<SEC-DOCUMENT>0001144204-12-018304.txt : 20120330
<SEC-HEADER>0001144204-12-018304.hdr.sgml : 20120330
<ACCEPTANCE-DATETIME>20120330090534
ACCESSION NUMBER:		0001144204-12-018304
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120330
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120330
DATE AS OF CHANGE:		20120330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Synthetic Biologics, Inc.
		CENTRAL INDEX KEY:			0000894158
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				133808303
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12584
		FILM NUMBER:		12726201

	BUSINESS ADDRESS:	
		STREET 1:		3930 VARSITY DRIVE
		CITY:			ANN ARBOR
		STATE:			MI
		ZIP:			48108
		BUSINESS PHONE:		734-332-7800

	MAIL ADDRESS:	
		STREET 1:		3930 VARSITY DRIVE
		CITY:			ANN ARBOR
		STATE:			MI
		ZIP:			48108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADEONA PHARMACEUTICALS, INC.
		DATE OF NAME CHANGE:	20081027

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIPEX PHARMACEUTICALS, INC.
		DATE OF NAME CHANGE:	20061214

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SHEFFIELD PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19970730
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v307864_8k.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (date of earliest event reported):
<B>March 30, 2012</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Synthetic Biologics, Inc.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of incorporation)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>01-12584 &nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">(Commission File Number)</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>13-3808303 &nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">(IRS Employer Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3985 Research Park Drive, Suite 200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ann Arbor, MI 48108</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices
and zip code)</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>(734) 332-7800</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number including
area code)</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">N/A</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name and Former Address)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt; font-size: 10pt">Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt; font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.02 &ndash; Results of Operations and Financial Condition.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On March 30, 2012, Synthetic Biologics, Inc., a Nevada corporation
(the &ldquo;Registrant&quot;), issued the attached press release that included financial information for its fiscal year ended
December 31, 2011. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information
contained in the press release is being furnished to the Commission and shall not be deemed incorporated by reference into any
of the Registrant&rsquo;s registration statements or other filings with the Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01</B> <B>Financial Statements and Exhibits.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">(d)&nbsp;&nbsp;</TD>
    <TD STYLE="width: 93%; padding-right: 0.8pt">Exhibits.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;Exhibit 99.1 Press Release issued by Synthetic Biologics, Inc. dated March 30, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></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>SIGNATURES</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">Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%; padding-right: 0.8pt">Dated:&nbsp;&nbsp;March 30, 2012&nbsp;&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 0.8pt">SYNTHETIC BIOLOGICS, INC.</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;(Registrant)</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;By:&nbsp; <U>/s/ C. Evan Ballantyne&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;Name: C. Evan Ballantyne</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;Title: Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></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>EXHIBIT INDEX</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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 0.8pt; text-decoration: underline"><U>Exhibit No .</U></TD>
    <TD STYLE="width: 90%; padding-right: 0.8pt; text-decoration: underline"><U>Exhibits.</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center">99.1</TD>
    <TD STYLE="padding-right: 0.8pt">Press Release issued by Synthetic Biologics, Inc. dated March 30, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v307864_ex99-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</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; text-align: right">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Synthetic Biologics Reports
2011 Year End Financial Results</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B><I>-- Company Prioritizes Focus on Synthetic
DNA-Based Therapeutics --</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>For Immediate Release</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>Ann Arbor, MI, March 30, 2012 &ndash;</B>
Synthetic Biologics, Inc. (NYSE Amex: SYN), a developer of synthetic DNA-based therapeutics and innovative disease-modifying medicines
for serious illnesses, today reported financial results for the year ended December 31, 2011 and summarized operational highlights.</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>Operational Highlights</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Synthetic Biologics &ndash; Prioritizes
Focus on DNA-Based Therapeutics</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Executed a worldwide exclusive collaboration with Intrexon Corporation (Intrexon) in November 2011
to develop a synthetic DNA-based therapy for pulmonary arterial hypertension (PAH). We intend to utilize Intrexon's UltraVector&reg;
platform and RheoSwitch Therapeutic System&reg; that provide precise and continuous <I>in vivo</I> cellular production of prostacyclin
