<SEC-DOCUMENT>0001178913-21-001094.txt : 20210318
<SEC-HEADER>0001178913-21-001094.hdr.sgml : 20210318
<ACCEPTANCE-DATETIME>20210318103616
ACCESSION NUMBER:		0001178913-21-001094
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210318
FILED AS OF DATE:		20210318
DATE AS OF CHANGE:		20210318

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAINREFORM LTD.
		CENTRAL INDEX KEY:			0001801834
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39481
		FILM NUMBER:		21753447

	BUSINESS ADDRESS:	
		STREET 1:		4 BRURIA ST.
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			6745442
		BUSINESS PHONE:		972-9-960-1901

	MAIL ADDRESS:	
		STREET 1:		4 BRURIA ST.
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			6745442
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk2125783.htm
<DESCRIPTION>6-K
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: company
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div id="DSPFPageHeader">
      <div style="line-height: 1.25;">
        <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
    </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">Washington, D.C. 20549</div>
    <div style="text-align: center; line-height: 1.25;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">Form 6-K</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">Report of Foreign Private Issuer</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">Pursuant to Rule 13a-16 or 15d-16</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">of the Securities Exchange Act of 1934</div>
    <div style="text-align: center; line-height: 1.25;">&#160;</div>
    <div style="text-align: center; line-height: 1.25;">For the month of March 2021</div>
    <div style="text-align: center; line-height: 1.25;">&#160;</div>
    <div style="text-align: center; line-height: 1.25;">Commission File Number: 001-39481</div>
    <div style="text-align: center; line-height: 1.25;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"><font style="font-size: 16pt; font-family: 'Times New Roman',Times,serif;">PainReform Ltd</font><font style="font-size: 16pt;">.</font></div>
    <div style="text-align: center; line-height: 1.25;">(Translation of registrant&#8217;s name into English)</div>
    <div style="text-align: center; line-height: 1.25;">&#160;</div>
    <div style="text-align: center; line-height: 1.25;">4 Bruria St. Tel Aviv, 6745442</div>
    <div style="text-align: center; line-height: 1.25;">Israel</div>
    <div style="text-align: center; line-height: 1.25;">(Address of principal executive offices)</div>
    <div style="text-align: center; line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</div>
    <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    <div style="text-align: center; line-height: 1.25;">Form 20-F &#160;<font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font> &#160;&#160;&#160;&#160;&#160;Form 40-F &#160;<font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    <div style="text-align: center; line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____</div>
    <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____</div>
    <div style="text-align: center; line-height: 1.25;">&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
    <div style="text-align: center; line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">On March 18, 2021, PainReform Ltd. issued a press release entitled &#8220;PainReform Provides Year-End Business Update and Reports Progress Towards Commencing Phase 3 Trial of PRF-110 for Non-Opiate
      Post-Operative Pain Relief&#8221;. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. &#160;&#160;</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25;">Exhibit Index</div>
    <div style="text-align: center; text-indent: 27.5pt; line-height: 1.25;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z883ea77f67dc4531875e27bc338e85a4">

        <tr>
          <td style="width: 10.46%; vertical-align: bottom; border-bottom: 2px solid #000000;">
            <div style="line-height: 1.25;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;">Exhibit&#160;No.</div>
            </div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom;">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 89%; vertical-align: bottom; border-bottom: 2px solid #000000;">
            <div style="line-height: 1.25;">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;">Description</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.46%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 0.54%; vertical-align: top;">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 89%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.46%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center; line-height: 1.25;"><a href="exhibit_99-1.htm">99.1</a></div>
          </td>
          <td style="width: 0.54%; vertical-align: top; background-color: #CCEEFF;">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 89%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify; line-height: 1.25;"><a href="exhibit_99-1.htm"><u>Press Release dated March 18, 2021.</u></a></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25;">&#160;<font style="font-weight: bold;">&#160;</font></div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">SIGNATURES</div>
