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| ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|--------------------------------------------------------------------------------------|

| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|------------------------------------------------------------------------------------------|

| Colorado                                                       | 84-1553387                           |
|----------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| Title of each class        | Name of each exchange on which registered |
|----------------------------|-------------------------------------------|
| Common Stock, No Par Value | NASDAQ Capital Market                     |
| Large accelerated filer ☐                                             | Accelerated filer ☐        |
|----------------------------------------------------------------------------------|---------------------------------------|
| Non-accelerated filer ☐ (Do not check if a smaller reporting company) | Smaller reporting company ý |

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| PART III |                                                                                           |   |
|----------|------------------------------------------------------------------------------------------------|--------|
| ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE                                         | 1      |
| ITEM 11. | EXECUTIVE COMPENSATION                                                                         | 5      |
| ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | 10     |
| ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE                      | 11     |
| ITEM 14. | PRINCIPAL ACCOUNTING FEES AND SERVICES                                                         | 14     |
|     |                                                                                           |   |
| PART IV  |                                                                                           |   |
| ITEM 15. | EXHIBITS, FINANCIAL STATEMENT SCHEDULES                                                        | 15     |

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| Name                 |   | Age    |   | Position                                          |
|----------------------|--------|--------|--------|---------------------------------------------------|
|                 |   |   |   |                                              |
| Stephen T. Lundy     |   | 53     |   | Chief Executive Officer, President and a Director |
| Gail S. Schoettler   |   | 71     |   | Non-Executive Chair and a Director                |
| Susan A. Evans       |   | 68     |   | Director                                          |
| Daryl J. Faulkner    |   | 66     |   | Director                                          |
| John H. Landon       |   | 74     |   | Director                                          |
| David E. Welch       |   | 68     |   | Director                                          |
| Stephen A. Williams  |   | 56     |   | Director                                          |
| Jeffrey G. McGonegal |   | 64     |   | Chief Financial Officer and Secretary             |

----

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| Named Executive Officer and Principal Position |   | Year    |    | Salary($) |   | Option Awards (4)($) |   | Non-Equity Incentive Plan Compensation (5)($) |   | All Other Compensation ($) |   | Total($) |
|------------------------------------------------|--------|---------|---------|-----------|--------|----------------------|--------|----------------------------------------------------|--------|---------------------------------|--------|----------|
|                                           |   |    |    |      |   |                 |   |                                               |   |                            |   |     |
| Stephen T. Lundy,                              | 2014   | 375,000 | 404,060 | 183,398   | 40,082 | 985,040              |
| Chief Executive Officer and                    | 2013   | 325,000 | 237,236 | 43,900    | 33,088 | 639,224              |
| President (1)                                  |   |    |    |      |   |                 |
|                                           |   |    |    |      |   |                 |
| Jeffrey G. McGonegal,                          | 2014   | 254,925 | 197,490 | 92,347    | 29,694 | 574,457              |
| Chief Financial Officer (2)                    | 2013   | 231,750 | 116,020 | 24,400    | 28,282 | 400,452              |
|                                           |   |    |    |      |   |                 |
| Donald R. Hurd,                                | 2014   | 260,590 | 202,030 | 82,086    | 13,036 | 557,742              |
| Chief Commercial Officer (3)                   | 2013   | 236,900 | 119,484 | 24,900    | 13,626 | 394,910              |