synthase to the pulmonary arteries of PAH patients.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Established an office near the Human Therapeutics Division of Intrexon in Maryland to enhance our
collaboration.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Recruited gene medicine industry pioneer, John Monahan, Ph.D., to serve as Senior Vice President
of Research &amp; Development. Dr. Monahan most recently served as founder and CEO of Avigen, Inc.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Divested our clinical reference lab, a non-core asset, concentrating our focus on developing DNA-based
medicines.</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"><I>Multiple Sclerosis (MS) &ndash; Two
Phase II Clinical Trials Ongoing</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Completed enrollment of 164 patients in
a randomized, double-blind, placebo-controlled, multi-center Phase II clinical trial evaluating the efficacy and safety of our
proprietary oral formulation of estriol (Trimesta&trade;) for the treatment of relapsing-remitting MS in women. According to various
reports, sales of oral disease-modifying therapies for MS, of which Trimesta&trade;, if and when approved, would be in a drug class,
that is expected to reach $5 billion annually by 2017.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Initiated patient enrollment in a second
randomized, double-blind, placebo-controlled Phase II clinical trial of Trimesta&trade;<SUP> </SUP>for the treatment of cognitive
dysfunction in MS. Charitable organizations have pledged to financially support a majority of this new MS clinical trial.</FONT></TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal"><I>Executive
Management Team and Board of Directors &ndash; Strengthened by New Members</I></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Jeffrey Riley was appointed as President and Chief Executive Officer. Mr. Riley has more than 20
years of experience in the biotechnology and pharmaceutical industries, including Pfizer and SmithKline Beecham.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">C. Evan Ballantyne was appointed as Chief Financial Officer. Mr. Ballantyne was the former CFO
of Clinical Data, Inc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Scott L. Tarriff and Nelson K. Stacks, pharmaceutical and life science veterans, were appointed
to the Board of Directors.</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">&ldquo;During the past four months we&rsquo;ve
focused our efforts on an early but very promising program in &lsquo;next generation&rsquo; gene therapy and continued to advance
our strong late stage clinical programs,&rdquo; said Jeffrey Riley, Chief Executive Officer of Synthetic Biologics. &ldquo;We&rsquo;ve
augmented our management team, added significant strength to our board, and furthered our product pipeline while maintaining a
cash position consistent with current needs.&rdquo;</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">Mr. Riley added, &ldquo;Over the longer
term, we believe our collaboration with Intrexon will provide us with the ability to tackle unmet medical needs, such as PAH, and
to establish our presence in the emerging field of DNA-based therapeutics.&rdquo;</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>Year Ended December 31, 2011 Financial Results</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 part of management&rsquo;s plan to streamline
our focus, we sold the clinical reference lab on March 8, 2012. Laboratory revenues for the year ended December 31, 2011 were charged
to discontinued operations, resulting in no revenues for the period.</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">Revenues for the year ended December 31,
2010 were $2.6 million. Revenues consisted of a $2.1 million upfront payment from Meda AB sublicense of flupirtine for fibromyalgia
and $489,000 of grant revenues from the Qualifying Therapeutic Discovery Project Program.</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">Total costs and expenses for the year ended
December 31, 2011 were $5.9 million, compared to $3.7 million for the same period in 2010. As described below, the year-over-year
growth in total costs and expenses of $2.2 million was primarily related to non-cash charges.</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">General and administrative expenses increased
by 22% to $2.6 million for the year ended December 31, 2011, compared to $2.1 million for the same period in 2010. This change
is primarily the result of non-cash charges related to stock-based compensation which increased to $919,000 for the year ended
December 31, 2011, from $310,000 for the same period in 2010.</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">Research and development expenses were
$3.3 million for the year ended December 31, 2011, compared to $1.6 million for the same period in 2010. This 111% increase is
primarily driven by a $1.7 million one-time non-cash charge for the fair market value of the common stock issued to Intrexon Corporation
as consideration for the exclusive collaboration agreement entered into in November 2011.</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">Other income and expense, net, was $1.7
million for the year ended December 31, 2011, compared to $112,000 for the same period in 2010. This increase was related to the
$1.7 million estimated fair value of the warrants issued in connection with the January 2011 and April 2011 financings.</P>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash at December 31, 2011 was $6.7 million
compared to $2.6 million at December 31, 2010. As of March 26, 2012, we had approximately $6.9 million in cash, including $1.4
million from recent warrant exercises.</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>About Synthetic Biologics, Inc.</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">Synthetic Biologics is a biotechnology
company focused on the development of synthetic DNA-based therapeutics and innovative disease-modifying medicines for serious
illnesses. Synthetic Biologics is developing, or has partnered the development of, product candidates for the treatment of pulmonary
arterial hypertension, relapsing-remitting multiple sclerosis, cognitive dysfunction in multiple sclerosis, fibromyalgia and amyotrophic