    <div style="text-align: center; line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">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, thereunto duly authorized.</div>
    <div style="line-height: 1.25;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="za61b9a63655e47169ca98e07cb025ced">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="line-height: 1.25;">Date: March 18, 2021</div>
          </td>
          <td colspan="2" style="vertical-align: middle;">
            <div style="line-height: 1.25; font-weight: bold;">PAINREFORM LTD.</div>
          </td>
          <td colspan="1" style="vertical-align: middle; width: 18%;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: middle;">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td colspan="1" style="vertical-align: middle; width: 18%;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: middle; padding-bottom: 2px;">
            <div style="line-height: 1.25;">By:</div>
          </td>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">/s/ Ilan Hadar</div>
          </td>
          <td colspan="1" style="width: 18%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 30%; vertical-align: top;">
            <div style="line-height: 1.25;">Ilan Hadar</div>
          </td>
          <td colspan="1" style="width: 18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 30%; vertical-align: top;">
            <div style="line-height: 1.25;">Chief Executive Officer</div>
          </td>
          <td colspan="1" style="width: 18%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"> </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit_99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: company
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div id="DSPFPageHeader">
      <div style="line-height: 1.25; text-align: right;">
        <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"><u><font style="font-weight: bold;">Exhibit 99.1</font></u><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="text-align: justify; line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25;"><img src="image00001.jpg"></div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">PainReform Provides Year-End Business Update and Reports Progress Towards </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">Commencing Phase 3 Trial of PRF-110 for Non-Opiate Post-Operative Pain Relief</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold;">HERZLIYA, Israel &#8211; March 18, 2021 &#8211; </font><u>PainReform Ltd.</u> (Nasdaq: PRFX) (&#8220;PainReform&#8221; or the &#8220;Company&#8221;), a clinical stage specialty pharmaceutical company
      focused on the reformulation of established therapeutics, today provided a year-end business update.&#160; The Company also reported it has filed its annual report on <u>Form 20-F</u>.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">Significant events and achievements during the fourth quarter 2020 and subsequent period:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z82ba5879ffe24c1691999be28d783d24">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; line-height: 1.25;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25;">Preparation for the first Phase 3 clinical trial, for patients undergoing bunionectomy surgery, is expected to begin by mid-2021</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8804bf1b994d4443a1a9aa6d12b89ac2">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; line-height: 1.25;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25;">Announced the engagement of Lotus Clinical Research as the Company&#8217;s clinical research organization to conduct the Phase 3 clinical trials under the leadership of Dr. Neil Singla</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z81c06256d2c84df8b5619432862cda16">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; line-height: 1.25;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25;">Announced the appointment of Rita Keynan as Vice President of Pharmaceutical Operations</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z43a472aeacce42579bd442b62ed9a062">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; line-height: 1.25;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25;">Signed a manufacturing services and quality agreement with a subcontractor for GMP manufacturing of clinical trial batches of PRF-110</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdb5c95c892f14220b0bb210e7c744312">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; line-height: 1.25;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25;">Continued to build the patent estate, which now includes fourteen issued patents around the world, the earliest of which do not expire until 2033</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcce648e7056c47e58667d0cce74bd074">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; line-height: 1.25;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 1.25;">Announced a $6 million private placement, expected to provide funding into Q2 2022</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">Ilan Hadar, Chief Executive Officer of PainReform, commented, &#8220;We are making rapid progress towards commencing our Phase 3 clinical trials of PRF-110.&#160; Our first planned trial is for bunionectomy
