Document:

EXHIBIT 10.1

 

April 13, 2015

 

Cameron Gray, Ph.D.

President and Chief Executive Officer

ImaGen Biopharma, Inc.

401 Wilshire Blvd. – Suite 1020

Santa Monica, CA 90401

 

		Re:	Engagement Agreement

 

Dear Dr. Gray:

 

This letter agreement (the “Agreement”)
confirms the terms and conditions that will govern ImaGen Biopharma, Inc. (together with its affiliates, subsidiaries, predecessors,
and successors, the “Company”) engagement (the “Engagement”) of MDB Capital Group, LLC (together with its
affiliates, “MDB”) as the Company’s exclusive financial advisor and placement agent in connection with an offering
or series of offerings of Company securities.

 

1.          Exclusive
Appointment; Services.

 

a.           Exclusive
Appointment. The Company hereby appoints MDB to act as its exclusive placement agent in connection with the sale of its securities,
including but not limited to equity, debt, equity-linked securities, or equity capital commitments (“Securities”) to
one or more financial, strategic, accredited, or other investors. The transactions currently contemplated consist of the following:
(1) a private placement of common stock on a min/max basis, with the minimum being approximately $8,000,000 million in gross proceeds;
and (2) a firm commitment public offering of common stock for approximately $20 million of gross proceeds. However, it is understood
that the securities offered, manner, size, and timing of these contemplated transactions may change, and more or fewer transactions
may occur, and the exclusive appointment of MDB covers any and all offerings or sales of any type or form, including but not limited
to private placements, registered direct offerings, institutional offerings under Rule 144A and similar arrangements, mergers and
acquisitions, loans, and public offerings, on any basis, agency or underwritten but excluding offers and sales to the Company’s
original founders and scientific founders that total 3,649,000 shares of the Company’s common stock (each, an “Offering”).

 

During the term of this Agreement, the Company
will not, nor will it permit any of its advisors or representatives to, engage any party other than MDB to act as selling agent,
placement agent or underwriter for any Offering, or to perform any other financial advisory, securities selling, underwriting or
investment banking services for the Company. If the Company or, to the Company’s knowledge, any of its subsidiaries, stockholders,
members, partners, affiliates, advisors or representatives, is contacted by any person concerning an Offering of Securities or
expressing a desire to purchase Securities, the Company shall provide to MDB all relevant details of the inquiry.

 

In the event that the Company and MDB enter into any underwriting
agreement in connection with any public offering, the terms and conditions of the underwriting agreement shall constitute the only
legally binding agreement between the Company and MDB relating to the public offering.

 

b.           Services.
MDB represents and warrants that it is a licensed broker/dealer under applicable federal and state securities law. MDB shall assist
the Company in identifying investors and potential purchasers, carrying out due diligence with respect to any potential Offering,
and analyzing, structuring, and negotiating the contemplated Offering(s) on the terms and conditions set forth herein. In the case
of private Offerings, MDB shall undertake to arrange such transactions on a “best efforts” basis; in

 

     

     

    

 

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the case of a public offering, where MDB is
the managing or lead underwriter, it shall underwrite a public Offering, if any, on a “firm commitment” basis. However,
nothing contained herein constitutes a commitment or guarantee, express or implied, that any Offering will be consummated. MDB
will not have the power or authority to bind the Company to any sale of the Securities, and any Offering will be conducted at a
price and on terms satisfactory to the Company. MDB will have the right, but not the obligation, to determine the allocation of
the Securities among prospective purchasers, if necessary, provided that such allocation is reasonably acceptable to the Company.

 

2.          Compensation.
As consideration for the services provided under this Agreement, the Company will pay MDB a fee as follows:

 

a.           Fee.
The Company shall pay MDB a cash fee (the “Fee”) equal to ten percent (10%) of the Gross Transaction Value (defined
below) of any Offering, which is due and payable at the time of each closing of an Offering (“Closing”) (directly from
escrow, if an escrow account is used). If the Offering is a public offering wherein MDB’s compensation is subject to review
and approval by FINRA and FINRA approves an amount of compensation that is less that the compensation provided for in this Section
2, then the Company shall only be obligated to pay MDB the amount of compensation that has been approved by FINRA.

 

As used herein, the term “Gross Transaction
Value” shall be any consideration whether paid directly or indirectly to or by the Company, or an affiliate, or to any of
its stockholders, directors, officers or other management personnel, or to any third party at the direction of the Company, so
long as such consideration is paid in connection with an Offering, including, but not limited to:

 

		i.	all cash, Securities or other property;

		ii.	the aggregate principal amount of any indebtedness
assumed in connection with the Offering;

		iii.	all contingent future payments (including, but not
limited to, milestone payments, royalties, or any other payments based upon future sales, profits or otherwise);

		iv.	any payments for non-compete covenants or consulting
agreements;

		v.	the net value of any assumed liabilities; and

		vi.	the net value of any excess benefits which are realized
by any party or any stockholder, director, officer, employee or agent thereof as a result of contractual arrangements providing
for benefits to it which are greater than those which would be available to it on an arm’s length basis.

 

If the Gross Transaction Value is paid in whole
or in part in the form of Securities or property other than cash, the value of such Securities or property, for purposes of calculating
MDB’s fee, shall be deemed to be the fair market value thereof on the day prior to the Closing, as the Company and MDB shall
mutually agree; provided, however, that if such Securities consist of freely trading Securities for which there is an existing
public trading market, the fair market value thereof shall be deemed to be the average of the last sales prices for such Securities
on the ten (10) trading days ending five (5) days prior to Closing. With respect to contingent or non-contingent future payments,
the value will be determined, and the payment made, at such future date.

 

b.           Warrants.
In addition to the Cash Fee, immediately upon Closing, the Company shall sell to MDB warrants (“Warrants”) to purchase
the same type and character of equity Securities as are issued in the Offering or issuable on conversion of the Securities issued
in the Offering (e.g., Common Stock), in an amount equal to ten percent (10%) of the aggregate Securities issued in the
Offering for the sum of $1,000. Such Warrants will be for a term of seven (7) years. In connection with any public Offering, Warrants
will be priced at not less than 120% (one hundred twenty percent) of the Offering price per share. In connection with any private
Offering, Warrants issued hereunder will have an exercise price equal to the per share or unit selling price of the Securities
sold to investors in the Offering. The Warrants will contain cashless exercise and anti-dilution provisions and representations
and warranties normal and customary for warrants issued to placement agents or underwriters, and will not be callable or terminable
prior to the expiration date. No “ratchet” adjustment will be made to the exercise price or number of shares

 

     

     

    

 

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underlying the Warrants in the event of subsequent
financings. Common stock underlying the Warrants will have registration rights set forth in a registration rights agreement that
will be similar to those rights provided to investors in the Offering (if any), including “piggyback” registration
rights on the registrations of the Company and demand registration rights. For the sake of clarity, the registration rights will
be separate as between the investors and MDB, and they will be transferrable with the Warrants or underlying securities, if transferred
as restricted stock. The Company shall bear all costs and expenses of registration, including the filing and clearing of one or
more registration statements. The Warrants may be issued to any persons or entities designated by MDB.