lateral sclerosis (ALS). For more information, please visit Synthetic Biologics&rsquo; website at <U>www.syntheticbiologics.com</U>.</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">UltraVector&reg; and RheoSwitch Therapeutic
System&reg; are registered trademarks of Intrexon Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This release includes forward-looking
statements on Synthetic Biologics&rsquo; current expectations and projections about future events. In some cases forward-looking
statements can be identified by terminology such as &quot;may,&quot; &quot;should,&quot; &quot;potential,&quot; &quot;continue,&quot;
&quot;expects,&quot; &quot;anticipates,&quot; &quot;intends,&quot; &quot;plans,&quot; &quot;believes,&quot; &quot;estimates,&quot;
and similar expressions. These statements are based upon current beliefs, expectations and assumptions and are subject to a number
of risks and uncertainties, many of which are difficult to predict and include statements regarding the intended use of certain
Intrexon intellectual property, the benefits of our collaboration with Intrexon and the expected size of the future market for
sales of oral disease-modifying therapies for MS. The forward-looking statements are subject to risks and uncertainties that could
cause actual results to differ materially from those set forth or implied by any forward-looking statements. Important factors
that could cause actual results to differ materially from those reflected in Synthetic Biologics&rsquo; forward-looking statements
include, among others, a failure to receive the necessary regulatory approvals for commercialization of our therapeutics, a failure
of our clinical trials to be commenced or completed on time or to achieve desired results, a failure of our clinical trials to
receive anticipated funding, a failure of gene therapy to receive market acceptance, or a failure by us or our strategic partners
to successfully commercialize products and other factors described in Synthetic Biologics&rsquo; report on Form 10-K for the year
ended December 31, 2011 and any other filings with the SEC. The information in this release is provided only as of the date of
this release, and Synthetic Biologics undertakes no obligation to update any forward-looking statements contained in this release
on account of new information, future events, or otherwise, except as required by law.</I></P>

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

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

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Synthetic Biologics, Inc. and Subsidiaries</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(formerly Adeona Pharmaceuticals, Inc.)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center">(in thousands, except share and per share amounts)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 10pt; font-weight: bold">Condensed Consolidated Balance Sheets (Audited)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font-size: 10pt; padding-left: 0.12in">Cash</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,678</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2,649</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">Other current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">421</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">682</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">Assets of discontinued operations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">214</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">Property and equipment, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">323</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">475</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.12in">Other assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">31</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">91</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; padding-left: 0in">Total assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">7,476</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">4,111</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Liabilities and Stockholders&rsquo; Equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">Current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">417</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">500</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">Other liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.12in">Stockholders' equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,059</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,579</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total liabilities and stockholders' equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">7,476</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">4,111</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-size: 10pt; font-weight: bold">Condensed Consolidated Statements of Operations (Audited)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the years ended<BR> December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Revenues</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,614</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Operating Costs and Expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">General and administrative</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,588</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,117</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.12in">Research and development</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,340</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,580</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total operating costs and expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,928</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,697</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Loss from Continuing Operations</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(5,928</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,083</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Other Income (Expense)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">Warrant expense </TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,492</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">Change in fair value of warrant liability</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(242</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.12in">Other income (expense), net</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">36</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(112</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total other (expense)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,698</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(112</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net Loss from Continuing Operations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7,626</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,195</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net Loss from Discontinued Operations</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(523</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(516</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net Loss</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(8,149</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(1,711</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net Loss Per Share - Basic and Dilutive</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.12in">Continuing Operations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">(0.27</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">(0.06</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 0.12in">Discontinued Operations</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.02</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.02</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">Net Loss Per Share</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(0.29</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(0.08</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Weighted average number of common shares outstanding - Basic and Dilutive</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">27,710,428</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">22,393,568</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>For further information, please contact:</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">Kris Maly</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(734) 332-7800, Ext. 22</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: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`!N`C,#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^BBB@`HH
MHH`**BDN(8O]9+&G^\P%1/J%I'`\[7,8B3[S`Y`I-I*[!)O1%JBL^+7-,F52
ME]!\W(!D`/Y&KJ2QR#*.K#U!S4QJ0E\+N5*$H[H?1115DA1110`4444`%%%%
M`!1110`4444`%%(S!5+,0`!DD]JQ;GQAX;LV99]<L%9>JB=6(_`4`;=%8EMX
MO\.7C*D&N6#.W13.JD_@36TK*ZAE8,I&00>#0`M%,DECB`,DBH#TW'%,^UVW
M_/Q%_P!]B@":BFHZ2+N1@R^H.13J`"BBHWGAC;;)+&K>C,!0!)14/VNV_P"?
MB+_OL4K7,",5::-2.H+`4`2T5$EQ!(VU)HV;T5@34M`!113))HXL>9(B9Z;C
MC-`#Z*A%U;D@">(D\`!Q2M<0(Q5YHU8=06`-`$M%0_:[;_GXB_[[%'VNV_Y^
M(O\`OL4`345#]KMO^?B+_OL4?:[;_GXB_P"^Q0!-142W,#L%2:-F/0!@30US
M;JQ5IXP1U!<<4`2T5&D\,C;8Y8V;T5@:DH`***C>>&-MLDL:MZ,P%`$E%1+<
MV[,%6>,D]`''-.DFBBQYDB)GIN8#-`#Z*A^UVW_/Q%_WV*/M=M_S\1?]]B@"
M:BH?M=M_S\1?]]BC[7;?\_$7_?8H`FHJ(7$!5F$T95>IW#`S2?:[;_GXB_[[
M%`$U%0_:[;_GXB_[[%'VNV_Y^(O^^Q0!-14/VNV_Y^(O^^Q1]KMO^?B+_OL4
M`344SSHO+\SS$V?WMPQ^=,^UVW_/Q%_WV*`)J*:CK(H9&#*>X.13J`"BCI6-
M=^*_#]BQ2YUJPC<=4\]2P_`'-`&S16%;>,O#5VP6'7+`L>BM.%)_`UMHZR('
M1@RD9!!R#0`ZBBB@`HHHH`***R-<U$VD`AB.)9`>1_"*`%U'6X;-C%$/-F'7
MGA?J?Z5@3ZG>W;8:9\'HB<#\AUJK'&TL@1>IKH=,TM2-Q&%'5N['_"F(QX=-
MGF(&,$]NIK1NO#\FI011W!>-8QA?+(`^I7UKHDC2)=J*%'M3JSJ4XU(\LUH7
M3G*G+FB]3A9O!<Z2!8W+J?XL]/K43>$M2MVWP.=P[HV#_.O0**\QY11W3:.Y
M9G7ZV9Y^+CQ)IF`9I&4=I1N!_$_XUJIXO^QV-M-J=LZM,[)F(<`+CG!^OK75
M8!&".*H7NCV=_"(Y8@`N=I3C&>OMVKHPN$G1J7E-N/8BIB:=5)2@EYH=I^KV
M&J1[[.Y27'50<,/J#S5ZN!U'P7<6DGVG3I6#+RIB.&'X?X4FG^,+_3)!!K$)
MFB!P)D&&'U]?T->FZ=]8.YDZ"DKTW<[^BJME?VVH6ZSVDRRQGNI_0^E6JRM8
MYVFMPHHHH`****`"LCQ)X@M/#&BS:E>9*I\J1J>9'/11_GH#6O7C?QPNY3<Z
M19@D1!))2,_>)(`_(`_G0!PGB3QGK7BB=FO;IEML_):Q$K&OX=S[FL*&WFN7
MV0122M_=12Q_(5-IT$5UJ=I;SOY<,LR)(^<;5+`$\U]5Z=IMEI-FEI86T=O`
M@P$1<?B?4^YYI@?)LD4D3[)$9&]&!!_6MCP_XMUGPU<+)IUXZQ`Y:W<[HG^J
M_P!1@U]+ZIH^GZU9M::C:17$3#&'7E?<'J#[BOFW6/"&K:;K-Y90:=?3PPS,
MD<JV[,'7/!R!CIBD![,9-.^*G@618U$-R#P&Y,$X''/]TYZ]P3WKY_N[6>QN
MYK6YC,<\+E'1NJD=17J?P=M]5TWQ!>V]U8WEO;3VV[,L+*N]6&.2/1FJU\8/
M".]1XDLX^5`CO%`ZCHK_`(<`_A0!F?"+Q;]@U`^'[R3_`$:[;=;DGA)?[OT;
M^8]Z]PKY!1VC=71BKJ<JPX(-?2O@+Q4GBKPY'/(P^W08BNE_VNS?1AS^8[4`
M;FK:G;:-I5SJ-V^V"W0NWJ?0#W)X'UKY>UW6;GQ!K5UJ=V?WDSY"]D7LH]@*
M[WXN^+?[0U$:!9R9MK1MUP5/WY?[OT4?KGTKSFPL;C4[^"RM(S)<3N$11W)_
ME0!U_P`,_"7_``DFOBYNH]VG61#R@CB1_P"%/?ID^P]ZH_$C'_"P=7Q_ST3_
M`-`6O?O#&@6_AG0+;3+?!*#=+)C_`%DA^\W^>P`KP'XD_P#)0M8_ZZ)_Z`M`
M&!I>I7.D:G;:A9OLN+=PZ'^A]0>E?4'AS7;;Q)H=OJ=KPLHPZ9R8W'53]#^F
M#7RI7<_#+Q?_`,(YKGV2[EVZ;>D+)D\1O_"_L.Q]N>U`'T/7C_QT_P"8#_V\
M?^TJ]@ZUX_\`'3_F`?\`;Q_[3H`\Q\._\C-I7_7Y#_Z&*WOBE_R4?5O^V/\`
MZ)2L'P]_R,NE?]?D7_H8KZ3O_"'A_5+Z2\OM*MY[F3&^1P<G``'Z`"@#Y:HK
MZ<_X0#PI_P!`.T_(_P"->'_$C3;/2?&MW9V%NEO;HD96-!P"4!-`')T5T?@2
MQMM2\:Z99WD*S6\KL'C;HWR,:]Y_X0#PI_T`[3\C_C0!X;\-O^2A:1_UT?\`
M]`:J?C;_`)'C6O\`K\D_]"KZ%L?!WAW3;V*\L])MX;B(DI(H.5XQQ^=?/7C;
M_D=];_Z_)/\`T*@#I/@U_P`CN_\`UYR?^A+7OU>`_!K_`)'=_P#KSD_]"6O?
MJ`"O`?C+_P`CNG_7G'_Z$U>_5X#\9?\`D=T_Z\X__0FH`YOP3_R/&B_]?D?_
M`*%7>?'+_C]T7_KG+_-:X/P3_P`COHG_`%^1_P#H5=Y\<O\`C]T7_KG+_-:`
M/):*EME#W4*L,JS@$'TS7TO_`,(!X4_Z`=I^1_QI@?,=%?3G_"`>%/\`H!VG
MY'_&C_A`/"G_`$`[3\C_`(T@/$_#O_)./&G_`&X_^CC7'U]2P^$/#]O975E#
MI5NEM=;//C`.)-IRN>>QJM_P@'A3_H!VGY'_`!H`^8Z*]U^(7A#P_I?@;4KR
MQTFW@N8_*V2(#D9E0']":\*I@%%>Z_#WPAX?U3P-IMY?:3;SW,GF[Y'!R<2N
M!^@%=/\`\(!X4_Z`=I^1_P`:0'GL/_)N]Q_UT'_I2M>2U]#?$'3;/2?A;J=G
M86Z6]NAB*QIT&9D)KYYH`^D/A;_R3C2?^VW_`*.>M3Q3XIL/"FE&]O#N=CMA
M@4_-*WH/;U/:LOX7$#X;Z43P!YW_`*.>O%/''B5_$_B:XNPY-I&?*MESP$'?
M'J>OXX[4`'B3QSKGB:5Q=7316A/RVL)VH![_`-[ZFN:KH/"'A:Y\6ZVEC"WE
MPJ-\\V,[$_Q/05]!:-X-T#0H$CL]-@+KUFE0/(Q]2QY_`8%`'R[6UH'BO6?#
M4XDTV\=$SEH&^:-_JO\`7@U]':KX6T/6H&BO]-MY-W\80*X^C#D5\_\`CGPC
M+X0UO[,KM+9S+OMY6ZD=P?<?X4`>Y>#/&-GXOTPS1#R;N+`GMRV2I[$'NI]:
MZ:OF/P+KDF@>+["Z5ML,CB"<=BC'!S].&_"OIR@`HHHH`*XW6Y3+JTV3PN%`
M_"NRKC-90QZM.#W(;\Q30#M.C^1I,<DX%==%&(HE0=%&*Y6P/^C*1V)KK%8.