      surgery. On the heels of the bunionectomy trial, we plan to commence our second Phase 3 trial for the treatment of hernia. In addition, we recently announced the appointment of Lotus Clinical Research as our clinical research organization to conduct
      the two clinical trials under the leadership of Dr. Neil Singla, one of the preeminent experts in analgesic protocol design. We also recently announced the appointment of Rita Keynan as Vice President of Pharmaceutical Operations, who brings over 25
      years of experience in the pharmaceutical industry and will be an important addition to the team as we prepare to commence our Phase 3 pivotal trials for PRF-110. Most recently, we signed a manufacturing services and quality agreement with a
      subcontractor for manufacturing of regarding GMP manufacturing clinical trial batches of PRF-110.&#8221;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">Mr. Hadar concluded, &#8220;I am excited about the outlook for 2021 and look forward to a number of key upcoming catalysts that we believe will further enhance shareholders&#8217; value, including the start of
      enrolment and dosing of the first patients.&#160; Given that we were granted 505(b)(2) pathway by the FDA, I expect this to be a rapid and cost efficient trial.&#160; With the completion of our recent private placement, we now have a cash runway of more than
      12 months, which we expect will take us through a number of important key milestones, including completion of our first Phase 3 trial and reporting its top-line data.&#8221;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Financial Results for the Year Ended December 31, 2020</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">Research and development expenses for the year ended December 31, 2020 were $354,000 an increase of $218,000, or 160% higher, compared to $136,000 for the prior year. The increase resulted primarily
      due to&#8239;the preparations associated with the Company's planned Phase 3 trials.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">General and administrative expenses for the year ended December 31, 2020 were $1.3 million, an increase of $764,000, or 138% compared to $553,000 for the prior year. The increase is primarily a
      result of the increase in professional services expenses, public company D&amp;O insurance premiums and increase in payroll expenses related to the hiring, post IPO of additional management.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">Operating loss for the year ended December 31, 2020 amounted to $1.7 million, compared to $689,000 for the year ended December 31, 2019.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">Net financial expenses amounted to $2.2 million for the year ended December 31, 2020, compared to $590,000 for the year ended December 31, 2019. The increase is primarily due to the increase in
      interest expense, amortization of the discount on convertible notes and increase in expenses related to the change in the fair value of derivative warrant liability.&#8239;&#8239;&#160;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">The Company's net loss for the year ended December 31, 2020 amounted was $4.1 million, compared to $1.3 million for the prior year.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">The Company had $15.7 million in cash and cash equivalents as of December 31, 2020. In addition, on March 11, 2021, the Company closed a $6.0 million private placement, before placement agent fees
      and expenses.&#160; The Company believes that its cash and cash equivalents as of December 31, 2020, plus the net proceeds from the private placement will fund operating expenses and capital expenditure requirements into the second quarter of 2022.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">Net cash used in operating activities for the year ended December 31, 2020 was $2.6 million, compared to $609,000 for the year before.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">Net cash provided by financing activities for the year ended December 31, 2020 was $17.3 million, compared to $1.5 million for the prior year. The cash flows in 2020 primarily reflect net proceeds
      received from the Company's IPO on the Nasdaq Capital Market. The cash flows in 2019 primarily reflect the net proceeds from issuance of convertible notes.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-weight: bold;">About PainReform</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">PainReform is a clinical-stage specialty pharmaceutical company focused on the reformulation of established therapeutics. PRF-110, the Company&#8217;s lead product, is based on the local anesthetic
