stock or Pre-Funded Warrants, under proposed U.S. Treasury Regulations,
withholding on payments of gross proceeds is not required. Although such regulations are not final, applicable withholding agents
may rely on the proposed regulations until final regulations are issued.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An intergovernmental agreement between the United States and
an applicable foreign country may modify the requirements described in this section. Under certain circumstances, a holder may
be eligible for refunds or credits of the tax. Holders should consult their own tax advisors regarding the possible implications
of FATCA on their investment in our common stock or Pre-Funded Warrants.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE PRECEDING DISCUSSION OF
MATERIAL U.S. FEDERAL TAX CONSIDERATIONS IS FOR INFORMATION <FONT STYLE="text-transform: uppercase">purposes</FONT> ONLY. IT
IS NOT TAX ADVICE. PROSPECTIVE INVESTORS SHOULD CONSULT THEIR OWN TAX ADVISORS REGARDING THE PARTICULAR U.S.&nbsp;FEDERAL,
STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR COMMON STOCK AND/OR PRE-FUNDED WARRANTS,
INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGES IN APPLICABLE LAWS.</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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="n_003"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PLAN
OF DISTRIBUTION<SUP></SUP></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Pursuant to a letter agreement dated as of January 3, 2020,
as amended, we have retained H.C. Wainwright &amp; Co., LLC, or Wainwright, to act as our exclusive placement agent in connection
with this offering. Under the terms of the engagement letter, Wainwright is not purchasing the securities offered by us in this
offering, and is not required to sell any specific number or dollar amount of securities. The terms of this offering were subject
to market conditions and negotiations between us, Wainwright and the prospective investor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Wainwright proposes to arrange for
the sale of the shares and the, pre-funded warrants we are offering pursuant to this prospectus
supplement and accompanying prospectus to a single investor through securities purchase agreement directly between such
investor and us. We will only sell to investors who have entered into securities purchase agreements with us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Wainwright will have no authority to bind us by virtue of the
engagement letter. Further, Wainwright does not guarantee that it will be able to raise new capital in any prospective offering.
Wainwright may engage sub-agents or selected dealers to assist with this offering. We may not sell the entire amount of the securities
being offered pursuant to this prospectus supplement.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Delivery of the securities offered hereby is expected to occur
on or about March 13, 2020, subject to satisfaction of certain conditions.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have agreed to pay Wainwright a cash
fee equal to 7.5% of the gross proceeds received from the investor who purchased securities in the offering. We have also agreed
to reimburse Wainwright $40,000 for non-accountable expenses, up to $50,000 for legal fees and expenses and other out-of-pocket
expenses. We estimate the total offering expenses of this offering that
will be payable by us, excluding the placement agent&rsquo;s fees and expenses, will be approximately $0.2 million.</P>



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

<P STYLE="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In addition, we have agreed to issue to the placement agent
(or their designees) the Placement Agent Warrants to purchase up to 508,696 shares of common stock, which represents 6.5% of the
aggregate number of securities stock sold in this offering. The Placement Agent Warrants will be exercisable for five years from
the effective date of this offering and will have an exercise price of $1.4375 per share, which represents 125% of the offering
price per share and accompanying Warrant sold in this offering. Pursuant to FINRA Rule 5110(g), the Placement Agent Warrants and
any shares issued upon exercise of the Placement Agent Warrants shall not be sold, transferred, assigned, pledged, or hypothecated,
or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition
of the securities by any person for a period of 180 days immediately following the date of effectiveness or commencement of sales
of this offering, except the transfer of any security: (i) by operation of law or by reason of our reorganization; (ii) to any
FINRA member firm participating in this offering and the officers or partners thereof, if all securities so transferred remain
subject to the lock-up restriction set forth above for the remainder of the time period; (iii) if the aggregate amount of our securities
held by the placement agent or related persons do not exceed 1% of the securities being offered; (iv) that is beneficially owned
on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages or otherwise directs
investments by the fund and the participating members in the aggregate do not own more than 10% of the equity in the fund; or (v)
the exercise or conversion of any security, if all securities remain subject to the lock-up restriction set forth above for the
remainder of the time period.</P>



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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have agreed to indemnify Wainwright and specified other persons
against certain liabilities relating to or arising out of Wainwright&rsquo;s activities under the engagement letter and to contribute
to payments that Wainwright may be required to make in respect of such liabilities.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wainwright may be deemed to be an underwriter within the meaning
of Section 2(a)(11) of the Securities Act, and any commissions received by it and any profit realized on the resale of the securities
sold by it while acting as principal might be deemed to be underwriting discounts or commissions under the Securities Act. As an
underwriter, Wainwright would be required to comply with the requirements of the Securities Act and the Exchange Act, including,
without limitation, Rule 415(a)(4) under the Securities Act and Rule 10b-5 and Regulation M under the Exchange Act. These rules
and regulations may limit the timing of purchases and sales of common shares by Wainwright acting as principal. Under these rules
and regulations, Wainwright:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">may not engage in any stabilization activity in connection with our securities; and </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">may not bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than as permitted under the Exchange Act, until it has completed its participation in the distribution. </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The securities purchase agreement is included as an exhibit
to a Current Report on Form 8-K that we have filed with the SEC and that is incorporated by reference into the registration statement
of which this prospectus supplement forms a part.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">From time to time, Wainwright may provide in the future various
advisory, investment and commercial banking and other services to us in the ordinary course of business, for which they have received
and may continue to receive customary fees and commissions. However, except as disclosed in this prospectus supplement, we have
no present arrangements with Wainwright for any further services.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The validity of the securities offered
by this prospectus supplement and accompanying prospectus will be passed upon by Dorsey &amp; Whitney LLP, Salt Lake City, Utah.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></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>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 (successor to EKS&amp;H LLLP), 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; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The abbreviated financial statements of
the Pediatrics Product Portfolio of Cerecor Inc. at September 30, 2019 and December 31, 2018, and for the nine-month period ended
September 30, 2019 and for the year ended December 31, 2018, incorporated by reference in Aytu BioScience, Inc.&rsquo;s Current
Report on Form 8-K/A dated January 10, 2020 have been audited by Ernst &amp; Young LLP, independent auditors, as set forth in their
report thereon incorporated by reference therein, and incorporated herein by reference. Such abbreviated financial statements are
incorporated&nbsp;&nbsp;herein by reference in reliance upon such report given on the authority of such firm as experts in accounting
and auditing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements of Innovus incorporated
by reference in Aytu BioScience Inc.&rsquo;s Current Report on Form 8-K dated February 14, 2020 have been audited by Hall &amp;
Company, an independent registered public accounting firm, as stated in their reports. Such financial statements have been incorporated
by reference in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_010"></A>WHERE YOU CAN FIND MORE INFORMATION</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">We file annual, quarterly and other reports,