----

|                      |   |
|--------------------------------|--------|
|                           |        |  Option Awards |  |
| Named Executive Officer        |   | Number of Securities Underlying Unexercised Options Exercisable (#) |   |   | Number of Securities Underlying Unexercised Options Unexercisable (#) |   |   | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) |   |   | Option Exercise Price ($) |   |   | Option Expiration Date |   |
|                           |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Stephen T. Lundy (1)           |   |   | 7,057 |   |   |   | - |   |   |   | - |   |   |   | 68.40 |   |   |   | 3-24-2020 |   |
|                           |   |   | 2,073 |   |   |   | - |   |   |   | - |   |   |   | 17.70 |   |   |   | 1-5-2021 |   |
|                           |   |   | 11,195 |   |   |   | - |   |   |   | - |   |   |   | 20.40 |   |   |   | 7-8-2021 |   |
|                           |   |   | 12,500 |   |   |   | - |   |   |   | - |   |   |   | 3.96 |   |   |   | 4-30-2022 |   |
|                           |   |   | 99,336 |   |   |   | - |   |   |   | - |   |   |   | 2.10 |   |   |   | 12-11-2022 |   |
|                           |   |   | 137,000 |   |   |   | - |   |   |   | - |   |   |   | 2.04 |   |   |   | 1-23-2023 |   |
|                           |   |   | 103,827 |   |   |   | 74,173 |   |   |   | - |   |   |   | 2.27 |   |   |   | 1-06-2024 |   |
|                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Jeffrey G. McGonegal (2) |   |   | 1,667 |   |   |   | - |   |   |   | - |   |   |   | 24.00 |   |   |   | 3-24-2015 |   |
|                           |   |   | 1,667 |   |   |   | - |   |   |   | - |   |   |   | 88.80 |   |   |   | 1-24-2017 |   |
|                           |   |   | 1,334 |   |   |   | - |   |   |   | - |   |   |   | 198.90 |   |   |   | 1-17-2018 |   |
|                           |   |   | 1,667 |   |   |   | - |   |   |   | - |   |   |   | 39.90 |   |   |   | 1-27-2019 |   |
|                           |   |   | 1,667 |   |   |   | - |   |   |   | - |   |   |   | 66.00 |   |   |   | 1-19-2020 |   |
|                           |   |   | 1,667 |   |   |   | - |   |   |   | - |   |   |   | 17.70 |   |   |   | 1-5-2021 |   |
|                           |   |   | 6,667 |   |   |   | - |   |   |   | - |   |   |   | 3.96 |   |   |   | 4-30-2022 |   |
|                           |   |   | 52,676 |   |   |   | - |   |   |   | - |   |   |   | 2.10 |   |   |   | 12-11-2022 |   |
|                           |   |   | 67,000 |   |   |   | - |   |   |   | - |   |   |   | 2.04 |   |   |   | 1-23-2023 |   |
|                           |   |   | 50,747 |   |   |   | 36,253 |   |   |   | - |   |   |   | 2.27 |   |   |   | 1-06-2024 |   |
|                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Donald R. Hurd (3)             |   |   | 20,000 |   |   |   | - |   |   |   | - |   |   |   | 3.42 |   |   |   | 5-23-2022 |   |
|                           |   |   | 10,000 |   |   |   | - |   |   |   | - |   |   |   | 2.05 |   |   |   | 9-19-2022 |   |
|                           |   |   | 40,000 |   |   |   | - |   |   |   | - |   |   |   | 2.10 |   |   |   | 12-11-2022 |   |
|                           |   |   | 69,000 |   |   |   | - |   |   |   | - |   |   |   | 2.04 |   |   |   | 1-23-2023 |   |
|                           |   |   | 51,914 |   |   |   | 37,086 |   |   |   | - |   |   |   | 2.27 |   |   |   | 1-06-2024 |   |

----

----

| Named Executive Officer |   | Benefit   |   | Terminationwithout Cause($) |   | Death orDisability($) |   | Change In Control(Single Trigger)($)  (1) |   | Change In Control(Double Trigger)($) |
|-------------------------|--------|-----------|--------|-----------------------------|--------|-----------------------|--------|------------------------------------------------|--------|--------------------------------------|
|                    |   |      |   |                        |   |                  |   |                                           |   |                                 |
| Stephen T. Lundy        |   | Severance |   | 357,500                     |   | 89,375                |   | -                                              |   | 357,000                              |
|                    |   | Options   |   | -                           |   | -                     |   | -                                              |   | -                                    |
|                    |   | Total     |   | 357,500                     |   | 89,375                |   | -                                              |   | 357,000                              |
|                    |   |      |   |                        |   |                  |   |                                           |   |                                 |
| Jeffrey G. McGonegal    |   | Severance |   | 127,463                     |   | 127,463               |   | -                                              |   | 127,463                              |
|                    |   | Options   |   | -                           |   | -                     |   | -                                              |   | -                                    |
|                    |   | Total     |   | 127,463                     |   | 127,463               |   | -                                              |   | 127,463                              |
|                    |   |      |   |                        |   |                  |   |                                           |   |                                 |
| Donald R. Hurd          |   | Severance |   | 130,295                     |   | 130,295               |   | -                                              |   | 130,295                              |
|                    |   | Options   |   | -                           |   | -                     |   | -                                              |   | -                                    |
|                    |   | Total     |   | 130,295                     |   | 130,295               |   | -                                              |   | 130,295                              |
|                    |   |      |   |                        |   |                  |   |                                           |   |                                 |
| Name                 |   | CashFees($) |   |   | OptionAwards($) (7) |   |   | Total($) |   |
|----------------------|--------|-------------|--------|--------|---------------------|--------|--------|----------|--------|
|                 |   |             |   |   |                     |   |   |          |   |
| Gail Schoettler (1)  |   |        | 24,000 |   |                |   | 97,963 |     |   |   | 121,963 |   |
| Daryl Faulkner (2)   |   |        | 12,000 |   |                |   | 65,309 |     |   |   | 77,309 |   |
| John Landon (3)      |   |        | 12,000 |   |                |   | 65,309 |     |   |   | 77,309 |   |
| David Welch (4)      |   |        | 12,000 |   |                |   | 65,309 |     |   |   | 77,309 |   |
| Susan Evans (5)      |   |        | 12,000 |   |                |   | 65,309 |     |   |   | 77,309 |   |
| Stephen Williams (6) |   |        | 12,000 |   |                |   | 65,309 |     |   |   | 77,309 |   |