      ropivacaine, targeting the post-operative pain relief market. PRF-110 is an oil-based, viscous, clear solution that is deposited directly into the surgical wound bed prior to closure to provide localized and extended post-operative analgesia. The
      Company&#8217;s proprietary extended-release drug-delivery system is designed to provide an extended period of post-surgical pain relief without the need for repeated dose administration while reducing the potential need for the use of opiates.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Notice Regarding Forward-Looking Statements</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-style: italic;">This press release contains forward looking statements about our expectations, beliefs and intentions. Forward-looking statements can be identified by the use of forward-looking
      words such as &#8220;believe&#8221;, &#8220;expect&#8221;, &#8220;intend&#8221;, &#8220;plan&#8221;, &#8220;may&#8221;, &#8220;should&#8221;, &#8220;could&#8221;, &#8220;might&#8221;, &#8220;seek&#8221;, &#8220;target&#8221;, &#8220;will&#8221;, &#8220;project&#8221;, &#8220;forecast&#8221;, &#8220;continue&#8221; or &#8220;anticipate&#8221; or their negatives or variations of these words or other comparable words or by the
      fact that these statements do not relate strictly to historical matters. These forward-looking statements are based on assumptions and assessments made in light of management&#8217;s experience and perception of historical trends, current conditions,
      expected future developments and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and we undertake no duty to update or revise any such statements, whether as a
      result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of our control. Many factors could cause our actual
      activities or results to differ materially from the activities and results anticipated in forward- looking statements, including, but not limited to, the following: our history of significant losses, our need to raise additional capital and our
      ability to obtain additional capital on acceptable terms, or at all; our dependence on the success of our initial product candidate, PRF-110; the outcomes of preclinical studies, clinical trials and other research regarding PRF-110 and future product
      candidates;&#160; the impact of the COVID-19 pandemic on our operations; our limited experience managing clinical trials; our ability to retain key personnel and recruit additional employees; our reliance on third parties for the conduct of clinical
      trials, product manufacturing and development; the impact of competition and new technologies; our ability to comply with regulatory requirements relating to the development and marketing of our product candidates; commercial success and market
      acceptance of our product candidates; our ability to establish sales and marketing capabilities or enter into agreements with third parties and our reliance on third party distributors and resellers;&#160; our ability to establish and maintain strategic
      partnerships and other corporate collaborations; the implementation of our business model and strategic plans for our business and product candidates; the scope of protection we are able to establish and maintain for intellectual property rights and
      our ability to operate our business without infringing the intellectual property rights of others; the overall global economic environment; our ability to develop an active trading market for our ordinary shares and whether the market price of our
      ordinary shares is volatile; and statements as to the impact of the political and security situation in Israel on our business. More detailed information about the risks and uncertainties affecting us is contained under the heading &#8220;Risk Factors&#8221;
      included in the Company&#8217;s most recent Annual Report on Form 20-F and in other filings that we have made and may make with the Securities and Exchange Commission in the future.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Contact:</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">Crescendo Communications, LLC</div>
    <div style="text-align: justify; line-height: 1.25;">Tel: 212-671-1021</div>
    <div style="text-align: justify; line-height: 1.25;">Email: <u>prfx@crescendo-ir.com</u></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">Ilan Hadar</div>
    <div style="text-align: justify; line-height: 1.25;">Chief Executive Officer</div>
    <div style="text-align: justify; line-height: 1.25;">PainReform Ltd.</div>
    <div style="text-align: justify; line-height: 1.25;">Tel: +972-54-5331725</div>
    <div style="text-align: justify; line-height: 1.25;">Email: <u>ihadar@painreform.com</u></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Statements of Comprehensive Loss:</div>