proxy statements and other information with the SEC. Our SEC filings are available to the public 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)
or 15(d) of the Exchange Act can also be accessed free of charge on our website, www.aytubio.com. We have not incorporated by reference
into this prospectus supplement or the accompanying prospectus the information on our website, and you should not consider it to
be a part of this prospectus supplement or the accompanying prospectus. These filings will be available as soon as reasonably practicable
after we electronically file such material with, or furnish it to, the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed with the SEC a registration
statement under the Securities Act relating to the offering of these securities. The registration statement, including the exhibits
attached thereto, contains additional relevant information about us and the securities. This prospectus supplement and the accompanying
prospectus do not contain all of the information set forth in the registration statement. You can obtain a copy of the registration
statement from the SEC&rsquo;s website at http://www.sec.gov. The registration statement and the documents referred to below under
&ldquo;Information Incorporated by Reference&rdquo; are also available on our website, www.aytubio.com. We have not incorporated
by reference into this prospectus supplement or the accompanying prospectus the information on our website, and you should not
consider it to be a part of this prospectus supplement or the accompanying prospectus.</P>

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


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; 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_011"></A>INCORPORATION OF CERTAIN DOCUMENTS BY
REFERENCE</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">The SEC allows us to incorporate by reference
into this prospectus supplement and the accompanying prospectus certain information we file with it, which means that we can disclose
important information by referring you to those documents. The information incorporated by reference is considered to be a part
of this prospectus supplement and the accompanying prospectus, and information that we file later with the SEC will automatically
update and supersede information contained in this prospectus supplement and the accompanying prospectus. We incorporate by reference
the documents listed below that we have previously filed with the SEC (excluding any portions of any Form&nbsp;8-K that are not
deemed &ldquo;filed&rdquo; pursuant to the General Instructions of Form&nbsp;8-K):</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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Definitive Proxy Statement on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000121390019026847/def14a1219_aytubioscience.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 14A</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">filed with the SEC on December 23, 2019;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Annual Report on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419011147/aytu_10k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 10-K</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Quarterly Report on Form 10-Q for the quarters ended </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419013026/aytu_10q.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 30, 2019</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495420001622/aytu_10q.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2019</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Current Reports on Form 8-K filed with the SEC on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419008769/aytu_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 2, 2019</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419010889/aytu_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 18, 2019</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419011716/aytu_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 15, 2019</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419011717/aytu_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 15, 2019</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(as amended and filed with the SEC on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000121390020000798/f8k011020a1_aytubioscience.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 10, 2020</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">), </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419012301/aytu_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 4, 2019</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(as amended and filed with the SEC on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419012347/aytu_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 4, 2019</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419012492/aytu_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 7, 2019</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">), </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419012593/aytu_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 12, 2019</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419013400/aytu_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 26, 2019</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419013481/aytu_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 2, 2019</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495419013811/aytu_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 11, 2019</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000121390020001121/f8k0120_aytubioscience.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 15, 2020</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495420000714/aytu_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 24, 2020</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000165495420001495/aytu_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
13, 2020</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000121390020004010/f8k021320_aytubioscience.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 14, 2020</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(as amended on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000121390020004842/f8k021320a1_aytubioscience.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 26, 2020</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">) and </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000121390020004505/f8k022120_aytubioscience.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 21, 2020</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the description of our Common Stock contained in our Registration Statement on Form 8-A, as filed with the SEC on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417052856/tv476809_8a12b.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 17, 2017</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, including any amendment or report filed for the purpose of updating such description.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 Current Reports furnished under Items 2.02 or 7.01 of 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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any statements contained in a previously
filed document incorporated by reference into this prospectus supplement and the accompanying prospectus is deemed to be modified
or superseded for purposes of this prospectus supplement and the accompanying prospectus to the extent that a statement contained
in this prospectus supplement and the accompanying prospectus, or in a subsequently filed document also incorporated by reference
herein, modifies or supersedes that statement.</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">This prospectus supplement and the accompanying
prospectus may contain information that updates, modifies or is contrary to information in one or more of the documents incorporated
by reference in this prospectus supplement and the accompanying prospectus. You should rely only on the information incorporated
by reference or provided in this prospectus supplement and the accompanying prospectus. We have not authorized anyone else to provide
you with different information. You should not assume that the information in this prospectus supplement or the accompanying prospectus
is accurate as of any date other than the date of this prospectus supplement or the accompanying prospectus or the date of the
documents incorporated by reference in this prospectus supplement and the accompanying prospectus.</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">We will provide to each person, including
any beneficial owner, to whom this prospectus supplement and the accompanying prospectus is delivered, upon written or oral request,
at no cost to the requester, a copy of any and all of the information that is incorporated by reference in this prospectus supplement
and the accompanying prospectus.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Requests for such documents should be directed to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Aytu BioScience,&nbsp;Inc.<BR>
373 Inverness Parkway, Suite 206<BR>
Englewood, Colorado 80112<BR>
Attention: Corporate Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Phone: (720) 437-6580</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">You may also access the documents incorporated
by reference in this prospectus supplement and accompanying prospectus, at no cost to you, through our website at www.aytubio.com.