 

c.           Other
Fee Provisions; Fee Tail. The entire Fee and Warrants will be payable in respect of any other sale or placement of Company
Securities that closes or is in process during the term of this Agreement regardless of whether such sale has been arranged by
MDB, by another agent, or directly by the Company. Upon termination of this Agreement for any reason, the Company shall promptly
pay MDB its accrued but unpaid fees and unreimbursed expenses incurred as of the date of termination. Notwithstanding any termination
of this Agreement, MDB shall be entitled to the entire Fee and Warrants set forth in Section 2(a)-(b) if, within two (2) years
of the later to occur of (i) the termination of this Agreement or (ii) the last Closing of any Offering arranged by MDB, the Company
consummates or enters into an agreement for the sale of Securities or to obtain financing or other benefit with any person or entity
contacted by MDB in connection with this engagement or with which the Company or any of its agents first made contact during the
term of this Engagement (each, an “MDB Investor”). Any and all such fees shall be payable upon the Closing of any such
sale.

 

d.           Expenses.
The Company is responsible for all costs and expenses associated with any Offering of its Securities. Promptly upon request, the
Company shall reimburse MDB for all reasonable out-of-pocket expenses incurred in connection with this Engagement, including but
not limited to reasonable travel, printing, and the fees and expenses of legal counsel and any other independent advisors selected
and retained by MDB (with the Company’s consent, which shall not be unreasonably withheld), subject to the following:

 

i.            MDB
Expenses. With the exception of legal fees and expenses, any single expense in excess of $1,500 (one thousand five hundred
dollars) will not be incurred without the Company’s prior approval.

 

ii.         Legal
Expenses. It is understood that the amount of MDB’s legal expenses necessarily depends on the manner and size of any
Offering the Company pursues. With respect to any single private Offering, the Company shall not be expected to reimburse MDB more
than $40,000 (forty thousand dollars) in legal fees plus reasonable expenses of counsel. It is understood that the fees of MDB’s
counsel for any public Offering (“Underwriter’s Counsel”) will significantly exceed $40,000 but will not exceed
the market rate for similar services by counsel of commensurate reputation, experience, and skill; legal fees for Underwriter’s
Counsel shall be negotiated in good faith and approved by the Company (which approval shall not be unreasonably withheld) prior
to commencement of any work by Underwriter’s Counsel with respect to any public Offering of Company Securities, it being
understood that in no event will MDB advance legal fees on the Company’s behalf. The Company agrees to advance $25,000 to
MDB in respect of the legal fees of counsel to MDB at the commencement of an Offering, at the request of MDB.

 

e.           Executive
Placement Fees; Background Checks. Should the Company request MDB’s assistance in hiring appropriate executives, the
fee for such services will be $40,000 for the CEO and $25,000 for each other executive or member of the Board of Directors, with
a maximum total placement fee of $140,000, payable upon hiring. Background checks on existing or potential executives or directors,
if deemed necessary by MDB in its sole discretion, will be funded directly by the Company in the amount of $10,000 each.

 

f.            Payments.
All payments to be made to MDB hereunder will be made in cash by wire transfer of immediately available U.S. funds. Except as expressly
set forth herein, no fee payable to MDB hereunder shall be credited against any other fee due to MDB. The obligation to pay any
fee or

 

     

     

    

 

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expense set forth herein shall be absolute and
unconditional and shall not be subject to reduction by way of setoff, recoupment or counterclaim.

 

3.          Manner
of Offering; Representations and Warranties of the Company. The Company warrants and agrees that:

 

a.           Due
Diligence. The Company will fully cooperate with MDB in any due diligence investigation reasonably requested by MDB in connection
with the Engagement and will furnish MDB with such information with respect to the business, operations, assets, liabilities, financial
condition and prospects of the Company, including but not limited to financial statements, certificates of its senior officers
regarding such information, and opinions of counsel and other independent advisors, and such other documents as MDB may from time
to time reasonably request (the “Company information”) to assist in preparing a private placement memorandum, registration
statement, or similar document for use in connection with any Offering and will provide MDB with access to the officers, directors,
employees, accountants, counsel and other representatives (collectively, the “Representatives”) of the Company. The
Company represents and warrants that all Company Information provided to MDB, including but not limited to the Company’s
financial statements, will be complete and correct in all material respects and will not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading. The Company acknowledges and confirms that MDB (i) will use and
rely upon the accuracy and completeness of all such Company information without independently investigating or verifying same;
(ii) has not been retained to independently verify any such Company Information; (iii) assumes no responsibility for the accuracy,
completeness, or adequacy for any purpose of such Company Information or any other information regarding the Company; and (iv)
will not make any appraisal of any assets of the Company.

 

b.           Offering
Materials. The Company will be solely responsible for the contents of the private placement memorandum, registration statement,
or other offering document (as such may be amended or supplemented from time to time, and including any information incorporated
therein by reference, the “Offering Materials”) and any and all other written or oral communications provided by or
on behalf of the Company to any actual or prospective purchaser of the Securities, and the Company represents and warrants that
the Offering Materials (other than with respect to any financial projections contained therein, if any), registration statement,
and such other communications will not, as of the date of the offer or sate of the Securities, contain any untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading. With respect to any financial projections that may be
contained in the Offering Materials (the “Projections”), the Company represents and warrants that the Projections will
be made with a reasonable basis and in good faith and that the Projections will represent the best then-available estimate and
judgment as to the future financial performance of the Company based on the assumptions to be disclosed therein, which assumptions
will be all the assumptions that are material in forecasting the financial results of the Company and which will reflect the best
then-available estimate of the events, contingencies and circumstances described therein. The Company authorizes MDB to provide
the Offering Materials and related communications to prospective and final purchasers of the Securities.

 

If, at any time prior to the completion of the
offer and sale of the Securities, an event occurs that would cause the Offering Materials, registration statement, or other selling
communications to contain an untrue statement of a material fact or to omit to state a material fact necessary in order to make
the statements therein, in light of the circumstances under which they were made, not misleading, or that would cause a material
change in the Company’s view of the likelihood of achievement of the Projections or the reasonableness of the underlying
assumptions, then the Company will notify MDB immediately of such event, and MDB will suspend solicitations of the prospective
purchasers of the Securities until such time as the Company shall prepare a supplement or amendment to the Offering Materials,
registration statement, and selling communications that corrects such statement or omission or revises the Projections or such
assumptions.

 

     

     

    

 

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c.           Reliance
Upon Company Representations and Opinions of Counsel, Etc. The Company agrees that any representations and warranties made
by it to any investor in the Offering shall be deemed also to be made to MDB for its benefit, and MDB shall be entitled to rely
upon the same opinions of counsel and accountant’s letters that are provided to purchasers of the Securities. Accordingly,
the Company shall cause any such opinion or letter delivered to any investors in the Offering also to be addressed and delivered
to MDB, or cause such counsel to deliver to MDB a letter authorizing it to rely upon such opinion.

 

d.           Compliance
with State Securities Laws. The Company will be solely responsible for all applicable state securities law compliance with
respect to the offer and sale of the Securities, including the timely making of any filings or taking other actions required under
the applicable securities or “blue sky” laws or regulations of such domestic states as MDB reasonably may specify and
the continuation of qualifications in effect for so long as may be required. The Company, for private placements that are offered
in the State of New York and other Offerings that require it, will file a Company registration form, consent to service, and state
notice and further state notice for each Offering, unless MDB, upon advice of its counsel, agrees that no such filing in New York
is required. The Company will provide MDB with copies of any pertinent filings at the time they are made, and to the extent any
filing contains information relating to MDB and/or the terms of this Engagement, MDB will be provided a copy of the intended filing
sufficiently in advance to permit time for review and comment. Compliance with state securities laws will be at the Company’s
sole expense. If the Company does not believe that it must make any “blue sky” filings required herein, it will provide
to MDB an opinion of counsel reasonably satisfactory to MDB as to that effect. For any public Offerings, the Company will cause
its counsel to provide to MDB and any other members of an offering syndicate a preliminary and final blue sky memorandum and, if
necessary, any interim updates.