    <div style="text-align: justify; line-height: 1.25; font-weight: bold;">(U.S. Dollars in thousands, except share and per share data)</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="z905be96476234367b6aa0210192870cc" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">Year ended December 31,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;"> 2020</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">2019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; line-height: 1.25;">Operating expenses:</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Research and development</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">(354</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 1.25;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">(136</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 1.25;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25;">Selling, general and administrative</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="line-height: 1.25;">(1,317</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%; padding-bottom: 2px;">
            <div style="line-height: 1.25;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="line-height: 1.25;">(553</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%; padding-bottom: 2px;">
            <div style="line-height: 1.25;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Operating loss for the period</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">(1,671</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 1.25;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">(689</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 1.25;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Financial expenses, net:</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">(2,162</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">
            <div style="line-height: 1.25;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">(590</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">
            <div style="line-height: 1.25;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Loss before taxes</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">(3,833</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 1.25;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">(1,279</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 1.25;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Tax expenses</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">(220</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">
            <div style="line-height: 1.25;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;">
            <div style="text-align: justify; line-height: 1.25;">Comprehensive loss</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="line-height: 1.25;">(4,053</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">
            <div style="line-height: 1.25;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="line-height: 1.25;">(1,279</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">
            <div style="line-height: 1.25;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; width: 76%; padding-bottom: 4px;">
            <div style="text-align: justify; line-height: 1.25;">&#160;Loss per ordinary share, basic and diluted</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
            <div style="line-height: 1.25;">(1.25</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%; padding-bottom: 4px;">
            <div style="line-height: 1.25;">)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
            <div style="line-height: 1.25;">(4.17</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%; padding-bottom: 4px;">
            <div style="line-height: 1.25;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Weighted average number of shares of ordinary share used in computing basic and diluted net loss per share</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">3,243,943</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">576,556</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Balance sheet data</div>
    <div style="line-height: 1.25; font-weight: bold;">(U.S. Dollars in thousands)</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="z4f666e5c6c644fa0aaf28ab2c9224588" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">December 31,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;"> 2020</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">2019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Cash and cash equivalents</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">15,677</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">941</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Restricted cash</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">13</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">6</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Prepaid clinical trial expenses and deferred clinical trial costs</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">1,294</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Prepaid expenses and other current assets</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">807</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">25</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Total current assets</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">17,791</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">972</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Property