----

----

| ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. |
|----------|-------------------------------------------------------------------------------------------------|

| Name and Address                      |   | Number of Shares |      |   | Percent   |
|---------------------------------------|--------|------------------|-----------|--------|---------------------|
|                                  |   |                  |      |   |                     |   |
| Stephen T. Lundy (1)                  |   |             | 406,643   |   |                |   | 1.3 | % |
| Gail S. Schoettler (2)                |   |             | 193,509   |   |                |   | * |   |
| Susan A. Evans (3)                    |   |             | 102,498   |   |                |   | * |   |
| Daryl J. Faulkner (4)                 |   |             | 154,340   |   |                |   | * |   |
| John H. Landon (5)                    |   |             | 113,209   |   |                |   | * |   |
| David E. Welch (6)                    |   |             | 131,509   |   |                |   | * |   |
| Stephen A. Williams (7)               |   |             | 93,831    |   |                |   | * |   |
| Donald R. Hurd (8)                    |   |             | 255,741   |   |                |   | * |   |
| Jeffrey G. McGonegal (9)              |   |             | 213,208   |   |                |   | * |   |
| All Officers and Directors as a Group |   |             | 1,666,710 |   |                |   | 5.1 | % |
| (9 persons) (10)                      |   |             |      |   |                |   |   |   |
| Perkins Capital Management, Inc.      |   |             | 2,265,084 |   |                |   | 7.3 | % |
| 730 Lake St. E.                       |   |             |      |   |                |   |   |   |
| Wayzata, MN 55391 (11)                |   |             |      |   |                |   |   |   |
| (1) | Includes 4,000 shares directly owned. Also includes options to purchase 7,057 shares at $68.40 per share, options to purchase 2,073 shares at $17.70 per share, options to purchase 11,195 shares at $20.40 per share, options to purchase 12,500 shares at $3.96 per share, options to purchase 99,336 shares at $2.10 per share, options to purchase 137,000 shares at $2.04 per share and options to purchase 133,482 shares at $2.27 per share. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Includes 3,000 shares directly owned. Also includes options to purchase 3,334 shares at $28.80 per share, options to purchase 1,667 shares at $48.00 per share, options to purchase 1,667 shares at $88.80 per share, options to purchase 1,667 shares at $198.90 per share, options to purchase 1,667 shares at $39.90 per share, options to purchase 1,667 shares at $66.00 per share, options to purchase 2,500 shares at $17.70 per share, options to purchase 2,500 shares at $4.26 per share, options to purchase 43,340 shares at $2.10 per share, options to purchase 40,000 shares at $2.04 per share, options to purchase 51,000 shares at $2.27 per share and options to purchase 39,500 shares at $1.89 per share. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Includes options to purchase 39,998 shares at $2.56 per share, options to purchase 2,000 shares at $2.04 per share options to purchase 34,000 shares at $2.27 per share and options to purchase 26,500 shares at $1.89 per share. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (4) | Includes 334 common shares held by the Daryl J. and Terri L. Faulkner Family Trust. Also includes options to purchase 15,001 shares at $50.07 per share, options to purchase 4,167 shares at $66.00 per share, options to purchase 1,667 shares at $17.70 per shares, options to purchase 1,667 shares at $4.26 per shares, options to purchase 45,004 shares at $2.10 per share, options to purchase 26,000 shares at $2.04 per share, options to purchase 34,000 shares at $2.27 per share and options to purchase 26,500 shares at $1.89 per share. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Includes options to purchase 2,235 shares at $177.90 per share, options to purchase 1,667 shares at $39.90 per share, options to purchase 1,667 shares at $66.00 per share, options to purchase 1,667 shares at $17.70 per shares, options to purchase 1,667 shares at $4.26 per share, options to purchase 17,806 shares at $2.10 per share, options to purchase 26,000 shares at $2.04 per share, options to purchase 34,000 shares at $2.27 per share and options to purchase 26,500 shares at $1.89 per share. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Includes options to purchase 1,667 shares at $48.00 per share, options to purchase 1,667 shares at $88.80 per share, options to purchase 1,667 shares at $198.90 per share, options to purchase 1,667 shares at $39.90 per share, options to purchase 1,667 shares at $66.00 per share, options to purchase 1,667 shares at $17.70 per shares, options to purchase 1,667 shares at $4.26 per share, options to purchase 33,340 shares at $2.10 per share, options to purchase 26,000 shares at $2.04 per share, options to purchase 34,000 shares at $2.27 per share and options to purchase 26,500 shares at $1.89 per share. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Includes options to purchase 33,331 shares at $1.75 per share, options to purchase 34,000 shares at $2.27 per share and options to purchase 26,500 shares at $1.89 per share. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | Includes 50,000 shares directly owned. Also includes options to purchase 20,000 shares at $3.42 per share, options to purchase 10,000 shares at $2.05 per share, options to purchase 40,000 shares at $2.10 per share, options to purchase 69,000 shares at $2.04 per share and options to purchase 66,741 shares at $2.27 per share. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | Includes 13,072 shares held directly and 50 shares owned by his daughter; however Mr. McGonegal disclaims beneficial ownership of the shares owned by his daughter. Also includes 500 shares held in Mr. McGonegal's IRA account. Also includes options to purchase options to purchase 1,667 shares at $88.80 per share, options to purchase 1,334 shares at $198.90 per share, options to purchase 1,667 shares at $39.90 per share, options to purchase 1,667 shares at $66.00 per share, options to purchase 1,667 shares at $17.70 per share, options to purchase 6,667 shares at $3.96 per share, options to purchase 52,676 shares at $2.10 per share, options to purchase 67,000 shares at $2.04 per share and options to purchase 65,241 shares at $2.27 per share. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | Includes the information in footnotes (1) through (9). |
|------|--------------------------------------------------------|
| (11) | Information is based upon holdings as of December 31, 2014 as reported on Schedule 13G/A filed on January 28, 2015. Perkins Capital Management, Inc., an investment advisor, has voting power over 836,284 shares and dispositive power over 2,265,084 shares of our Common Stock. Includes 1,344,000 shares of our Common Stock which may be purchased upon exercise of warrants. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
|----------|---------------------------------------------------------------------------|