MH8=",BA@+1112`****`"BBB@`K,U/1+75(SYB!9",;P/Y^M:=%--K5#C)Q=T
M>875AJGA6_\`M%F[*.I4<JX_K_,5V7A_Q-:ZY%LXBNE&7B)_4>HK6NK6&\MV
MAF3<I_,>XKS#6-.DTK43<64C+)$VX,`5/UP:V5JJL]SKBXUU9[GJU%<SX?\`
M%MKJD$<5TZPWN0FSLY]1735BXN+LSEG!P=F%%%%(D*\X^+OAFXUC1;?4K.-I
M9[`MYB*,EHVQD^^"`?H37H]%`'Q_76Z+\2/$NAQI#%>BYMT&%ANE\P`>F?O8
M_&O6_$7PMT#797N85?3[IR2SVX&UCZE#Q^6*\_U+X,:_:[FL;FTO5[#/EN?P
M/'ZT`;>F_&^(X75-'=?62UD!_P#'6Q_Z%7::+\0O#6NR+#;Z@(;AC@0W(\MB
M?09X)^AKY_U3POKFBAFU'2KJ"-3@R%,I_P!]#C]:R*8'V!45Q;Q7=M+;3QK)
M#*I1T89#*>"*\@^%/CBZDOD\/:G.TT<BG[))(<LA`SL)[C'3TQCOQ[)2`^7_
M`!EX9E\*^(9K%MS6[?O+>0_QQG./Q'(/T]ZA\-^)]0\+WDUSI[@--"T3*PR.
M1P?J#@__`*Z]Y^(/A1?%/AUTA4?;[;,ELWJ>Z?\``@/SQ7S:058JP((X((Z&
M@!7=I':1V+,QRS$Y))[U[/\`"#PC]FMCXCO(_P!],"EHK#[J=W^IZ?3ZUYWX
M&\+2>*O$45HP86<6)+IQV3/3ZGI^O:OIB**."%(8D"1QJ%15&`H'``H`?7S3
M\2?^2A:Q_P!=$_\`0%KZ6KYI^)/_`"4+6/\`KHG_`*`M`!X%\-Q^*K_4].8A
M9AI[RV[GHL@=,?AR1^-<U<VTUG=2VUQ$T4\3%'1NJL."*]#^"G_(Y7G_`&#W
M_P#1D=;7Q?\`"&Y?^$ELH^1A+Q5'4=%?^0/X4`;7PJ\7_P!MZ/\`V3>29O[%
M`%)/,L70'ZCH?P]:P_CI_P`P#_MX_P#:5>7:+J]UH6KVVI6;;9H'W#T8=U/L
M1Q7H/Q8UBUU[1_#&IV;9AG6X.#U4_N\J?<'(_"@#@?#W_(RZ5_U^1?\`H8KZ
MNKY1\/?\C+I7_7Y%_P"ABOJZ@`KYU^+'_)0KW_KG%_Z`*^BJ^=?BQ_R4*]_Z
MYQ?^@"@"G\-O^2A:/_UT?_T!J^EJ^:?AM_R4+1_^NC_^@-7TM0`5\N^-O^1W
MUO\`Z_)/_0J^HJ^7?&W_`".^M_\`7Y)_Z%0`GA/Q--X3UAM1@MX[AS$T6R0D
M#D@YX^E=O_PO#4O^@/:?]_&K@O#GAV^\4:F=/T]H1,(S(?-8J,#'L?45U?\`
MPIKQ/_STT_\`[_-_\30!I?\`"\-2_P"@/:?]_&KB/%GB:;Q9K"ZC/;QV[B)8
MMB$D<$G//UKI?^%->)_^>FG_`/?YO_B:Y3Q'X=OO"^IC3]0:$S&,2#RF+#!S
M[#T-`$_@G_D=]$_Z_(__`$*N\^.7_'[HO_7.7^:UP?@G_D=]$_Z_(_\`T*N\
M^.7_`!^Z+_USE_FM`'E,,GE3QR$9V,&Q7L7_``O*V_Z`4W_@2/\`XFO&XT,L
MJQKC+$*,^IKT#_A37B?_`)Z:?_W^;_XFF!TG_"\K;_H!3?\`@2/_`(FC_A>5
MM_T`IO\`P)'_`,37-_\`"FO$_P#STT__`+_-_P#$T?\`"FO$_P#STT__`+_-
M_P#$T@/:O#NLKX@T"TU5(#`MPI81EMQ7#$=?PK4K#\(:3<Z%X4L-,NS&;B!&
M#^6<KRQ/!_&MR@#C_BE_R3C5O^V/_HY*^;Z^D/BE_P`DXU;_`+8_^CDKYOH`
M^D/A;_R3C2?^VW_HYZ["N/\`A;_R3C2?^VW_`*.>NPH`X_XI?\DXU;_MC_Z.
M2OF^OI#XI?\`).-6_P"V/_HY*^;Z`/<]`O6T_P"`K7*-M=;6X56ST+2NH/YF
MO#*]IL(FF_9Z=4ZB&5OP%PQ/\J\6I@>\?!C3DM_"EQ?8_>W5P03C^%!@#\RW
MYUZ17"?"*=9O`4*+C,,\B-SWSN_DPKNZ0!5#4M%TS6!&-2L+>[$62GG1AMN>
MN,_05?JO=7UI8HKWEU#;JQP&ED"`GT&:`,D>"O#(((T+3P1R"(%K>K-_X2'1
M/^@QI_\`X$I_C6B"&`(.0>XH`6BBB@`KGO$EKS'=*./N-_3^M=#45Q`ES`\,
M@RKC!H`Y+36+"2,`G'S<#I_GBNDTZ</#Y1/S)_*LO3X)-*CU*64<PIE3V8`$
M_P"%1V>NQR;)I803UWQ\'\1WKGK8JG2DHS>XKVT.FHJI;ZE:W.!'*NX_PMP:
MMUK"<9J\7<844458!1110`4444`%4M0L(;ZV99(5=@#LR<$'Z]JNT47ML--I
MW1Y7X9CL[CQ4DD$H06S.9[:8A9864$$$=P#W&?PKT#P_KEKXBT6WU.TR(Y1R
MAZHPX*GZ&O'?BCIQL/%SW-N3&UQ$LP9#@AN5/3Z9_&KGP>UI[35[C1Y'_=72
M^9$">DBCG'U7_P!!%8O$2E4Y9'O8C+E4POUJ#OHG;\SVJBBBMCP`KQ+QUXZ\
M5:'XRO["SU+R;6,H8D^SQ-@%%/5E)/)->VUYC\5_!<^L01ZWIL1ENK=-D\2C
MF2,<@CU(YX[@^U`&%X#^(^N:AXMM;'6]366UN0T:@PQH`^/EY50>3Q]37M=?