Except for the specific incorporated documents listed above, no information available on or through our website shall be deemed
to be incorporated in this prospectus supplement and accompanying prospectus or the registration statement of which they forms&nbsp;a
part.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$100,000,000</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="img_01.jpg" ALT=""></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>Common Stock</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may from time to time, in one or more
offerings at prices and on terms that we will determine at the time of each offering, sell common stock, preferred stock, warrants,
or a combination of these securities, or units, for an aggregate initial offering price of up to $100,000,000. This prospectus
describes the general manner in which our securities may be offered using this prospectus. Each time we offer and sell securities,
we will provide you with a prospectus supplement that will contain specific information about the terms of that offering. Any prospectus
supplement may also add, update, or change information contained in this prospectus. You should carefully read this prospectus
and the applicable prospectus supplement as well as the documents incorporated or deemed to be incorporated by reference in this
prospectus before you purchase any of the securities offered hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus may not be used to offer
and sell securities unless accompanied by a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our common stock is currently traded on
the NASDAQ Capital Market under the symbol &ldquo;AYTU.&rdquo; On November 21, 2017, the last reported sales price for our common
stock was $2.60 per share. We will apply to list any shares of common stock sold by us under this prospectus and any prospectus
supplement on the NASDAQ Capital Market. The prospectus supplement will contain information, where applicable, as to any other
listing of the securities on the NASDAQ Capital Market or any other securities market or exchange covered by the prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 32.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The securities offered by this prospectus
involve a high degree of risk. See &ldquo;Risk Factors&rdquo; beginning on page 6, in addition to Risk Factors contained in the
applicable prospectus supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></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; text-align: justify; text-indent: 32.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may offer the securities directly or
through agents or to or through underwriters or dealers. If any agents or underwriters are involved in the sale of the securities
their names, and any applicable purchase price, fee, commission or discount arrangement between or among them, will be set forth,
or will be calculable from the information set forth, in an accompanying prospectus supplement. We can sell the securities through
agents, underwriters or dealers only with delivery of a prospectus supplement describing the method and terms of the offering of
such securities. See &ldquo;Plan of Distribution.&rdquo;</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">This prospectus is dated December 1, 2017</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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: 95%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_001">ABOUT THIS PROSPECTUS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_002">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_003">ABOUT AYTU BIOSCIENCE, INC.</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_004">RISK FACTORS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_005">USE OF PROCEEDS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_006">DESCRIPTION OF CAPITAL STOCK</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_007">DESCRIPTION OF WARRANTS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_008">DESCRIPTION OF UNITS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_009">PLAN OF DISTRIBUTION</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_010">LEGAL MATTERS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_011">EXPERTS</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_012">WHERE YOU CAN FIND MORE INFORMATION</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#b_013">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</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: 0pt 0; text-align: justify"><B>You should rely only on the information
contained or incorporated by reference in this prospectus or any prospectus supplement. We have not authorized anyone to provide
you with information different from that contained or incorporated by reference into this prospectus. If any person does provide
you with information that differs from what is contained or incorporated by reference in this prospectus, you should not rely on
it. No dealer, salesperson or other person is authorized to give any information or to represent anything not contained in this
prospectus. You should assume that the information contained in this prospectus or any prospectus supplement is accurate only as
of the date on the front of the document and that any information contained in any document we have incorporated by reference is
accurate only as of the date of the document incorporated by reference, regardless of the time of delivery of this prospectus or
any prospectus supplement or any sale of a security. These documents are not an offer to sell or a solicitation of an offer to
buy these securities in any circumstances under which the offer or solicitation is unlawful.</B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_001"></A>ABOUT THIS PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of a registration
statement that we filed with the Securities and Exchange Commission, or SEC, using a &ldquo;shelf&rdquo; registration process.
Under this shelf registration process, we may sell any combination of the securities described in this prospectus in one or more
offerings up to a total dollar amount of proceeds of $100,000,000. This prospectus describes the general manner in which our securities
may be offered by this prospectus. Each time we sell securities, we will provide a prospectus supplement that will contain specific
information about the terms of that offering. The prospectus supplement may also add, update or change information contained in
this prospectus or in documents incorporated by reference in this prospectus. The prospectus supplement that contains specific
information about the terms of the securities being offered may also include a discussion of certain U.S. Federal income tax consequences
and any risk factors or other special considerations applicable to those securities. To the extent that any statement that we make
in a prospectus supplement is inconsistent with statements made in this prospectus or in documents incorporated by reference in
this prospectus, you should rely on the information in the prospectus supplement. You should carefully read both this prospectus
and any prospectus supplement together with the additional information described under &ldquo;Where You Can Find More Information&rdquo;
before buying any securities in this offering.</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; background-color: white">Unless the context
otherwise requires, references to &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;us,&rdquo; &ldquo;Aytu BioScience&rdquo; or the &ldquo;Company&rdquo;
in this prospectus mean Aytu BioScience, Inc., a Delaware corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_002"></A>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and the documents and information
incorporated by reference in this prospectus include forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange
Act. These statements are based on our management&rsquo;s beliefs and assumptions and on information currently available to our
management. Such forward-looking statements include those that express plans, anticipation, intent, contingency, goals, targets
or future development and/or otherwise are not statements of historical fact.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All statements in this prospectus and the
documents and information incorporated by reference in this prospectus that are not historical facts are forward-looking statements.