----

----

----

|               |   | 2014   |    |   | 2013   |   |
|--------------------|--------|--------|---------|--------|--------|--------|
|               |   |        |    |   |        |   |
| Audit Fees         |   | $      | 93,000  |   |   | $      | 81,000 |   |
| Audit Related Fees |   |   | — |   |   |   | — |   |
| Tax Fees           |   |   | 5,000   |   |   |   | 5,000 |   |
| All Other Fees     |   |   | — |   |   |   | — |   |
| Total Fees         |   | $      | 98,000  |   |   | $      | 86,000 |   |

----

| (a) | Exhibits: |
|-----|-----------|

| No. | Exhibit |
|-----|---------|

| 3.1 | Articles of Incorporation filed July 24, 2000 (Incorporated by reference from the Registrant's Registration Statement on Form S‐1 (File No. 333-86190), filed April 12, 2002). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1.1 | Articles of Amendment to the Articles of Incorporation filed December 26, 2001 (Incorporated by reference from the Registrant's Registration Statement on Form S-1 (File No. 333-86190), filed April 12, 2002). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1.2 | Articles of Amendment to the Articles of Incorporation filed November 9, 2005 (Incorporated by reference from the Registrant's Report on Form 10-QSB for the quarter ended October 31, 2005, filed November 10, 2005). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1.3 | Articles of Amendment to the Articles of Incorporation filed July 29, 2011 (Incorporated by reference from the Registrant's Report on Form 8-K, dated and filed July 29, 2011). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1.4 | Addendum to Articles of Amendment to the Articles of Incorporation filed June 19, 2012 (Incorporated by reference from the Registrant's Report on Form 8-K, dated June 19, 2012 and filed June 20, 2012). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1.5 | Articles of Amendment to the Articles of Incorporation, as amended, of Registrant, dated and filed December 12, 2012 (Incorporated by reference from the Registrant's Report on Form 8-K, dated December 11, 2012 and filed December 13, 2012). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1.6 | Articles of Amendment to the Articles of Incorporation, as amended, of Registrant, dated and filed June 13, 2013 (Incorporated by reference from the Registrant's Report on Form 8-K dated June 11, 2013, filed on June 13, 2013). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | Amended and Restated Bylaws, effective March 27, 2008 (Incorporated by reference from the Registrant's Report on Form 10-Q for the quarter ended March 31, 2008 filed on May 15, 2008). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.1 | Specimen Certificate of Common Stock (Incorporated by reference from the Registrant's Report on Form 8-K, dated and filed June 25, 2012). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | Form of Warrant between the Company and each of the investors signatories to the Securities Purchase Agreement dated December 23, 2011 (Incorporated by reference from the Registrant's Report on Form 8-K, dated December 23, 2011 and filed December 28, 2011). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | Form of Warrant between the Registrant and the underwriter under each of an Underwriting Agreement dated June 19, 2012, November 14, 2012 and November 15, 2012, respectively (Incorporated by reference to Exhibit A-13 of the Underwriting Agreement from the Registrant's Report on Form 8‐K, dated June 19, 2012 and filed June 20, 2012). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | Common Stock Purchase Warrant Agreement by and between Registrant and Corporate Stock Transfer, Inc. dated May 30, 2013 (Incorporated by reference from the Registrant's Report on Form 8-K dated May 30, 2013, filed on May 30, 2013). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1 | 2002 Stock Incentive Plan, as amended and restated effective July 1, 2007 (Incorporated by reference from the Registrant's Registration Statement on Form S-8, filed June 22, 2007). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.1 | Amendment to 2002 Stock Incentive Plan, effective June 9, 2008 (Incorporated by reference from the Registrant's Report on Form 10-K for the year ended December 31, 2009, filed March 9, 2010). |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| No. | Exhibit |