M(`)5L@D,._I7>:/\6_$FF0);SF"_C48#7"G?C_>!&?J<T`?014,I#`$'@@]Z
M^>_BOHVG:/XK1=.C2%;B`320IPJ-N(X';.,XK0O/C3KTT92ULK*W)'WR&<CZ
M9./T->?:AJ%YJM]+>WUP\]S*<O(YY-`&EX-\S_A-=$\K.[[;#G']W>,_IFOJ
M2O%/A'X/GFU%?$5[$T=O""+4,,>8Q&"WT`)_'Z5[70`5\BW?_'[/_P!=&_F:
M^NJ^1;O_`(_9_P#KHW\Z`/5/@=_Q^ZU_USB_FU>S5XS\#?\`C]UK_KG%_-J]
MFH`*^:?B3_R4+6/^NB?^@+7TM7S3\2?^2A:Q_P!=$_\`0%H`WO@I_P`CE>?]
M@]__`$9'7ND\$5U;R6\\:R0RJ4=&&0RG@@UX9\%/^1RO/^P>_P#Z,CKW>@#Y
MB\:^%Y?"GB&6S(8VLF9+:0_Q)Z9]1T/_`->L%KB5K:.W:1C#&[.B=@6`!(^N
MU?RKZ3\=^%(_%?A^2W50+V#,EJYXPW=2?1NGY'M7S5+%)!*\,J,DD;%75A@J
M0>1]:8%_P]_R,NE?]?D7_H8KZNKY1\/?\C+I7_7Y%_Z&*^KJ0!7SK\6/^2A7
MO_7.+_T`5]%5\Z_%C_DH5[_USB_]`%`%/X;?\E"T?_KH_P#Z`U?2U?-/PV_Y
M*%H__71__0&KZ6H`*^7?&W_([ZW_`-?DG_H5?45?+OC;_D=];_Z_)/\`T*@#
MI/@U_P`CN_\`UYR?^A+7OU>`_!K_`)'=_P#KSD_]"6O?J`"O`?C+_P`CNG_7
MG'_Z$U>_5X#\9?\`D=T_Z\X__0FH`YOP3_R.^B?]?D?_`*%7>?'+_C]T7_KG
M+_-:X/P3_P`COHG_`%^1_P#H5=Y\<O\`C]T7_KG+_-:`/*[3_C]@_P"NB_S%
M?75?(*L4=64X8'(/O71?\)_XK_Z#MW^8H`^G**^8_P#A/_%?_0=N_P`Q1_PG
M_BO_`*#MW^8H`^G**\C^$WB76M;UZ]@U+49KJ)+7>JR'@'<HS7KE`''_`!2_
MY)QJW_;'_P!')7S?7TA\4O\`DG&K?]L?_1R5\WT`?2'PM_Y)QI/_`&V_]'/7
M85Q_PM_Y)QI/_;;_`-'/784`<?\`%+_DG&K?]L?_`$<E?-]?2'Q2_P"2<:M_
MVQ_]')7S?0!]$?#RSCU#X465E-_JKB*XB?Z-)(#_`#KP'4;"?2]2N;"Y7;-;
MR-&X]P<<>W>OH;X6_P#).-)_[;?^CGK#^)W@"36P=:TJ/=?QIB:!1S.HZ$?[
M0_4?3D`Y3X2>+(='U.;2;Z41VMZ08W8X5)1QSZ;A@9]A7N]?(+(R.RLI5E)!
M4C!![YKJM'^(_B?18$MX;_SX$&%CN4#[1Z9ZX_&@#Z4KPOXQ>(HM2UFWTBUD
M#QV(8S,IR/-/;\`/S)]*QM4^*/BG5+=H#>I:QL,-]F383_P+DC\#7&\L<G))
M-`%W1M-DUC6K+3H@2UQ,L>1V!/)_`<U]8JH10JC``P!7EOPJ\"S:7_Q/M4B,
M=U(FVVA8<QJ>K$=B1QCL,^M>IT`%%%%`!1110!D^))?)\/W;#J5"_F0/ZUP%
MM<R64NR9&53@E6!!'H<5ZH0#U&:R]8T.VUB'#C9,H^24#D>Q]17G8W!RK^]%
M[=#*<&W='++(K!77#*>>O!%=9I>H6MQ"L41V.H_U;-D_@>]>?W4%_H%R8;F,
MF,G@C[K>X-68+M)0)(7(8<\'!!KRJ%:>$F[HF-2VC/2:*Y2Q\2R0X2[4R+_?