We may, in some cases, use terms such as &ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo; &ldquo;could,&rdquo; &ldquo;estimates,&rdquo;
&ldquo;expects,&rdquo; &ldquo;intends,&rdquo; &ldquo;may,&rdquo; &ldquo;plans,&rdquo; &ldquo;potential,&rdquo; &ldquo;predicts,&rdquo;
&ldquo;projects,&rdquo; &ldquo;should,&rdquo; &ldquo;will,&rdquo; &ldquo;would&rdquo; or similar expressions or the negative of
such items that convey uncertainty of future events or outcomes to identify forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward-looking statements are made based
on management&rsquo;s beliefs, estimates and opinions on the date the statements are made and we undertake no obligation to update
forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as may be required
by applicable law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot
guarantee future results, levels of activity, performance or achievements.</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>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This summary highlights certain information
about us and this offering contained elsewhere in this prospectus. Because it is only a summary, it does not contain all of the
information that you should consider before investing in shares of our common stock and it is qualified in its entirety by, and
should be read in conjunction with, the more detailed information appearing elsewhere in this prospectus. Before you decide to
invest in our common stock, you should read the entire prospectus carefully, including &ldquo;Risk Factors&rdquo; beginning on
page 6, and the financial statements and related notes included in this prospectus.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_003"></A>ABOUT AYTU BIOSCIENCE, INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 healthcare
company focused on acquiring, developing and commercializing novel products in the field of urology. We have multiple urology-focused
products on the market, and we seek to build a portfolio of novel therapeutics that serve large medical needs in the field of urology.
We are concentrating on hypogonadism, prostate cancer, male infertility and, recently, female sexual wellbeing and intimacy and
plan to expand into other urological indications for which we believe there are significant medical needs.</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">We acquired exclusive U.S. rights to Natesto
<SUP>&reg;</SUP> (testosterone) nasal gel, a novel formulation of testosterone delivered via a discreet, easy-to-use nasal gel,
and we launched Natesto in the United States with our direct sales force in late summer 2016. Natesto is approved by the U.S.
Food and Drug Administration, or FDA, for the treatment of hypogonadism (low testosterone) in men and is the only testosterone
replacement therapy, or TRT, delivered via a nasal gel. Natesto offers multiple advantages over currently available TRTs and competes
in a $2.0 billion market. Importantly, as Natesto is delivered via the nasal mucosa and not the skin, there is no risk of testosterone
transference to others, a known potential side effect and black box warning associated with all other topically applied TRTs,
including the market leader AndroGel <SUP>&reg;</SUP>.</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">Outside the U.S. we market MiOXSYS <SUP>&reg;</SUP>, a novel <I>in vitro</I> diagnostic device that is currently CE marked (which generally enables it to be sold within the
European Economic Area) and for which we intend to initiate a final clinical study to enable FDA clearance in the U.S. Our MiOXSYS
system is a novel, point-of-care semen analysis system with the potential to become a standard of care in the diagnosis and management
of male infertility. Male infertility is a prevalent and underserved condition and oxidative stress is widely implicated in its
pathophysiology. MiOXSYS was developed from our core oxidation-reduction potential research platform known as RedoxSYS <SUP>&reg;</SUP>.
We are advancing MiOXSYS toward FDA clearance.</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">We currently market ProstaScint <SUP>&reg;</SUP>
(capromab pendetide), the only radioimaging agent indicated to detect the prostate specific membrane antigen, or PSMA, in the assessment
and staging of prostate cancer. ProstaScint is approved by the FDA for use in both newly diagnosed, high-risk prostate cancer patients
and patients with recurrent prostate cancer.</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">On May 5, 2017, we acquired Nuelle, Inc,
or Nuelle, a women&rsquo;s sexual health company. This transaction expanded our product portfolio with the addition of the Fiera
<SUP>&reg;</SUP> personal care device for women. Fiera was recently launched in the U.S. and is a proprietary, revenue-generating
product scientifically proven to enhance physical arousal and sexual desire in the millions of adult women around the world impacted
by changes in sexual desire. This acquisition adds a novel, commercial-stage product in a complementary adjacency readily accessible
by our U.S.-based commercial infrastructure. Nuelle was previously a portfolio company of leading venture capital firm New Enterprise
Associates.</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">In the future we will look to acquire additional
urology products, including existing products we believe can offer distinct commercial advantages. Our management team&rsquo;s
prior experience has involved identifying clinical assets that can be re-launched to increase value, with a focused commercial
infrastructure specializing in urology.</P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MiOXSYS is a rapid <I>in vitro</I> diagnostic
semen analysis test used in the quantitative measurement of static oxidation-reduction potential, or sORP, in human semen. MiOXSYS
is a CE marked system and is an accurate, easy to use, and fast infertility assessment tool. It is estimated that 72.4 million
couples worldwide experience infertility problems. In the United States, approximately 10% of couples are defined as infertile.