 

e.           Offerings
Exempt from Registration. To the extent that any Offering is designated as one to be made pursuant to an applicable exemption
from registration under the Securities Act of 1933, as amended (the “Act”), the Company agrees that it will not, directly
or indirectly, make any offer or sale of any Securities which would cause the contemplated Offering to fail to be entitled to the
applicable exemption or unreasonably limit the availability of a public registered Offering or an Offering in which MDB will act.
In particular, the Company represents and warrants to MDB that it has not, directly or indirectly, made any offers or sales of
Securities which would cause the Offering of the Securities contemplated hereunder to fail to be entitled to the exemption from
registration afforded by Section 4(2) of the Act. As used herein, the terms “offer” and “sale” have the
meanings specified in Section 2(3) of the Act.

 

To the extent that an Offering is designated
as one to be made pursuant to Regulation D under the Act, the offer and sale of the Securities will comply with certain requirements
of Regulation D, including, without limitation, the requirements that:

 

(i) The Company will not offer or sell the
Securities by means of any form of general solicitation or general advertising, without the express written consent of MDB.

 

(ii) The Company will not offer or sell the
Securities to any person who is not an “accredited investor” (as defined in Rule 501 under the Act).

 

(iii) The Company will exercise reasonable
care to assure that the purchasers of the Securities are not underwriters within the meaning of Section 2(11) of the Act and, without
limiting the foregoing, that such purchasers will comply with Rule 502(d) under the Act.

 

(iv) The Company will not make any filings
with the Securities and Exchange Commission with respect to the offer and sale of the Securities without prior notification to
MDB.

 

The Company represents and warrants that it
and any predecessor of the Company, any affiliated issuer of the Company, any Company director, executive officer, other officer
participating in the Offering, any general partner or managing member of the Company, if any, any beneficial owner of 20% or more
of

 

     

     

    

 

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the Company’s outstanding voting equity
securities, any promoter connected with the Company in any capacity at the time of the Offering, any Company person or other person
(excluding the MDB persons) that has been or will be paid remuneration for the solicitation of purchasers in connection with the
Offering is not now or at the time of the Offering then subject to any of the “Bad Actor” disqualifications set forth
in Rule 506(d) of Regulation D, promulgated under the Securities Act.

 

f.            Use
of Proceeds. None of the proceeds of the Offering will be used to make or repay loans to, or purchase assets from, any officer,
director or executive management of the Company, or any sponsor, general partner, manager or advisor or any of the Company’s
affiliates, except as identified in Schedule B hereto.

 

g.           Independent
Directors. At the time of the closing of an Offering that includes the listing of the Securities on an national exchange, the
Company shall identify any independent directors, using the standards for independent board members set forth in NASD Rule 5605(b).
At the request of MDB, for any other Offering, the Company will identify at the closing any independent directors using the foregoing
standard, and the identification and assumption of a directorship by such person may be made a condition to the closing to an Offering.

 

h.           No
Disciplinary Action. Neither the Company, nor any officer, director, or executive management of the Company, nor any sponsor,
general partner, manager, advisor, or affiliate of the Company, has been the subject of SEC, FINRA, or state disciplinary actions
or proceedings or criminal complaints within the last ten years, except as identified in Schedule C hereto.

 

i.            Audits.
The Company shall be solely responsible for performing, and shall perform, all financial audits necessary to meet the listing requirements
of the NASDAQ, NYSE, or AMEX exchanges, as appropriate.

 

j.            Patent
Drafting Firm. At the request of MDB, the Company shall retain a professional patent strategy firm reasonably acceptable to
MDB in terms of scope of services and fees.

 

k.          Additional
Pre-Offering Requirements. Prior to any Offering, the Company shall ensure that its capital structure, employee stock option
plan, and Board of Directors are reasonably acceptable to MDB and, where applicable, the Company shall cause all holders to convert
all notes and preferred shares to Common Stock with the extinguishment of attached rights.

 

1.          Lock-Up
Period. In the event of an Offering that is an IPO or other public Offering, all Securities held by principals in the Company,
Securities received pursuant to a merger, combination or consolidation, if any, which closes within 180 days of the IPO closing,
all Securities issued as part of a Fee or shares of Common Stack underlying Warrants received by MDB hereunder, and all fee Securities/warrants
received by the IP Development Company pursuant to subsection (j) above may not be sold or redeemed for a period of 12 months following
the consummation of the IPO or other public Offering. Additionally, any persons purchasing Securities in an Offering that are “restricted
securities” will agree not to sell their equity Securities acquired in or acquirable as a result of the Offering for a period
of six months after the IPO Offering or for six months after a subsequent other public Offering.

 

m.           Investor
Relations Firm; Investor Conference Calls. For a period of two (2) years from the Closing of an Offering, the Company shall
retain an investor relations firm reasonably acceptable to MDB in terms of scope of services and fees, which firm should have the
ability to perform investor relations and product and company branding functions. For a period of two (2) years from the Closing
of an Offering, the Company, with the aid of the investor relations firm, will announce and hold investor and public conference
calls at least quarterly, at which the Company will review its quarterly and annual financial results and give guidance for the
financial results of the then fiscal year, which information will also be made available in a press release and Form 8-K.

 

n.           Post-Offering
Commitments. For a period of two (2) years from the Closing of an Offering, the Company shall:

 

     

     

    

 

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(i) subscribe to the Depository Trust Clearing
Corporation weekly transfer sheet reports, and provide such reports to MDB immediately upon receipt; and

 

(ii) no less than 24 hours prior to making
any public filing or announcement, provide to MDB all such proposed public filings and announcements for its review and comment.

 

4.          Confidentiality.
The terms and conditions of the amended Mutual Non-Disclosure Agreement entered into between the parties on or about April 9, 2014
(the “NDA”) will continue to govern the treatment of Confidential Information (as defined in the NDA) exchanged by
the parties in connection with the performance of this Agreement; the term of the NDA shall be deemed extended, if necessary, to
coincide with the Term of this Agreement. Notwithstanding any provision of the NDA to the contrary, MDB is authorized to transmit
to any prospective investor in the Offering the following: confidential material furnished by the Company or prepared by MDB in
conjunction with the Company for transmission to prospective investors; and forms of purchase agreements and any other legal documentation
supplied to MDB for transmission to any prospective investor by or on behalf of the Company. The Company authorizes MDB to execute,
on the Company’s behalf, confidentiality agreements in a form acceptable to the Company with such prospective investors.

 

5.          Indemnification.
The Company agrees to indemnify MDB and related persons in accordance with the indemnification agreement attached as Exhibit A,
which is incorporated herein by this reference. The provisions of Exhibit A shall survive any termination or expiration of this
Agreement.

 

6.          Term
and Termination. MDB’s Engagement will commence upon the execution of this Agreement and shall continue in effect for
a period of one (1) year (the “Initial Term”). During the Initial Term, this agreement may not be terminated by the
Company absent gross misconduct of MDB. After the expiration of the Initial Term, the Agreement shall automatically renew and continue
in effect until it is terminated by either party with sixty (60) days’ written notice to the other pursuant to Section 19.
Upon termination of this Agreement for any reason, the rights and obligations of the parties hereunder shall terminate, except
for the obligations set forth in Sections 2, 3(b)-(n) 4, 5, 6, 9-17 and 19, and Exhibit A, which shall survive termination.