M'WOR[UT-IJ%K>KF"96..5S@C\*]VCBJ=9>Z]3533V+5%%%=)04444`%-.=IV
MX!QQD4A=0^S<-V,[<\XK-US7K30K%KBX;+D?NX@?F<^@_P`:<8N3LB)U(TXN
M4G9(\?\`'NJW.J:JL%[:BWN;-6BD"G(8YSN'L1@US_A6=K+Q9I4Z$C%RBD^S
M':?T)KJO$/F>*-$77(H0;^!_(O(XAU4GY&`Z_P"S6/HWA?Q$]_;7=MHT[^3*
ML@$P\M6P0>K8XKSZ]*I3KN,EJC[K+\9A,1E:E!I)IK?K\SZ"'(%+5:QEN9K*
M-[JV^SSD?-$'#[3]1UJS7>?$M6=@HHHH$<EXA^'/A[Q%(T\ULUK=-DF>V(4L
M?5AC!_+/O7$W7P.D#$VFNJ1V66WP1]2&_I7L=%`'C,'P.NBP\_7(47//EVY;
M^;"NIT3X2^'=*E6>Z$NHS+R//P(P?]T=?H<UWM%`#5544*H"J!@`#``IU%%`
M!7FDOP6T665Y#J6H`LQ8@%.__`:]+HH`Y7PCX%L?!\MW)9W5S,;E55O.V\8S
MTP!ZUU5%%`!7!:[\*M*U_6[G5)[^\CEN&#,D>W:,`#C(]J[VB@#CO"GP[T[P
MCJDM_:7EU-))"82LVW`!93G@#GY:[&BB@`KAO$/PMT;Q#K$NIR7%S;2S`>8L
M.W:S#^+D=37<T4`><67P<T>QO[:\CU&_9X)5E4,4P2I!P?E]J]'HHH`*X?Q'
M\,=,\2ZU+JES>WD4LJJI2+;M&!CN/:NXHH`X+0OA5I6@:W;:I!?WDDMNQ94D
MV[3D$<X'O7>T44`%>>ZM\(](U?5KO49M0O4DN96E94V8!)S@?+7H5%`'&>%O
MAQIWA35SJ-K>7<TAB:+;+MQ@D'L/:NSHHH`*XSQ3\.-.\5ZN-1NKR[AD$2Q;
M8MN,`D]Q[UV=%`'GND_"/2-(U:TU&'4+UY+:5955]F"0<X/RUL>+O`MCXPEM
M)+RZN83;*RKY.WG..N0?2NJHH`\Q_P"%):)_T$]0_-/_`(FC_A26B?\`03U#
M\T_^)KTZB@#S'_A26B?]!/4/S3_XFC_A26B?]!/4/S3_`.)KTZB@#D/"?P^T
M_P`(7\]W:7=U,\T7E%9MN`,@\8`]*Z^BB@#+\0Z)!XCT*XTFYEDBBGV[GCQN
M&U@W&?=:X7_A26B?]!/4/S3_`.)KTZB@#+\/:)!X<T*WTFVEDEB@W;7DQN.Y
MBW./=JU***`,OQ#HD'B/0KC2;F62**?;N>/&X;6#<9]UKA?^%):)_P!!/4/S
M3_XFO3J*`,OP]HD'AS0K?2;:626*#=M>3&X[F+<X]VK4HHH`YCQ%X"T#Q*[3
M7=J8KH_\O-N=CGZ]F_$&N%N_@<V\FSUP;>RS6_(_$-_2O8:*`/&K;X'7!8?:
MM<B5<\B*W+$C\6&*[7P[\-O#_AV5+E('N[M#E9[DAMI]54<#Z]?>NPHH`***
M*`"BBB@`HHHH`****`(+JT@O(&AN(EDC;JK"N)U;P3<6[FXTB4N!SY3'##Z'
MO^/ZUWM%85L/3JKWD1*"EN>1?VA-;2F"^A>.1>#E<$?A5J*Y23#PR@D=U/(_
MPKTB^TRRU*+R[RVCE7MN'(^AZBN1U#X=QLQDTV\:)NH27D?@1R/UKRZF6SB[
MP=SGE2DMM2O;^(M2M<`3^8H_AD&[]>M:47C5A@368/J4?'Z&N4N]`\3:;G-J
M]Q&.C1?O,_E\U9$FJ7$#E+BU*..JG*G\C6:J8FEI=F3J5(GI8\;6./FM[@'V
M"G^M6-/\46VI7J6MO;S[F!)9@`%`[G!->4G6D[PM^=;'ASQAI^E3SFZMYP95
M"K)'@E!]#_GBNFCBJLII3=D..(FWKL:&O:W<_P#"3R7-G,4,`,*$<Y'?CH><
M_D*YG4;EIW:XO)VED/=SDGZ5LC28-5<G1M:M;EFY\J7,<OY'K]>*P=5T74-/
M<_;;:6,9P7897\QQ7VV%EAY17(U<^2Q=+&.HW53Y6[]U_D9%MX@U31KV6YTV
M<P/(GEGY0PQG/0\9KU3X>V6O302ZSKU]=227"[;>WD<A53KNV]`3QCCI]:C\
M,_#S3[?R=1OY8[V0@/&J<Q#N#_M?R]J[VN#&XFG-\L%\SZ7+<)4IQ3F].B%H
MHHKSCUPKSOXBJMQXF\)V<]U+;VEQ+.LQCE,>1^[ZD5Z)7G'Q(2PE\5>#TU0P
MBR,MQYWG,%3;B/J3TH`S?%6E:;X<TH:EX?\`$5\-426-8+=;WS?.)8`KMZG@
MD_A[UZI;-*]K$TRA92@+J.S8Y%>5^+;3X?VGA^XNM)N;"+4X@&M7T^ZS(),\
M<*W3W[5Z3H37CZ!IS:@"+UK:,S@]=^T9S[YH`T****`"N2^)LTL'P]U26&1X
MW7R<,C$$?O4[UUM<?\4O^2<:M_VQ_P#1R4`=5:G-G`3U\M?Y5-4-I_QY0?\`
M7-?Y5-0`4444`<UXYU^?P[X:DN;-0U[/(MO;`C/[QN_/H`365;?#2QFLUDU?