|-----|---------|

| 10.1.2 | Amendment to Amended and Restated 2002 Stock Incentive Plan, effective November 20, 2009 (Incorporated by reference from the Registrant's Report on Form 10-K for the year ended December 31, 2009, filed March 9, 2010). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.3 | Amendment to Amended and Restated 2002 Stock Incentive Plan, effective November 22, 2010 (Incorporated by reference from the Registrant's Report on Form 8-K, effective November 22, 2010 and filed November 29, 2010). |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.4 | Amendment to Amended and Restated 2002 Stock Incentive Plan, effective July 8, 2011 (Incorporated by reference from the Registrant's Report on Form 8-K, effective July 8, 2011 and filed July 13, 2011). |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.5 | Amendment to Amended and Restated 2002 Stock Incentive Plan, effective May 22, 2012 (Incorporated by reference from the Registrant's Report on Form 8-K, dated May 22, 2012 and filed May 24, 2012). |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.6 | Amendment to Amended and Restated 2002 Stock Incentive Plan, effective December 11, 2012 (Incorporated by reference from the Registrant's Report on Form 8-K, dated December 11, 2012 and filed December 13, 2012). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.7 | Amendment to Amended and Restated 2002 Stock Incentive Plan, effective June 11, 2013 (Incorporated by reference from the Registrant's Report on Form 8-K dated June 11, 2013, filed on June 13, 2013). |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1.8 | Amendment to Amended and Restated 2002 Stock Incentive Plan, effective June 25, 2014 (Incorporated by reference from the Registrant's Report on Form 8-K dated June 25, 2014, filed on June 26, 2014). |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Exclusive License Agreement between Registrant and The Washington University, dated May 1, 2004 as amended (Incorporated by reference from the Registrant's Report on Form 10-Q for the quarter ended June 30, 2010, filed August 5, 2010). |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | Debt Modification Agreement with FirstBank of Tech Center, dated June 13, 2003 (Incorporated by reference from the Registrant's Report on Form 10-KSB/A for the year ended December 31, 2004, filed March 29, 2004). |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3.1 | Loan Agreement between Registrant and Front Range Regional Economic Development Corporation, dated June 13, 2003 for $1,300,000 regarding loan for physical plant or capital equipment acquisitions (Incorporated by reference from the Registrant's Report on Form 10-KSB/A for the year ended December 31, 2004, filed March 29, 2004). |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3.2 | Promissory Note by Registrant to Front Range Regional Economic Development Corporation in principal amount of $1,300,000, dated June 13, 2003 (Incorporated by reference from the Registrant's Report on Form 10-KSB/A for the year ended December 31, 2004, filed March 29, 2004). |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3.3 | Unconditional Guarantee by Registrant to Front Range Regional Economic Development Corporation in principal amount of $1,300,000, dated June 13, 2003 (Incorporated by reference from the Registrant's Report on Form 10-KSB/A for the year ended December 31, 2004, filed March 29, 2004). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3.4 | Debt Modification Agreement between Registrant and FirstBank executed May 9, 2013, and effective as of April 8, 2013 (Incorporated by reference from the Registrant's Report on Form 8-K dated May 9, 2013, filed on May 9, 2013). |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4 | Executive Employment Agreement between Registrant and Jeffrey McGonegal, effective as of February 10, 2009 (Incorporated by reference from the Registrant's Report on Form 8-K dated February 10, 2009, filed on February 17, 2009). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5 | Assignment and Consultation Agreement between Registrant and John Bealer, M.D., dated May 29, 2003 (Incorporated by reference from the Registrant's Report on Form 10-K for the year ended December 31, 2008, filed March 16, 2009). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| No. | Exhibit |
|-----|---------|