and equipment, net</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">10</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Other non-current asset</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">192</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Total current liabilities</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">961</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">6,339</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Convertible debt</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Provision for tax benefits</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">220</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Derivative warrant liability</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">447</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Temporary equity</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">6,621</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF; width: 76%;">
            <div style="text-align: justify; line-height: 1.25;">Shareholders&#8217; equity (deficit)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">16,620</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25;">(12,243</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;">
            <div style="line-height: 1.25;">)</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image00001.jpg
<TEXT>
begin 644 image00001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1" !0 *\# 2(  A$! 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#ZIHHHH **
M** "BBB@ HHJGJVJV&CVC76J7D%I;KU>9PH^@SU/M32;=D)M)79<HKA)?'-_
MJA*>#O#M[J2DX%Y=?Z+;?4%OF8?055D\->-]<YUOQ3%I4##FVTB#!'MYC\UN
ML.U_$:C^?W(Q==/X$W^7WG>WE]:V49>\N88$'4RN%'ZUS-_\2/"%B2)]>LBP
MZB-_,/\ X[FLBW^#WACS!+JG]H:K/WDO;IGS_*MRV^'OA*V7$.@6 '^U'N_G
M5)8:.[;^21#>(E\*2]6V8[_&'P6IP-3D?W6WD/\ 2K5K\5/!URX5=9CC)_YZ
MQN@_,BM67P1X8E7#Z#IQ&,?ZA16#JWPC\):@I\JQDL9,</:RE<?@<BM(_4WH
M^9?<92^NK5<K^\[33-5L-4A\W3;VWNH_[T,@?^57*^<O$WPIU_PI(VI^&;R:
M[BB^<M;DQ7* >PX<?3\JZGX2_%.75;N'1/$KH;R3Y;:\ VB8C^!QT#>A[X]:
MJI@4X.K0ES)?>B:6/:FJ6(CRR>W9GLE%%%>>>B%%%% !1110 45F>(+K4+.Q
M,^F6L-TZ9:1))=GR@9XX/-<WH/B?7M>TXWVFZ39&$,4V271#$C_@..]:QI2E
M'F6WJ<E7&TZ514I7YGKHF_R1V]%<UX4\60Z[<7%G-;266I6^?,MY#GH<'![X
M-=+43A*#Y9&U"O3Q$/:4W=!39)%BC+R,%51DD]J=7->$;CQ!<S:B/$5M%"B2
MXM]H'(YSCU'3!H4;IR[!.LH3C"S]Z_316[]B:ZNM8U)C%H\26-OT-[=)N8_[
MD7?ZM@>QJ+3_  ;I<%Z+^_$NJZD.EU?-YK+_ +H^Z@_W0*Z2BJ]JTK1T'[)-
MWEJ &!@<"BN!^)GC'6O!ENVHQ:/:7NCJ%5I/M)257.>-NTC'OFH)/%?C*'0D
MUG_A&=/N;(PBX,=O?DR^61G(!3!(';-:1PTY14E:S\T1+$PC)Q=[KR9Z+17-
M^ O&&G^--%^WZ:)(V1O+F@D^]$W7!]01R#WKI*QG"4).,E9HUA.,XJ47H%%%
M<AJ&I7^L>([S1='O!8BR@$DMP$#LTC?=09X '4]Z<(.;,J]=44KJ[>B2ZLZ^
MOGCX_>&HM#U>SU[2E%O]K<^:$X"SK\RN/0GO[BO<?"\6K0Z0B:_-%-?!FR\0
MX*YXS[UYS^T3NN]'T+2;90]Y?7X6)!U)P1_[,*[,!)T\2DGIU]#DQR5?"<[5
MGHU?=,]*\-7YU3P]IM^XPUS;QRD>Y4$UI52T6Q73-'LK&/E;:%(@?7: *NUQ
M3MS.VQZ$+\JYMPHHHJ2@HHHH JZM_P @N\_ZXO\ ^@FO//A?KNEZ3X2==0O8
M8)//=]C'YB,#&!U/2O0]6_Y!=Y_UQ?\ ]!-<9\'(XW\)$LB%A<OR0,CA:ZJ=
MO8ROW7ZGCXI3>/I<C2?++?7MYHJ^";"YO_%NJ>)7MI;>SDWBW21=K29QSCZ#
M\S6AI-WK_B#3[V_6ZDTEXY&2"V:V4K@#JQ89.?;%7-2UY[C5]0M+')M-(A\^
M_D7JTA7<D"GUQ\S'L"H[FLSPZ7\2:#+K/B"_)MVWXM(Y/*AB4?WL<L?J:TDW
M)<\EV\_ZN8*E&@U0A)MOFD]>5-]6VM4D]DK_ (7-3PEK5[XE\*M.KQ6NHJ[0
MM($WH&4]=N>XJ#P-K&JZK-KEMJ<T#36<HA1XH\ 'Y@3[]!57X.8_X1B<C&#=
M28Q^%)\-QC7/%@/7[;_5Z52,8^T26W^88>M4J?59RD_>3OKH[19'INL>)9?$
M^I:(T]G/)!$I6X,6Q8\X^8KU)YZ9Q4]IJVMZ1XQM-(UFZAO[>]C+13)"(RK#
M/8?3]:9H/_)5O$'_ %[1_P!*3Q3_ ,E,\,_[C_UJFHN7+9?#?\#).I"E[53E
M=5+;O;FM9]].^IG_ +10S\,KH#DFXB _.HK/XB:)8^"].L-/G_M'6VM([>"P
M@4EWEV8 Y  &>IJ3]HP_\6QNO^N\6/?FH?$O@I?%?PTT2:PQ'K=E9Q2VDRG!
M8[ 2F1ZXX]#@^M:453=""J[<S_)'I5G45:;I[\J+OP/\&WWA+P]<G5]J7U](
M)'A4@B)0, $CC/))Q6Q:ZI?^)-6OH=*NQ8Z;8OY+3K&'DFD[@;N H^F:SOA%
MXY7Q7HQM-181:]9?N[F)OE9\<;P/P(([$'VK+\ :5ITNI:SI6L1$ZA!<%D4R
MLA9#W&",^OXU%2,G4J3K?$CFJU.54*-#X97ZM;*]KK5?\ Z'2]8U236-4\.W
M5S!_:,,8EMKSRN&4X^\F<9&>U8'ARUUF3QIXBCM=1MHKQ2GGS-;;ED],+GC\
MZ["RT[P_I7B"&*TMU35)(F8$%G8(.I8DG ],_A6+X/\ ^2B>+/K'4QFN63BN
MBZ>:,*E&;J48U97?.UI)Z+E;2OIJN^]B[?:W?7WB(Z%I$T4#6T8DO;UT#;.G
M"J>,\]^GX5R<ES%'XIT3Q/JDEQJ-@&DL;2:>-8S$2<&957AE;G!.#CFM/2+1
M(_B-X@T_4?E6_031C./-3.2H/IUS]#4_Q91;BRT?2+15^TW%RHBB0=% QG'8
M#-7!1C-075?FM2:E2K+#U,0V^:,FDKOI*R5MMOF[W);_ %?Q%8^,[;2XYK2[
MBNHVEB!CV;1S]X^V,\=:OZ$WBF2\UBTU.2)40 6EWY( +>H4'D?6J.J+L^*>
M@*3RMDXSZ\/7=UA5DHQBDEJNWF=>$HRJU*CE.7NR:M?IRK3\?ET//O#^K>)M
M4U#5]--Q9K+:2B,W7E?*@&>BYY)]S@4NGZWXCM_$EUX>N6M;RZ*"2&Z9-BHO
MJRCK]/7OBI? /'BOQ?\ ]?8_FU,C_P"2R2?]> K9\O-*/*MK_.R..#J>RI5/
M:2NYN._2[7]/?S'G5==T+Q9IMAJ]Y!?V>H9576$1LC?0?A^==W7 ^/!_Q6OA
M+_KN1^HKOJYZUG&,K;K]3T\ Y1J5J3;:BU:[OND]V4=8TFSUBW6#4(VDA5MV
MT.R@\8YP1D<]*YK6M-T;P7HE_KMC:F*6TA9U596VLQ&%!&<'DBNSKCOC!9RW
MWPXUN* %G6(2[1W"L&/Z TJ$FYQ@WHV;XFA3M*MR)R2T=M=#,^!41E\ B]N3
MYMSJ-U/<W#MR7<N0<_E70V?@O0K2Z,\-F1EM_E&1C&&]=F<?I7G_ .SQXEMY
MM'E\/S2*MU [30 G'F1L<G'N"3GV(KV.ML9STJ\UM=_AT,<)3HXBA3G**DTN
MJV?4PK7PGI%I<7<UK;O"UTK)((Y65<-UP < ^XHTWPGH^FW8N;&U,,P!!996
M^;(P<\\]>];M%<WM9]V=*P=!--06FVB.>MO!NB6UU'<PVKK<QL'$OG.6)'J<
M\_C2WO@_1;V[DNKJU>2X=MQD,SY4_P"SSQ^%=!11[6I>_,R?J6&MR^S5O1'+
MZ[X#\/:]=)<:Q9/=.D:QJ))Y-J@=/ESC/OUJ]X:\,:5X:CFCT:"2"*4@F,S.