M4-1NM3=09;H73`J_^R/0=LYJS\2M,N]0\*K-91&6XL+E+Q8@,E]N01COPQ/X
M5HZ=XU\/:CI27ZZK:0H5!=)IE5HSW!!/7_(H`RO!FI:C;:SJWA75;IKN;3]L
MEO<O]Z2%NFX]R,K^9]*[6N!\&R/K_C'7/%$2.FGR*MI:,PQYH7&YN>V1^N.U
M=]0`4444`%</X(GFE\4>,4DE=UCOP$#,2%'S\#TKN*\V\):QIFE^+?&*ZAJ-
MI:&2_P`H+B=8]V"V<9(S0!Z315&QUG2]3=TT_4K.[=!EEMYUD*CU(!XJ]0`4
M444`17$\=K;2W$IVQQ(7<^@`R:\Z\/:%+X]MF\0^(;J[,%Q(WV2QBF*1Q1@D
M`G'.>#S[9[UZ%?VHOM.N;1CM$\3Q$^FX$?UKAOA]K]GIFC#PWJ]Q%8ZGIKO$
M\4[!-Z[B0RD]1S_7O0`P0W'@+Q9I=I;WEQ<:'JTGV<07$F\V\O\`"5)['(_7
MVKT2O.]:U*#Q;XVT'2M(F6Y@TVY%]>7$1W1IMQM7<.">WX_6O1*`"BBB@`KB
M/%U[J.I>(]-\):;=/9_:HVN+RYCX=(02`%/;)4C\NV:[>O/_`!1,/#7Q!TOQ
M+<(PTV>V-C<RJ,^4<DJQ]CQ_WR:`'W_PVM;:P>?0+W4+75H5W0S&Y8^8P[,#
MQ@_A_2NOT=]0?1[1M5C6._\`+`G52"-W0D8XYZ_C7%>+QX*NH)M8NKY;J[:(
M+!':WI+2G'RA51O7O6I\,':3X=Z4SL68^=DDY/\`K7H`Z^BBB@`K.U]F3PYJ
MC*Q5A:2D$<$'8:T:S?$/_(M:K_UYS?\`H!H`S_`DCR^!](DD=G=K<$LQR3R>
M]=%7-^`/^1"T;_KW'\S724`%%%%`&=KNJ)HFA7VINNX6T+2!?[S8X'XG`KC-
M#\%CQ%I4&L^)[R]NKZ]03"-9VC2!6Y4*J].,5U7BW2Y=9\)ZGI\`S--`?+'J
MPY`_,"L;P9XOTF[\,V<%U?6]I>V<2P7$%Q((V5D&TG![<?TH`G\+:1K>@ZM?
M:?/<RWFB;0]G//*&DC/=#WQ^G';-=97)^'_$]QXB\4ZFED(Y-"M(Q&EP%.9)
MB03M;."`,_IZUUE`!1110`5Y5*^GZ_X]UFR\5ZI+:Q6KJEC9M<&"-DY^;.1D
MG@]>_?MZK7`_VMH'B#6-2T;Q78:?;WMG.4@-P0IEB_A97.#SUP#W%`%WPYH&
MH:!XAE2QO'N?#<\&Z-99O,:&7/1?;'\QZ5V->7:+!IVD?$VTT_PI>-+IL]O(
M]_;Q3&6*(@':<Y.#G:/Q]Z]1H`****`"BBB@`HHHH`***:<XH`7(I-XIASBH
M9?-`.UE'UH`L[Q4<J0S+LEC1U]&7(K)G.I<^5/"/JIJJ#K@;YKJUV^@C-%A&
MA)X?T24Y?2K(GU\A?\*C'A70`Q8:3:Y/7,8/Z4^`WP`\V6(_1:O1[\?,0?I4
M^SCV%RQ[$-MI&F6;!K;3[6%AWCA53^@JZR*X*LH(/4$4@I<]*:5MAVZ#(8(K
M>(10QI'&,X5%``_"I:**8(****!A5._TG3=4\O\`M#3[2[\O.S[1"LFW.,XR
M#C.!^57**`,NW\-:%:SI/;Z)IL,R'*R1VJ*RGU!`XK4HHH`****`"H+JTMKZ
MV>VO+>*X@?&Z*9`ZM@Y&0>#R`?PJ>B@!`H50J@`#@`=J6BB@`HHHH`*Q+GP?
MX<N[LW5QHME),3DL81\Q]2.A_&MNB@!D44<$210QK'&@PJ(N`H]`!3Z**`"B
MBB@`K*G\-:#<SO//HFFS32-N>22TC9F)ZDDCFM6B@"C8Z-I>F.[Z?IMG:.XP
MS6\"QEAZ$@<U>HHH`****`"LS5/#VCZT5;4M-MKEE&%>2,%@/0'KBM.B@"GI
M^EV&DP>1I]G!:Q$Y*PQA<GU..IJY110`4444`%1S017,+PSQ)+$XPR.H96'H
M0>M244`8UEX3\/Z==_:[/1[.&<'(D6(94_[/I^%:=M:V]E;K;VL$4$*D[8XD
M"*,G)P!QU)-344`%%%%`!3)(TFC>*5%>-U*LK#(8'J".XI]%`$5O;06D"6]M
M#'#"@PD<:A54>@`Z5+110`4444`%8^H>%M!U6Y^TWVDVD\_>1HQN/U/?\:V*
M*`(+6SMK&W2WM+>*"%/NQQ(%4?0"IZ**`"BBB@`K-U30-)UH+_:6G6UT5X5I
J(P67Z'J*TJ*`*.FZ/INCPF+3K&WM4;&X11A=WU/?\:O444`%%%%`'__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