Male infertility is responsible for between 40 &ndash; 50% of all infertility cases and affects approximately 7% of all men. Male
infertility is often unexplained (idiopathic), and this idiopathic infertility is frequently associated with increased levels of
oxidative stress in the semen. As such, having a rapid, easy-to-use diagnostic platform to measure oxidative stress should provide
a practical way for male infertility specialists to improve semen analysis and infertility assessments without having to refer
patients to outside clinical laboratories.</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">Male infertility is prevalent and underserved,
and oxidative stress is widely implicated in its pathophysiology. The global male infertility market is expected to grow to over
$300 million by 2020 with a CAGR of nearly 5% from 2014 to 2020. Oxidative stress is broadly implicated in the pathophysiology
of idiopathic male infertility, yet very few diagnostic tools exist to effectively measure oxidative stress levels in men. However,
antioxidants are widely available and recommended to infertile men. With the introduction of the MiOXSYS System, we believe for
the first time there will be an easy and effective diagnostic tool to assess the degree of oxidative stress and potentially enable
the monitoring of patients&rsquo; responses to antioxidant therapy as a treatment regimen for infertility. The MiOXSYS System received
CE marking in Europe in January 2016 and obtained Health Canada Class II Medical Device approval in March 2016. We expect to advance
MiOXSYS into clinical trials in the United States in order to enable 510k clearance.</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"><B>ProstaScint<SUP>&reg;</SUP> (capromab
pendetide).</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We became a commercial stage company by
virtue of our acquisition of ProstaScint in May 2015 and are generating sales of this FDA-approved prostate cancer imaging agent.
As prostate cancer is a condition commonly diagnosed and treated by urologists, ProstaScint complements our urology-focused product
portfolio and pipeline. Prostate cancer is the most common cancer among men in the United States, with an estimated 241,000 annual
cases (as of 2012). Further, more than 2.2 million men were alive in 2006 with some history of prostate cancer, and over 30,000
U.S. men die each year from the disease. The effect of prostate cancer on healthcare economics is substantial, which makes the
need for accurate disease staging critical for treatment and management strategies. The U.S. market for the diagnosis and screening
of prostate cancer is expected to total $17.4 billion by 2017, a compound annual growth rate, or CAGR, of 7.5% since 2012. At June
30, 2017, the ProstaScint asset was impaired based upon sales projections that we intend to only sell this product through mid-fiscal
2019, when this product expires.</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"><B>Fiera <SUP>&reg;</SUP> Personal Care
Device</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
</DIV>
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<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">
<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">With the acquisition of Nuelle, Inc., Aytu
is expanding into the women&rsquo;s sexual health and wellness market. Sexual wellness is inclusive of female sexual dysfunction
which is a term that describes various sexual problems, such as low desire or interest, diminished arousal, orgasmic difficulties,
and dyspareunia. Female sexual dysfunction is considered common, with an estimated prevalence of 43% from the U.S. National Health
and Social Life Survey and similar estimates from other large, population-based surveys in the United States and the United Kingdom.
In a study of over 31,000 women in the United States it was determined that 44% of women report a sexual problem. Specifically,
the most common sexual problem is low desire, with a prevalence of 39%; followed by low arousal (26%) and orgasm difficulties (21%).
Additionally, the incidence of sexual dysfunction is expected to increase through 2020 to effect more than 124 million women worldwide.</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">Fiera has been well studied and tested
by health care professionals, and consumers and is scientifically proven to enhance arousal and interest in women of all ages,
including pre- and post-menopausal women. Recent consumer study results in women ages 25 &ndash; 75 showed that after 4 weeks of
using Fiera:</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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97% of women felt physically aroused;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">96% looked forward to being intimate with their partner;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93% felt excited and ready for sex;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89% of women felt more &ldquo;in the mood&rdquo;;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87% felt as ready for sex as their partner did;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86% of women felt a stronger emotional connection with their partner;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85% reported their orgasm felt pleasurable and intense;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85% thought about sex more often; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85% engaged in sexual activity more often and felt satisfied in her relationship.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Previous studies also showed that 87% of
women felt increased desire and 67% felt increased lubrication.</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"><B>Key elements of our business strategy
include:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expand the commercialization of Natesto in the U.S. for the treatment of hypogonadism with our direct sales force. We launched Natesto in late summer 2016 and are targeting high prescribing TRT prescribers with a primary emphasis on urologists and male health practitioners.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expand the commercialization in the U.S. of Fiera, through professional promotion using our existing sales force.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Establish MiOXSYS as a leading in vitro diagnostic device in the assessment of male infertility.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continue the commercialization of FDA-approved ProstaScint for the staging of both newly diagnosed high-risk and recurrent prostate cancer patients.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquire additional marketed products and late-stage development assets within our core urology focus that can be efficiently marketed through our growing commercial organization.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Develop a pipeline of urology products, with a focus on identifying novel products with sufficient clinical proof of concept that require modest internal R&amp;D expense.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">We plan to augment our core in-development
and commercial assets through efficient identification of complementary therapeutics, devices, and diagnostics related to urological
disorders. We intend to seek assets that are near commercial stage or already generating revenues. Further, we intend to seek to