 

Notwithstanding any termination of this Agreement,
the Company will cooperate fully with MDB by promptly providing information, facilitating introductions, and cooperating with investigations
for the limited purposes of enabling MDB to ensure compliance with the terms of this Agreement and assisting MDB in fulfilling
its due diligence, reporting, or legal obligations in connection with the Engagement. Any Confidential Information provided for
this purpose will be subject to Confidential treatment by MDB as set forth herein at Section 4.

 

7.          Additional
Services; Right of First Refusal. Should the Company request MDB to perform any services or act in any capacity not specifically
addressed in this Agreement, such services or activities shall constitute separate engagements, the terms and conditions of which
will be embodied in separate written agreement(s) and will include appropriate indemnification provisions. The indemnity provisions
of Exhibit A shall apply to any such additional engagements (whether or not covered by a separate written agreement), unless and
until superseded by a written indemnity provision set forth in a subsequent agreement.

 

In the event that an Offering or other transaction
is completed either during the term of this Agreement or with an MDB Investor pursuant to Section 2(c), MDB shall, for 12 (twelve)
months following the closing of such transaction, have the right but not the obligation to act as sole and exclusive advisor, manager,
underwriter or placement agent to the Company on any transactions for which the Company would require the services of an investment
bank. Such transactions shall be at a competitive market rate and include, but are not limited to, merger and/or acquisitions transactions
and additional Offerings of any type (public or private).

 

8.          Other
Transactions; Disclaimers. The Company acknowledges that MDB is engaged in a wide range of investing, investment banking and
other activities (including investment management,

 

     

     

    

 

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corporate finance, securities issuance, trading
and research and brokerage activities) from which conflicting interests or duties, or the appearance thereof, may arise. Information
held elsewhere within MDB but not accessible (absent a breach of internal procedures) to its investment banking personnel providing
services to the Company will not under any circumstances affect MDB’s responsibilities to the Company hereunder. The Company
further acknowledges that MDB and its affiliates have and may continue to have investment banking, broker-dealer and other relationships
with parties other than the Company pursuant to which MDB may acquire information of interest to the Company. MDB shall have no
obligation to disclose to the Company or to use for the Company’s benefit any such non-public information or other information
acquired in the course of engaging in any other transaction (on MDB’s own account or otherwise) or otherwise carrying on
the business of MDB. The Company further acknowledges that from time to time MDB’s independent research department may publish
research reports or other materials, the substance and/or timing of which may conflict with the views or advice of MDB’s
investment banking department and/or which may have an adverse effect on the Company’s interests in connection with the transactions
contemplated hereby or otherwise. In addition, the Company acknowledges that, in the ordinary course of business, MDB may trade
the securities of the Company for its own account and for the accounts of its customers, and may at any time hold a long or short
position in such securities. MDB shall nonetheless remain fully responsible for compliance with federal securities laws in connection
with such activities.

 

It is expressly understood and agreed that MDB
has not provided and is not undertaking to provide any advice to the Company relating to legal, regulatory, accounting, or tax
matters. The Company acknowledges and agrees that it has relied and will continue to rely on the advice of its own legal, tax and
accounting advisors in all matters relating to any Offering contemplated hereunder.

 

The Company further acknowledges and agrees
that MDB will act solely as an independent contractor hereunder, and that MDB’s responsibility to the Company is solely contractual
in nature and that MDB does not owe the Company or any other person or entity, including but not limited to its shareholders, any
fiduciary or similar duty as a result of the Engagement or otherwise.

 

The Company agrees that neither MDB nor any
of its controlling persons, affiliates. directors, officers, employees or consultants shall have any liability to the Company or
any person asserting claims on behalf of or in right of the Company for any losses, claims, damages, liabilities or expenses arising
out of or relating to the Engagement, unless it is finally judicially determined that such losses, claims, damages, liabilities
or expenses resulted solely from the gross negligence or willful misconduct of MDB.

 

9.          Work
Product and Announcements. MDB’s advice shall be the sole proprietary work product and intellectual property of MDB,
and such advice may not be disclosed, in whole or in part, to third parties other than the Company’s professional advisors,
as necessary, without the prior written permission of MDB unless such disclosure is required by law. The Company acknowledges that
MDB, at its option and expense, and no earlier than the first to occur of (i) the signing of definitive agreements regarding the
Offering or (ii) the public announcement of the Offering, may place announcements and advertisements or otherwise publicize the
Offering (which may include the reproduction of the Company’s logo and a hyperlink to the Company’s website) on MDB’s
website and in such financial and other newspapers and journals as it may choose, stating that MDB has acted as an agent in connection
with or advised the Company about such Offering.

 

10.         Complete
Agreement; Amendments; Assignment. This Agreement sets forth the entire understanding of the parties relating to the subject
matter hereof and supersedes and cancels any prior communications, understandings and agreements, whether oral or written, between
MDB and the Company. This Agreement may not be amended or modified except in writing. The rights of MDB hereunder shall be freely
assignable to any affiliate of MDB, and this Agreement shall apply to, inure to the benefit of and be binding upon and enforceable
against each of the parties and their successors and assigns.

 

11.         Third
Party Beneficiaries. This Agreement is intended solely for the benefit of the parties hereto and, with the exception of the
rights and benefits conferred upon the Indemnified Parties by Section

 

     

     

    

 

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April 13, 2015

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5 and Exhibit A of this Agreement, shall not
be deemed or interpreted to confer any rights upon any third parties.

 

12.         Governing
Law: Jurisdiction; Venue. All aspects of the relationship created by this Agreement shall be governed by and construed in accordance
with the laws of the State of California, applicable to contracts made and to be performed in California, without regard to its
conflicts of laws provisions. All actions and proceedings which are not submitted to arbitration pursuant to Section 13 hereof
shall be heard and determined exclusively in the state and federal courts located in the County of Los Angeles, State of California,
and the Company and MDB hereby submit to the jurisdiction of such courts and irrevocably waive any defense or objection to such
forum, on forum non conveniens grounds or otherwise. The parties agree to accept service of process by mail, to their principal
business address, addressed to the chief executive officer and secretary thereof. The parties hereby agree that this Section 12
shall survive the termination and/or expiration of this Agreement.

 

13.         Arbitration.
Any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation
or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined
by arbitration in Los Angeles (with the exception of claims to enforce the indemnity provision contained herein, which may, at
the option of the party seeking relief, be submitted either to arbitration or to any court of competent jurisdiction). The arbitration
shall be administered either by FINRA Dispute Resolution pursuant to its Code of Arbitration Procedure, or if FINRA cannot or does
not accept the arbitration, by JAMS pursuant to its Streamlined Arbitration Rules and Procedures. Judgment on the Award may be
entered in any court having jurisdiction. This clause shall not preclude parties from seeking provisional remedies in aid of arbitration
from a court of appropriate jurisdiction.

 

The arbitrator may, in the Award, allocate
all or part of the costs of the arbitration, including the fees of the arbitrator and the reasonable attorneys’ fees of the
prevailing party.

 

The parties hereby agree that this Section
13 shall survive the termination and/or expiration of this Agreement.