| 10.6 | Executive Employment Agreement between Registrant and Stephen T. Lundy, effective as of March 24, 2010 (Incorporated by reference from the Registrant's Report on Form 8-K dated March 24, 2010, filed March 26, 2010). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.7 | Form of Stock Option Agreement under the 2002 Stock Incentive Plan, as amended and restated and amended (Incorporated by reference from the Registrant's Report on Form 10-K for the year ended December 31, 2009, filed March 9, 2010). |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.8 | Non-Employee Director Compensation (Incorporated by reference from the Original Filing). |
|------|------------------------------------------------------------------------------------------|

| 10.9 | Executive Employment Agreement between Registrant and Donald Hurd, dated May 23, 2012 (Incorporated by reference from the Registrant's Report on Form 8-K, dated May 23, 2012 and filed May 24, 2012). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.9.1 | Separation and Release Agreement between the Registrant and Donald Hurd, dated February 23, 2015 (Incorporated by reference from the Registrant's Report on Form 8-K, dated February 11, 2015 and filed February 18, 2015). |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.10 | Exclusive License Agreement between Ceva Santé Animale S.A. and Registrant, dated July 25, 2012 (Incorporated by reference from the Registrant's Report on Form 8-K, dated July 25, 2012 and filed July 30, 2012). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.11 | Purchase Agreement by and between Registrant and Piper Jaffray & Co., dated May 23, 2013 (Incorporated by reference from the Registrant's Report on Form 8-K dated May 30, 2013, filed on May 30, 2013). |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.12 | Form of Exclusive Distributor Agreement (Incorporated by reference to Exhibit 10.15 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2013 and filed March 28, 2014). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.13 | Underwriting Agreement, dated April 3, 2014 between the Registrant and Canaccord Genuity Inc. (Incorporated by reference to the Registrant's Report on Form 8-K, dated April 3, 2014 and filed on April 3, 2014). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14 | Registrant's Code of Ethics (Incorporated by reference from the Registrant's Report on Form 10-K for the year ended December 31, 2012, filed March 26, 2013). |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.1 | Rule 13a-14(a)/15d-14(a) - Certification of Chief Executive Officer * |
|------|-----------------------------------------------------------------------|

| 31.2 | Rule 13a-14(a)/15d-14(a) - Certification of Chief Financial Officer. * |
|------|------------------------------------------------------------------------|

| * | Filed herewith. |
|---|-----------------|

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|   | VENAXIS, INC.                                                                                                          |
|--------|------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                   |
|   | /s/ Stephen T. Lundy                                                                                                   |
|   | Stephen T. Lundy,Chief Executive Officer (principal executive officer)                                                 |
|   |                                                                                                                   |
|   | /s/ Jeffrey G. McGonegal                                                                                               |
|   | Jeffrey G. McGonegal,Chief Financial Officer (principal financial officer and principal accounting officer   |

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