acquire products through asset purchases, licensing, co-development, or collaborative commercial arrangements (co-promotions, co-marketing,
etc.).</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 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; text-align: justify; text-indent: 0.5in">&nbsp;</P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">
<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>Corporate Information</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">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-align: justify; 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; text-align: justify">&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 shareholders held on May 24, 2016, our shareholders approved (1) an
amendment to our Certificate of Incorporation to reduce the number of authorized shares of common stock from 300.0 million to 100.0
million, which amendment was effective on June 1, 2016, and (2) an amendment to our Certificate of Incorporation to affect a reverse
stock split at a ratio of 1-for-12 which became effective on June 30, 2016. At our special meeting of shareholders held on July
26, 2017, our shareholders approved an amendment to our Certificate of Incorporation to affect a reverse stock split at a ratio
of 1-for-20 which became effective on August 25, 2017. All share and per share amounts in this prospectus have been adjusted to
reflect the effect of these three reverse stock splits (hereafter referred to collectively as the &ldquo;Reverse Stock Splits&rdquo;).</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://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;</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>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_004"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investing in our securities involves a
high degree of risk. Before making an investment decision, you should consider carefully the risks, uncertainties and other factors
described in our most recent Annual Report on Form 10-K, as supplemented and updated by subsequent quarterly reports on Form 10-Q
and current reports on Form 8-K that we have filed or will file with the SEC, which are incorporated by reference into this prospectus.</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 business, affairs, prospects, assets,
financial condition, results of operations and cash flows could be materially and adversely affected by these risks. For more information
about our SEC filings, please see &ldquo;Where You Can Find More Information.&rdquo;</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><A NAME="b_005"></A>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated in a prospectus
supplement, we intend to use the net proceeds from the sale of the securities under this prospectus for general corporate purposes,
including and for general working capital purposes. We may also use a portion of the net proceeds to acquire or invest in businesses
and products that are complementary to our own, although we have no current plans, commitments or agreements with respect to any
acquisitions as of the date of this prospectus.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_006"></A>DESCRIPTION OF CAPITAL STOCK</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>General</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">We are authorized to issue up to 100.0
million shares of common stock, par value $0.0001 per share, and 50.0 million shares of preferred stock, par value $0.0001 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">As of November 21, 2017, a total of 4,897,638
shares of our common stock were issued and outstanding, and a total of 1,900 shares of our Series A Convertible Preferred Stock
were issued and outstanding.</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>Common 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">The holders of common stock are entitled
to one vote per share. Our Certificate of Incorporation does not expressly prohibit cumulative voting. The holders of our common
stock are entitled to receive ratably such dividends, if any, as may be declared by the Board of Directors out of legally available
funds. Upon liquidation, dissolution or winding-up, the holders of our common stock are entitled to share ratably in all assets
that are legally available for distribution. The holders of our common stock have no preemptive, subscription, redemption or conversion
rights.</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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our Certificate
of Incorporation provides our Board of Directors with the authority to divide the preferred stock into series and to fix and determine
the rights and preferences of the shares of any series of preferred stock established to the full extent permitted by the laws
of the State of Delaware and the Certificate of Incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On August 11,
2017, we filed a Certificate of Designation of Series A Convertible Preferred Stock with the Delaware Secretary of State classifying
and designating the rights, preferences and privileges of the Series A Preferred Stock, of which there are 10,000 shares authorized.
As of August 15, 2017, a total of 2,250 shares of Series A Convertible Preferred Stock were issued and outstanding. At any time,
at the option of the holder, Series A Preferred Stock may be converted into a number of shares of common stock equal to $1,000.00
divided by the conversion price, which is $3.00, subject to adjustment for stock splits, stock dividends and similar corporate
events. A holder will be prohibited from converting any Series A Preferred Stock if, as a result of such conversion, the holder,
together with its affiliates, would own more than 9.99% of the total number of shares of our common stock then issued and outstanding.
Except as otherwise expressly provided by law, the holders of shares of Series A Preferred Stock are entitled to vote with the
common stock, as if converted into shares of common stock, provided, however, that in no event will a holder of shares of Series
A Preferred Stock be entitled to vote a number of shares in excess of such holder&rsquo;s Beneficial Ownership Limitation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Transfer Agent
and Registrar</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The transfer agent
of our common stock is VStock Transfer. Their address is 18 Lafayette Place, Woodmere, NY 11598.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our common stock
is currently traded on the NASDAQ Capital Market under the symbol &ldquo;AYTU&rdquo;.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_007"></A>DESCRIPTION OF WARRANTS</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">We may issue warrants for the purchase
of preferred stock or common stock. Warrants may be issued independently or together with any preferred stock or common stock,
and may be attached to or separate from any offered securities. Each series of warrants will be issued under a separate warrant
agreement to be entered into between a warrant agent specified in the agreement and us. The warrant agent will act solely as our
agent in connection with the warrants of that series and will not assume any obligation or relationship of agency or trust for
or with any holders or beneficial owners of warrants. This summary of some provisions of the securities warrants is not complete.