 

The Company’s consent to Arbitration
must be confirmed by initialing below:

 

__________________

 

14.         Severability.
Should any one or more covenants, restrictions and provisions contained in this Agreement be held for any reason to be void, invalid
or unenforceable, in whole or in part, such unenforceability will not affect the validity of any other term of this Agreement,
and the invalid provision will be binding to the fullest extent permitted by law and will be deemed amended and construed so as
to meet this intent. To the extent any provision cannot be so amended or construed as a matter of law, the validity of the remaining
provisions shall be deemed unaffected and the illegal or invalid provision will be deemed stricken from this Agreement.

 

15.         Section
Headings. The section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning
hereof.

 

16.         Accounting.
Any calculation, computation or accounting that may be required under this Agreement shall be made in accordance and conformity
with the Generally Accepted Accounting Principles and other standards as determined by the Financial Accounting Standards board
and regulatory agencies with appropriate jurisdiction.

 

17.         Counterparts.
This Agreement may be executed via facsimile transmission and may be executed in separate counterparts, each of which shall be
deemed to be an original and all of which together shall constitute a single instrument.

 

     

     

    

 

MDB Engagement Letter

April 13, 2015

p. 10 of 13

 

18.         Patriot
Act. MDB hereby notifies the Company that pursuant to the requirements of the USA PATRIOT Act (the “Patriot Act”),
it is required to obtain, verify and record information that identifies the Company in a manner that satisfies the requirements
of the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act.

 

19.         Notice.
All notices, demands, and other communications to given pursuant to this Agreement shall be in writing and shall be personally
delivered, sent by overnight delivery using a nationally recognized courier service, sent by facsimile transmission, or emailed.
Notice shall be deemed received: (a) if personally delivered, upon the date of delivery to the address of the receiving party;
(b) if sent by overnight courier, the date actually received by the recipient; (c) if sent by facsimile or email, when sent. The
parties will each promptly notify the other of any changes to the following contact information.

 

	Notices to MDB shall be sent to:	Notices to the Company shall he sent to:
	 	 
	MDB Capital Group, EEC	ImaGen Biopharma, Inc.
	Mr. Gary Schuman	Amy Wang, Ph.D.
	401 Wilshire Blvd., Suite 1020	401 Wilshire Blvd., Suite 1020
	Santa Monica, California 90401	Santa Monica, California 90401
	Fax: (310) 526-5020	Fax: (310) 526-5020
	Email: g@mdb.com	Email: awang@mdb.com

 

If the above accords with your understanding
and agreement, kindly indicate your consent hereto by signing below. We look forward to a long and successful relationship with
you.

 

	Very truly yours,	 
	 	 
	MDB CAPITAL GROUP LLC	 
	 	 
	/s/ Gary Schuman	 
	By: Gary Schuman	 
	Chief Financial Officer and Chief Compliance Officer	 

 

ACCEPTED AND AGREED TO

AS OF THE DATE FIRST ABOVE WRITTEN:

 

IMAGEN BIOPHARMA, INC.

 

	/s/ Cameron Gray	 
	By: Cameron Gray	 
	Its: CEO	 

 

     

     

    

 

EXHIBIT A

 

MDB CAPITAL GROUP LLC 

401 Wilshire Boulevard, Suite 1020 

Santa Monica, California 90401

 

Ladies and Gentlemen:

 

In further consideration of the engagement
by ImaGen Biopharma, Inc. (the “Company”) of MDB Capital Group LLC (“MDB”) to act as the Company’s
exclusive placement agent in connection with a potential Offering or Offerings of securities, as such engagement is described in
that letter agreement between us of even date (the “Engagement Agreement”), the Company agrees to indemnify MDB and
certain other persons provided for herein, as follows:

 

A.           Indemnification
Generally. The Company hereby agrees to indemnify and hold harmless MDB Capital, its directors, officers, agents, employees,
members, affiliates, subsidiaries, counsel, and each other person or entity who controls MDB or any of its affiliates within the
meaning of Section 15 of the Securities Act (collectively, the “Indemnified Parties”) to the fullest extent permitted
by law from and against any and all losses, claims, damages, expenses, or liabilities (or actions in respect thereof) (“Losses”),
joint or several, to which they or any of them may become subject under any statute or at common law, and to reimburse such Indemnified
Parties for any reasonable legal or other expense (including but not limited to the cost of any investigation, preparation, response
to third party subpoenas) incurred by them in connection with any litigation or administrative or regulatory action (“Proceeding”),
whether pending or threatened, and whether or not resulting in any liability, insofar as such losses, claims, liabilities, or litigation
arise out of or are based upon (1) the engagement of MDB pursuant to the Engagement Agreement or subsequent agreement between the
Company and MDB; (2) the Offering of Company Securities contemplated by the Engagement Agreement or subsequent agreement between
the Company and MDB; (3) any other matter referred to or contemplated by the Engagement Agreement or subsequent agreement between
the Company and MDB; (4) any untrue statement or alleged untrue statement of any material fact contained in the private placement
memorandum, offering materials, registration statement, or other offering or selling document (as may be amended or supplemented
and including any information incorporated therein by reference, the “Company Documentation”), or in any other written
or oral communication provided by or on behalf of the Company to any actual or prospective purchaser of Securities (as that term
is defined in the Engagement Agreement), unless such untrue statement or alleged untrue statement arises solely from information
supplied by any members, officers, agents or employees of MDB, in writing specifically for use therein; or (5) the omission or
alleged omission to state in the Company Documentation a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading; provided, however, that while
the indemnity provisions herein shall include any and all claims regardless of whether MDB Capital’s sole negligence, active
or passive, contributed to losses, they shall not apply to (i) amounts paid in settlement of any such litigation if such settlement
is effected without the consent of the Company, which consent will not be unreasonably withheld, or (ii) Losses arising solely
from the willful misconduct or gross negligence of Indemnified Parties; and provided that the Company will not be responsible
for the fees and expenses of more than one counsel to all Indemnified Parties, in addition to appropriate local counsel, unless
in the reasonable judgment of any Indemnified Party there exists a potential conflict of interest which would make it inappropriate
for one counsel to represent all such Indemnified Parties.

 

B.           Reimbursement.
The Company will reimburse all Indemnified Parties for all reasonable expenses (including, but not limited to, reasonable fees
and disbursements of counsel for the Indemnified Parties) incurred by any such Indemnified Parties in connection with investigating,
preparing, and defending any such action or claim, whether or not in connection with pending or threatened litigation in connection
with the transaction to which an Indemnified Parties is a party, promptly as such expenses are incurred or paid (unless the Indemnified
Parties request they be paid in advance pursuant to Subsection C below).

 

     

     

    

 

C.           Advances.
Notwithstanding any other provision hereof or any other agreement between the parties, the Company shall advance, to the extent
not prohibited by law, all expenses reasonably anticipated to be incurred by or on behalf of the Indemnified Parties in connection
with any Proceeding, whether pending or threatened, within fifteen (15) days of receipt of a statement or statements (“Statement(s)”)
from the Indemnified Parties, or any of them, requesting such advances from time to time. This advancement obligation shall include
any refundable retainers of counsel retained by Indemnified Parties (as selected by Indemnified Parties in their sole and absolute
discretion), subject to the restriction that the Company shall not be required to advance legal fees of the Indemnified Persons
with respect to more than one (1) law firm that is representing the Indemnified Parties. If, due to conflict or other issues, the
Indemnified Persons engage more than one law firm to represent them (or any of them), the Company’s indemnification obligations
under this Schedule A shall only apply as against one law firm representing MDB or the majority of the Indemnified Parties. Any
Statement requesting advances shall evidence the expenses anticipated or incurred by the Indemnified Parties with reasonable particularity
and may include only those expenses reasonably expected to be incurred within the 180-day period following each Statement. In the
event some portion of the amounts advanced pursuant to this Section C are unused, or in the event a court of ultimate jurisdiction
determines that the Indemnified Parties are not entitled to be indemnified against certain expenses, Indemnified Parties shall
return the unused or disallowed portion of any advances within ninety (90) days of the final disposition of any Proceeding to which
such advances pertain, together with interest thereon at an annual percentage rate of 6%.