MZC']T,3MZ]JVJ*'5FX\KD[&RI03YDE<Y'4?ASX7O]6FU2;3 FH2OYCSPS/&Q
M;N?E(Z]_6M36?#&DZQ)'+>VV;B, +-&Y20#_ '@<UHZA?6FG6KW.H7,-M;H,
MM)*X11^)KE;?Q=<^(I#%X-LC<6^<-JEVK1VR_P"X/O2GZ8'O6D76G[UW9=;[
M&56G0MR3BG?I8VK/1]*T6SEB@C\H7'RNY<M)(>GWC\Q-5;7P9H<$R7$%I)%.
MI#;Q,X8G.>3GG\:OZ5I LV^T7=Q)>W[##7$N!CV51PJ^P_$FM2H=22>DF)82
MC))2IK3;1:&;K.B6&L+&+Z'<\1W1RHQ1XSZJPY%1:7X=T_3;MKN-))KQAM-Q
M<2&60+Z GH/I6O14\\K<M]#1X>DY^T<5S=['/77@W1+JZ>YN+5WN'8L93,^X
M'V.>/PK9>SB>P-FV_P GR_+X<AL8Q][KGWJQ10ZDI;L(8>E3NX12OOIN8.G>
M$M&TV\2ZLK5HKA#G>)7RWUYY_&HQX-T070NA:O\ :0^_SO.??GZY_2NBHI^U
MJ;\S(^I8>UO9JWHC!U#PEHVHWDEW>VK2W#G.]I7^7_=YX_"MJWA2WMXX8\[(
MU"+N))P!CJ>M245+G*2LV:0H4J<G*$4F]]-PI)$61&1U#(PPP(R"*6BI-3YG
M^(OP^U+P=JC:KH0G?2ED\Z&: GS+,^AQSM'8^G!K?\'_ !NEAAC@\3VC7(''
MVRU W$>K)Z^X_*O>2 001D'@@UQ?B#X9>%M;D>6;3A;7#<F6T;RB3ZD#@_B*
M]6..IUH*&*C>W5;GD2P%6C-U,)*U^CV)M+^)'A/4E7R-:MHW;^"<F)A_WUBM
MZ/6]*D7,>IV+CU6X0_UKRF^^ ]A(Q^QZU=QKV$T228_E5'_A00S_ ,A\?^ ?
M_P!G4.C@WK&HU\BU7QRTE23]&>R2:WI40S+J=B@]6N$']:Q[[Q_X4L<^?KMC
MD=DDWG\ES7GMK\ [!6'VK6KF0=Q'"B?SS71Z9\&O"5D0TUO<7C#_ )[S''Y+
M@5FZ>$CO-OT7^9HJF,E]A+U?^14U'XV>'8Y/)TJVU#4[@G"I##M#'\>?TJ*'
M6OB1XJ&-+TFU\.63?\O%[\\N/9?7\*]%TG0=*T=-NEZ=:6H_Z91!2?QZUI5#
MK48?PX?-Z_AL:JC6E_%G\EI^.YP.D?#.P%TE_P"*;VZ\1ZDIW!KYLPQGC[L7
MW1^.:[U%5$5$4*JC 4#  ]*6BL*E6=1WDSHA3C35HH****S+"BBB@ HHHH *
**** "BBB@#__V0$!

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