You should refer to the securities warrant agreement, including the forms of securities warrant certificate representing the securities
warrants, relating to the specific securities warrants being offered for the complete terms of the securities warrant agreement
and the securities warrants. The securities warrant agreement, together with the terms of the securities warrant certificate and
securities warrants, will be filed with the Securities and Exchange Commission in connection with the offering of the specific
warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable prospectus supplement will
describe the following terms, where applicable, of the warrants in respect of which this prospectus is being delivered:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the title of the warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the aggregate number of the warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the price or prices at which the warrants will be issued;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the designation, amount and terms of the offered securities purchasable upon exercise of the warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable, the date on and after which the warrants and the offered securities purchasable upon exercise of the warrants will be separately transferable;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the terms of the securities purchasable upon exercise of such warrants and the procedures and conditions relating to the exercise of such warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any provisions for adjustment of the number or amount of securities receivable upon exercise of the warrants or the exercise price of the warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the price or prices at which and currency or currencies in which the offered securities purchasable upon exercise of the warrants may be purchased;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the date on which the right to exercise the warrants shall commence and the date on which the right shall expire;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the minimum or maximum amount of the warrants that may be exercised at any one time;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">information with respect to book-entry procedures, if any;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if appropriate, a discussion of Federal income tax consequences; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other material terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.</FONT></TD></TR>
</TABLE>
<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: justify">Warrants for the purchase of common stock
or preferred stock will be offered and exercisable for U.S. dollars only. Warrants will be issued in registered form only.</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">Upon receipt of payment and the warrant
certificate properly completed and duly executed at the corporate trust office of the warrant agent or any other office indicated
in the applicable prospectus supplement, we will, as soon as practicable, forward the purchased securities. If less than all of
the warrants represented by the warrant certificate are exercised, a new warrant certificate will be issued for the remaining warrants.</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">Prior to the exercise of any securities
warrants to purchase preferred stock or common stock, holders of the warrants will not have any of the rights of holders of the
common stock or preferred stock purchasable upon exercise, including in the case of securities warrants for the purchase of common
stock or preferred stock, the right to vote or to receive any payments of dividends on the preferred stock or common stock purchasable
upon exercise.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_008"></A>DESCRIPTION OF UNITS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As specified in the applicable prospectus
supplement, we may issue units consisting of shares of common stock, shares of preferred stock or warrants or any combination of
such securities.</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">The applicable prospectus supplement will
specify the following terms of any units in respect of which this prospectus is being delivered:</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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the terms of the units and of any of the common stock, preferred stock and warrants comprising the units, including whether and under what circumstances the securities comprising the units may be traded separately;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a description of the terms of any unit agreement governing the units; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a description of the provisions for the payment, settlement, transfer or exchange of the units.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_009"></A>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We may sell the securities
offered through this prospectus (i) to or through underwriters or dealers, (ii) directly to purchasers, including our affiliates,
(iii) through agents, or (iv) through a combination of any these methods. The securities may be distributed at a fixed price or
prices, which may be changed, market prices prevailing at the time of sale, prices related to the prevailing market prices, or
negotiated prices. The prospectus supplement will include the following information:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the terms of the offering;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the names of any underwriters or agents;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the name or names of any managing underwriter or underwriters;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the purchase price of the securities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any over-allotment options under which underwriters may purchase additional securities from us;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the net proceeds from the sale of the securities</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any delayed delivery arrangements</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any underwriting discounts, commissions and other items constituting underwriters&rsquo; compensation;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any initial public offering price;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any discounts or concessions allowed or reallowed or paid to dealers;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any commissions paid to agents; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any securities exchange or market on which the securities may be listed.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Sale Through Underwriters or Dealers</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">Only underwriters named in the prospectus
supplement are underwriters of the securities offered by the prospectus supplement.</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">If underwriters are used in the sale, the
underwriters will acquire the securities for their own account, including through underwriting, purchase, security lending or repurchase
agreements with us. The underwriters may resell the securities from time to time in one or more transactions, including negotiated
transactions. Underwriters may sell the securities in order to facilitate transactions in any of our other securities (described
in this prospectus or otherwise), including other public or private transactions and short sales. Underwriters may offer securities
to the public either through underwriting syndicates represented by one or more managing underwriters or directly by one or more
firms acting as underwriters. Unless otherwise indicated in the prospectus supplement, the obligations of the underwriters to purchase
the securities will be subject to certain conditions, and the underwriters will be obligated to purchase all the offered securities
if they purchase any of them. The underwriters may change from time to time any initial public offering price and any discounts
or concessions allowed or reallowed or paid to dealers.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If dealers are used in the sale of securities
offered through this prospectus, we will sell the securities to them as principals. They may then resell those securities to the
public at varying prices determined by the dealers at the time of resale. The prospectus supplement will include the names of the
dealers and the terms of the transaction.</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"><B>Direct Sales and Sales Through Agents</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 may sell the securities offered through
this prospectus directly. In this case, no underwriters or agents would be involved. Such securities may also be sold through agents
designated from time to time. The prospectus supplement will name any agent involved in the offer or sale of the offered securities
and will describe any commissions payable to the agent. Unless otherwise indicated in the prospectus supplement, any agent will
agree to use its reasonable best efforts to solicit purchases for the period of its appointment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell the securities directly to
institutional investors or others who may be deemed to be underwriters within the meaning of the Securities Act with respect to
any sale of those securities. The terms of any such sales will be described in the prospectus supplement.</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"><B>Delayed Delivery Contracts</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">If the prospectus supplement indicates,
we may authorize agents, underwriters or dealers to solicit offers from certain types of institutions to purchase securities at
the public offering price under delayed delivery contracts. These contracts would provide for payment and delivery on a specified
date in the future. The contracts would be subject only to those conditions described in the prospectus supplement. The applicable
prospectus supplement will describe the commission payable for solicitation of those contracts.</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>Continuous Offering Program</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">Without limiting the generality of the