 

D.           Contribution.
If such indemnification is for any reason not available or insufficient to hold an Indemnified Party harmless, the Company agrees
promptly to contribute to the Losses involved in such proportion as is appropriate to reflect the relative benefits received (or
anticipated to be received) by the Company, on the one hand, and by MDB, on the other hand, with respect to the Engagement or,
if such allocation is determined by a court or arbitral tribunal to be unavailable, in such proportion as is appropriate to reflect
other equitable considerations such as the relative fault of the Company on the one hand and of MDB on the other hand; provided,
however, that, to the extent permitted by applicable law, the Indemnified Parties shall not be responsible for amounts which
in the aggregate are in excess of the amount of all cash fees, exclusive of costs, actually received by MDB from the Company at
the Closing in connection with the Engagement. Relative benefits to the Company, on the one hand, and to MDB, on the other hand,
with respect to the Engagement shall be deemed to be in the same proportion as (i) the total value received or proposed to be received
by the Company in connection with the Offering, whether or not consummated, bears to (ii) all fees received or proposed to be received
by MDB in connection with the engagement. Relative fault shall be determined, in the case of Losses arising out of or based on
any untrue statement or any alleged untrue statement of a material fact or omission or alleged omission to state a material fact,
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company to MDB and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act of 1933, as amended) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation.

 

E.           No
Liability Without Gross Negligence or Misconduct. The Company agrees that no Indemnified Party shall have any liability to
the Company or its respective owners, successors, heirs, parents, affiliates, security holders or creditors for any Losses, except
to the extent such Losses are determined, by a final, non-appealable judgment by a court or arbitral tribunal of competent jurisdiction,
to have resulted solely from such Indemnified Person’s gross negligence or willful misconduct.

 

F.           Notice.
MDB agrees, promptly upon receipt, to notify the Company in writing of the receipt of written notice of the commencement of any
action against it or against any other Indemnified Parties, in respect of which indemnity may be sought hereunder; however, the
failure so to notify the Company will not relieve it from liability under Sections A above unless and to the extent it did not
otherwise learn of such action and such failure results in the forfeiture by the Company of substantial rights or defenses.

 

    	 	Page 2

     

    

 

G.           Settlement.
The Company will not, without MDB’s prior written consent, settle, compromise, or consent to the entry of any judgment in
or otherwise seek to terminate any pending Proceeding in respect of which indemnification may be sought hereunder (whether or not
any Indemnified Party is a party therein) unless the Company has given MDB reasonable prior written notice thereof and such settlement,
compromise, consent or termination includes an unconditional release of each Indemnified Party from any liabilities arising out
of such Proceeding. The Company will not permit any such settlement, compromise, consent or termination to include a statement
as to, or an admission of, fault, culpability or a failure to act by or on behalf of an Indemnified Party, without such Indemnified
Party’s prior written consent. No Indemnified Party seeking indemnification, reimbursement or contribution under this Agreement
will, without the Company’s prior written consent, settle, compromise, consent to the entry of any judgment in or otherwise
seek to terminate any Proceeding referred to herein.

 

H.           Survival;
Successors. The indemnity, contribution and expense reimbursement obligations set forth herein shall be in addition to any
liability the Company may have to any Indemnified Party at common law or otherwise, and shall remain operative and in full force
and effect notwithstanding the termination of this Agreement, the closing of the contemplated Offering, and any successor of MDB
or any other Indemnified Parties shall be entitled to the benefit of the provisions hereof. Prior to entering into any agreement
or arrangement with respect to, or effecting, any merger, statutory exchange or other business combination or proposed sale or
exchange, dividend or other distribution or liquidation of all or a significant portion of its assets in one or a series of transactions
or any significant recapitalization or reclassification of its outstanding securities that does not directly or indirectly provide
for the assumption of the obligations of the Company set forth herein, the Company will promptly notify MDB in writing thereof
and, if requested by MDB, shall arrange in connection therewith alternative means of providing for the obligations of the Company
set forth herein, including the assumption of such obligations by another party, insurance, surety bonds or the creation of an
escrow, in each case in an amount and on terms and conditions reasonably satisfactory to MDB.

 

I.           Consent
to Jurisdiction; Attorneys’ Fees. Solely for the purpose of enforcing the Company’s obligations hereunder, the
Company consents to personal jurisdiction, service and venue in any court proceeding in which any claim subject to this Agreement
is brought by or against any Indemnified Party other than MDB. In any action for enforcement of this indemnity provision, the prevailing
party shall be entitled to recover all costs, including reasonable attorneys’ fees, of bringing such an action.

 

IMAGEN BIOPHARMA, INC.

 

	/s/ Cameron Gray	 
	By: Cameron Gray	 
	Its: CEO	 

 

    	 	Page 3EXHIBIT 10.3

 

Imagen Biopharma, Inc.

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES
PURCHASE AGREEMENT (this “Agreement”), dated as of June 15, 2015, is made and entered into by and
between Imagen Biopharma, Inc., a Delaware corporation with its principal executive offices located at 401 Wilshire Boulevard,
Suite 1020 Santa Monica, CA 90401 (the “Company”), and each of the purchasers listed on Schedule A hereto
(the “Purchasers”).

 

WHEREAS, the
Company and the Purchasers are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by the rules and regulations as promulgated by the U.S. Securities and Exchange Commission (the “SEC”)
under the Securities Act of 1933, as amended (the “Securities Act”);

 

WHEREAS, the
Purchasers, severally and not jointly, desire to purchase and the Company desires to issue and sell to the Purchasers, in each
case upon the terms and subject to the conditions set forth in this Agreement, up to an aggregate of 3,703,704 shares (the “Shares”)
of common stock, $0.001 par value per share, of the Company (the “Common Stock”), at a purchase price of $2.70
per share (the “Per Share Purchase Price”) (the Common Stock is sometimes referred to herein as the “Securities”),
which are being offered on a Minimum $8,000,000 and Maximum $10,000,000 basis;

 

WHEREAS, each
Purchaser, severally and not jointly, wishes to purchase, upon the terms and conditions stated in this Agreement, such number of
shares of Common Stock as is set forth immediately next to such Purchaser’s name on Schedule A hereto;

 

WHEREAS, simultaneously
with the execution and delivery of this Agreement, the parties hereto are executing and delivering a Registration Rights Agreement,
in the form attached hereto as Exhibit A (the “Registration Rights Agreement” and collectively with this
Agreement, the Questionnaire (as defined below), the Escrow Agreement (as defined below), and the Registration Rights Agreement,
the “Transaction Documents”) pursuant to which the Company has agreed to provide to the Purchasers certain registration
rights under the Securities Act and the rules and regulations promulgated thereunder, and applicable state securities laws;

 

WHEREAS, the
Company has engaged MDB Capital Group, LLC as its exclusive placement agent (the “Placement Agent”) for the
offering contemplated hereby;

 

WHEREAS, the
Company prepared a private placement memorandum, referred to as the “Memorandum” for use by the Placement Agent
and the Purchasers, which describes the Company and certain conditions to the closing of the sale of the Securities, among other
things.

 

NOW THEREFORE,
in consideration of the foregoing and the representations, warranties, covenants and agreements herein contained, the Company and
each Purchaser severally (and not jointly) hereby agree as follows:

 

1.          Purchase
and Sale of Common Stock.

 

(a)          Purchase
of Common Stock. Subject to the terms and conditions set forth in this Agreement, on the Closing Date (as defined below), the Company
shall issue and sell to each Purchaser and each Purchaser, severally and not jointly, agrees to purchase from the Company such
number of

 

     

     

    

 

Shares as is set forth
next to such Purchaser’s name on Schedule A hereto for an aggregate purchase price of $43,200.00 (the “Aggregate
Purchase Price”).

 

(b)          Closing
Date. The date and time of the issuance and sale of the Shares pursuant to this Agreement (the “Closing Date”)
shall be 3:00 p.m., New York time, on the day all of the conditions to closing set for in Section 6 and Section 7
below have been satisfied (or waived), or such other mutually agreed upon date and time. The closing of the transactions contemplated
by this Agreement (the “Closing”) shall occur on the Closing Date at the executive offices of the Company, or
at such other location as may be agreed to by the parties and may be undertaken remotely by facsimile or other electronic transmission.

 

(c)          Closing
and Escrow. Unless other arrangements have been made between the Company and a specific Purchaser, on or prior to the Closing,
each Purchaser shall deliver or cause to be delivered the following in accordance with the subscription procedures described in
Section 1(d) below:

 

(i)          this
Agreement and the Registration Rights Agreement, duly executed by such Purchaser;

 

(ii)         an
amount equal to the Per Share Purchase Price multiplied by the number of Shares to be purchased by such Purchaser as set forth
next to such Purchaser’s name on Schedule A hereto (such product, the “Subscription Amount”), in
the form of a wire transfer to the Escrow Agent, in accordance with the Escrow Agent’s written instructions; and

 

(iii)        a
fully completed and duly executed Questionnaire in the form attached as Exhibit B hereto (the “Questionnaire”).

 

The funds received pursuant
to this Section 1(c)(ii) will be placed with U.S. Bank National Association, who will serve as escrow agent for the Closing
(the “Escrow Agent”). At the Closing, as evidenced by a written certificate signed by the Company and the Placement
Agent certifying that the conditions to closing hereon have been met, the Escrow Agent will deliver the applicable funds to the
Company. If this Agreement is terminated, each Purchaser shall receive back its Subscription Amount promptly, without interest.

 

The Closing will not
take place until all the Transaction Documents have been duly delivered as provided herein, the Company has received in escrow
the Subscription Amount for all the Securities being sold to the Purchasers, and all of the conditions set forth in Section
6 and Section 7 below have been satisfied (or waived). Certificates evidencing the Securities may be delivered after
the Closing, within a reasonable time.

 

(d)          Subscription
Procedure. Each Purchaser shall deliver or cause to be delivered a duly executed copy of this Agreement, the Registration Rights
Agreement, and a fully completed and duly executed Questionnaire to the Placement Agent at the following address: MDB Capital Group,
LLC, Attention: Compliance Department, 401 Wilshire Blvd., Suite 1020, Santa Monica, CA 90401. Unless other arrangements
have been made with a particular Purchaser, each Purchaser shall also deliver or cause to be delivered the Subscription Amount
pursuant to Section 1(c)(ii) hereof.

 

(e)          Acceptance.
This Agreement sets forth various representations, warranties, covenants and agreements of the Company and the Purchasers, as the
case may be, all of which shall be deemed made, and shall be effective without further action by the Company and the Purchasers,
immediately upon the Company’s acceptance of a Purchaser’s subscription and shall thereupon be binding upon the Company
and the applicable Purchasers. Acceptance is evidenced only by execution of

 

    2 

     

    

 

this Agreement by the
Company on its signature page attached hereto, and the Company shall have no obligation hereunder to a Purchaser until the Company
shall have delivered to such Purchaser an executed copy of this Agreement.

 

2.          Representations
and Warranties of the Purchasers. Each Purchaser severally (and not jointly) represents and warrants to the Company solely
as to such Purchaser that, as of the date hereof and as of the Closing Date:

 

(a)          Investment
Purpose. The Securities to be acquired by such Purchaser are being acquired or will be acquired for investment for such Purchaser’s
own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the
Securities Act, and such Purchaser has no present intention of selling, granting any participation in, or otherwise distributing
the same in violation of the Securities Act. Such Purchaser does not presently have any contract, undertaking, agreement or arrangement
with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Securities
in violation of the Securities Act. Such Purchaser has not been formed for the specific purpose of acquiring the Securities.

 

(b)          Accredited
Investor Status. Such Purchaser is an “accredited investor,” as that term is defined in Rule 501(a) of Regulation
D promulgated under the Securities Act (an “Accredited Investor”).

 

(c)          Reliance
on Exemptions. Such Purchaser understands that the Securities are being offered and sold to it in reliance upon specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying upon the
truth and accuracy of, and such Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of such Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility
of such Purchaser to acquire the Securities.

 

(d)          Information.
Such Purchaser and its advisors, if any, have been furnished with the Memorandum and all materials relating to the business, financial
condition, results of operations, management and operations of the Company and materials relating to the offer and sale of the
Securities which have been requested by such Purchaser or its advisors, and considered all factors such Purchaser deems material
in deciding on the advisability of investing in the Securities. Such Purchaser and its advisors, if any, have been afforded the
opportunity to ask questions of the Company. Notwithstanding the foregoing representations, neither such inquiries nor any other
due diligence investigation conducted by Purchaser or any of its advisors or representatives shall modify, amend or affect Purchaser’s
right to rely on the Company’s representations and warranties contained in Section 3 below. To the extent that the
Purchaser has received information that is not included in the Memorandum, other than information from an executive officer of
the Company acting in their role as an executive officer, such Purchaser represents and warrants that such Purchaser did not rely
on such information in making a decision to purchase the Shares.

 

(e)          No
Governmental Review. Such Purchaser understands that no United States federal or state agency or any other government or governmental
agency has passed upon or made any recommendation or endorsement of the Securities.

 

(f)          Restricted
Securities. Such Purchaser understands that the Securities have not been registered under the Securities Act, by reason of
a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide
nature of the investment intent and the accuracy of such Purchaser’s representations as expressed herein. Such Purchaser
understands that the Securities are characterized as “restricted securities” under applicable U.S.

 

    3 

     

    

 

federal and state securities
laws and that, pursuant to these laws, such Purchaser must hold the Securities indefinitely unless the Securities are subsequently
registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration
and qualification requirements is available.

 

(g)          Legends.
Such Purchaser understands that certificates evidencing the Securities may bear the following or substantially similar legends,
reflecting the restricted nature of the Securities and the lock up to which the Purchaser has agreed in this Agreement:

 

The securities represented hereby
have not been registered under the Securities Act of 1933, as amended, and may not be transferred, sold or otherwise disposed of
except (i) pursuant to an effective registration statement under said act, (ii) unless sold or eligible to be sold pursuant to
Rule 144 or 144A of said act, or (iii) an opinion of counsel reasonably satisfactory to the Company that registration is not required
under said act. The securities may be pledged in connection with a bona fide margin account or other loan or financing arrangement
secured by the securities.