foregoing, we may enter into a continuous offering program equity distribution agreement with a broker-dealer, under which we may
offer and sell shares of our common stock from time to time through a broker-dealer as our sales agent. If we enter into such a
program, sales of the shares of common stock, if any, will be made by means of ordinary brokers&rsquo; transactions on the NASDAQ
Capital Market at market prices, block transactions and such other transactions as agreed upon by us and the broker-dealer. Under
the terms of such a program, we also may sell shares of common stock to the broker-dealer, as principal for its own account at
a price agreed upon at the time of sale. If we sell shares of common stock to such broker-dealer as principal, we will enter into
a separate terms agreement with such broker-dealer, and we will describe this agreement in a separate prospectus supplement or
pricing supplement.</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"><B>Market Making, Stabilization and Other
Transactions</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">Unless the applicable prospectus supplement
states otherwise, other than our common stock all securities we offer under this prospectus will be a new issue and will have no
established trading market. We may elect to list offered securities on an exchange or in the over-the-counter market. Any underwriters
that we use in the sale of offered securities may make a market in such securities, but may discontinue such market making at any
time without notice. Therefore, we cannot assure you that the securities will have a liquid trading market.</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">Any underwriter may also engage in stabilizing
transactions, syndicate covering transactions and penalty bids in accordance with Rule 104 under the Securities Exchange Act. Stabilizing
transactions involve bids to purchase the underlying security in the open market for the purpose of pegging, fixing or maintaining
the price of the securities. Syndicate covering transactions involve purchases of the securities in the open market after the distribution
has been completed in order to cover syndicate short positions.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Penalty bids permit the underwriters to
reclaim a selling concession from a syndicate member when the securities originally sold by the syndicate member are purchased
in a syndicate covering transaction to cover syndicate short positions. Stabilizing transactions, syndicate covering transactions
and penalty bids may cause the price of the securities to be higher than it would be in the absence of the transactions. The underwriters
may, if they commence these transactions, discontinue them at any time.</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"><B>General Information</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">Agents, underwriters, and dealers may be
entitled, under agreements entered into with us, to indemnification by us against certain liabilities, including liabilities under
the Securities Act. Our agents, underwriters, and dealers, or their affiliates, may be customers of, engage in transactions with
or perform services for us, in the ordinary course of business.</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><A NAME="b_010"></A>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The validity of the issuance of the securities
offered by this prospectus will be passed upon for us by Sichenzia Ross Ference Kesner LLP, New York, New York.</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><A NAME="b_011"></A>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of
Aytu BioScience, Inc. at June 30, 2017 and 2016, and for each of the two years in the period ended June 30, 2017, included in this
prospectus have been audited by EKS&amp;H LLLP, independent registered public accounting firm, as set forth in their report thereon
appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting
and auditing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_012"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We file annual, quarterly and special reports,
along with 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. You may also read and copy any document we file at the SEC&rsquo;s Public Reference Room at 100 F Street,
NE, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the Public Reference Room.</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">This prospectus is part of a registration
statement on Form S-3 that we filed with the SEC to register the securities offered hereby under the Securities Act of 1933, as
amended. This prospectus does not contain all of the information included in the registration statement, including certain exhibits
and schedules. You may obtain the registration statement and exhibits to the registration statement from the SEC at the address
listed above or from the SEC&rsquo;s internet site.</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">You may also read and copy any document
we file with the SEC at its public reference facilities at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You may also
obtain copies of these documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, N.E.,
Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference
facilities. You may also request a copy of these filings, at no cost, by writing or telephoning us at: 373 Inverness Parkway, Suite
206, Englewood, Colorado 80112, (720) 437-6580.</P>

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


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; 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="b_013"></A>INCORPORATION OF CERTAIN DOCUMENTS BY
REFERENCE</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">This prospectus is part of a registration
statement filed with the SEC. The SEC allows us to &ldquo;incorporate by reference&rdquo; into this prospectus the information
that we file with them, 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, and information that we file later with the
SEC will automatically update and supersede this information. The following documents are incorporated by reference and made a
part of this prospectus:</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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Annual Report on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417046061/v473641_10k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 10-K</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the fiscal year ended June 30, 2017, filed with the SEC on August 31, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Quarterly Report on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000121390017011671/f10q0917_aytubioscience.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 10-Q</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the fiscal quarter ended September 30, 2017, filed with the SEC on November 9, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Current Reports on Form 8-K filed with the SEC on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417038709/v471569_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 27, 2017</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417043700/v473390_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 16, 2017</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417045636/v474281_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 29, 2017</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417051206/v476415_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 3, 2017</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, and </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000121390017011027/f8k102617_aytubioscience.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 27, 2017</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, including our amended current report on Form 8-K filed on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417037384/v471025_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 20, 2017</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the description
of our common stock contained in our Registration Statement on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1385818/000114420417052856/tv476809_8a12b.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
8-A</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">filed with the SEC on October 17, 2017
(File No. 001-38247), including any amendment or report filed for the purpose of updating such description; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all reports and other documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this prospectus and prior to the termination of this offering.</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">Notwithstanding the foregoing, information
furnished under Items 2.02 and 7.01 of any Current Report on Form 8-K, including the related exhibits, is not incorporated by reference
in this prospectus.</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">Any statement contained in this prospectus
or in a document incorporated or deemed to be incorporated by reference&nbsp;into this prospectus will be deemed to be modified
or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus modifies or supersedes
the statement. Any statement so modified or superseded will 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-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will furnish without charge to you,
on written or oral request, a copy of the Annual Report incorporated by reference, including exhibits to the document. You should
direct any requests for documents to Aytu BioScience, Inc., 373 Inverness Parkway, Suite 206, Englewood, Colorado 80112, (720)
437-6580.&nbsp;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="img_01.jpg" ALT=""></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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4,450,000 Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pre-Funded Warrants to Purchase up
to 3,376,087 Shares of Common Stock</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Placement Agent Warrants to Purchase
up to 508,696 Shares of Common Stock</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">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>H.C. Wainwright&nbsp;&amp; Co.</B></FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>March 11, 2020</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">&nbsp;</P>

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

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