 

The securities represented hereby
are subject to an agreement between the holder and the Company whereby the holder will not attempt to sell the securities directly
or indirectly prior to the 180 day period following an initial public offering by the Company of its securities for capital raising
purposes.

 

(h)          Authorization;
Enforcement. Each Transaction Document to which such Purchaser is a party: (i) has been duly and validly authorized by such
Purchaser, (ii) has been duly executed and delivered by or on behalf of such Purchaser, and (iii) will constitute, upon execution
and delivery by such Purchaser thereof and the Company, the valid and binding agreements of such Purchaser enforceable in accordance
with their terms, except to the extent limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of
general application affecting enforcement of creditors’ rights and general principles of equity that restrict the availability
of equitable or legal remedies.

 

(i)          Residency.
If the Purchaser is an individual, then such Purchaser resides in the state or province identified on the signature pages hereto
as the address for such Purchaser. If the Purchaser is a partnership, corporation, limited liability company or other entity, then
the office or offices of such Purchaser identified on the signature pages hereto as the address of such Purchaser is the location
of its principal place of business and such entity is duly organized in its state of formation.

 

(j)          Investment
Experience. Such Purchaser is experienced in investments and business matters, has made investments of a speculative nature
and has purchased securities of United States companies in private placements in the past, and, with its representatives, has such
knowledge and experience in financial, tax and other business matters as to enable such Purchaser to utilize the information made
available by the Company to evaluate the merits and risks of and to make an informed investment decision with respect to, the proposed
purchase of the Securities, which represents a speculative investment. Such Purchaser is able to bear the economic risk of an investment
in the Securities and is able to afford a complete loss of such investment.

 

(k)          Communication
of Offer. Such Purchaser was contacted by either the Company or the Placement Agent with respect to a potential investment
in the Securities. Purchaser, to its knowledge, is not purchasing the Securities as a result of any “general solicitation”
or “general advertising,” as such terms are defined in Regulation D of the Securities Act, which includes, but is not
limited to, any advertisement, article, notice or other communication regarding the Securities published in

 

    4 

     

    

 

any newspaper, magazine
or similar media or on the internet or broadcast over television, radio or the internet or presented at any seminar or any other
general solicitation or general advertisement.

 

(l)          Brokers
and Finders. Other than the Placement Agent with respect to the Company, no person will have, as a result of the transactions
contemplated by this Agreement, any valid right, interest or claim against or upon the Company or any Purchaser for any commission,
fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of such Purchaser.
The Company has agreed to pay a commission and expense reimbursement to the Placement Agent in connection with the sale of the
Securities. Such Purchaser acknowledges that it is purchasing the Securities directly from the Company and not from the Placement
Agent.

 

(m)          FINRA.
Such Purchaser (i) has had no position, office or other material relationship within the past three years with the Company or persons
known to it to be affiliates of the Company, and (ii) if such Purchaser is a member of the Financial Industry Regulatory Authority
(“FINRA”) or an associated person of a member of FINRA, such Purchaser, together with its affiliates and any
other associated persons of such member of FINRA, does not, and as of the Closing will not, directly or indirectly have a beneficial
interest (as determined under FINRA Rule 5130(i)(1)) of more than 50% of the outstanding voting securities of the Company.

 

3.          Representations
and Warranties of the Company. The Company hereby represents and warrants to each Purchaser, severally and jointly, that,
as of the date hereof and as of the Closing Date:

 

(a)          Organization
and Qualification. The Company is an entity duly incorporated or otherwise organized, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or organization (as applicable), with the requisite power and authority
to own and use its properties and assets and to carry on its business as currently conducted. The Company is not in violation or
default of any of the provisions of its Certificate of Incorporation (as defined below), Bylaws (as defined below) or other organizational
or charter documents. The Company is duly qualified to conduct business and is in good standing as a foreign corporation or other
entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary,
except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to
result in (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material
adverse effect on the results of operations, assets, business or condition (financial or otherwise) of the Company, taken as a
whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its
obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding
of which the Company has received written notice or otherwise has Knowledge (as defined below) has been instituted in any such
jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

(b)          Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by each of the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery
of each of the Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby
have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company,
its Board of Directors or the Company’s stockholders in connection therewith other than in connection with the Required Approvals
(as defined below). Each Transaction Document to which the Company is a party has been (or upon the execution and delivery thereof
by the Company will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof,
will constitute the valid and binding obligation

 

    5 

     

    

 

of the Company enforceable
against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally,
(ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and
(iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(c)          Capitalization.
As of the date hereof, the authorized capital stock of the Company consists of 10,000,000 shares of preferred stock, $0.001 par
value, of which no shares are issued and outstanding, 50,000,000 shares of Common Stock, $0.001 par value, of which 3,649,000 shares
are issued and outstanding immediately prior to the Closing and the acquisition transactions. There are approximately 370,370 shares
of common stock are reserved for issuance pursuant to the Company’s obligation to the Placement Agent to issue a warrant
for such shares upon completion of the Closing. The Company does not currently have any employee equity award program, however,
it plans to adopt one in the future and prior to any initial public offering. The Company has a contractual commitment to issue
to the Albert Einstein Medical Center shares of Common Stock at the time of the IPO based on the then outstanding number of shares,
on a fully diluted basis. All of the outstanding shares of capital stock are duly authorized, validly issued, fully paid and non-assessable
and free of pre-emptive rights and were issued in compliance in all material respects with applicable state and federal securities
law and any rights of third parties. No shares of capital stock of the Company are subject to preemptive rights or any other similar
rights of the stockholders or any mortgage, lien, title claim, assignment, encumbrance, security interest, adverse claim, contract
of sale, restriction on use or transfer or other defect of title of any kind, other than those arising under applicable securities
laws (each, a “Lien”). The Certificate of Incorporation of the Company as in effect on the date hereof (“Certificate
of Incorporation”) and the Company’s Bylaws, as in effect on the date hereof (the “Bylaws”)
have been made available to the Purchasers.

 

(d)          Issuance
of Shares. The Shares have been duly authorized and, when issued and paid for in accordance with the applicable Transaction
Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens, with the holders being entitled
to all rights accorded to a holder of Common Stock. Subject to the accuracy of the representations and warranties of the Purchasers
in this Agreement, the offer and issuance by the Company of the Securities is exempt from registration under the Securities Act.

 

(e)          No
Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the
Company of the other transactions contemplated hereby and thereby do not and will not: (i) conflict with or violate any provision
of the Company’s Certificate of Incorporation, Bylaws or other organizational or charter documents, or (ii) conflict with,
or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation
of any Lien upon any of the properties or assets of the Company, or give to others any rights of termination, amendment, acceleration
or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing
a Company debt or otherwise) or other understanding to which the Company is a party or by which any property or asset of the Company
is bound, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order,
judgment, injunction, decree or other restriction of any court or governmental authority to which the Company is subject (including
federal and state securities laws and regulations and the rules), or by which any property or asset of the Company is bound; except
in the case of each of clauses (ii) and (iii), such as could not have and would not reasonably be expected to result in a Material
Adverse Effect.

 

(f)          Absence
of Litigation. There is no material action, suit, inquiry, notice of violation, proceeding or investigation pending or, to
the Knowledge of the Company, threatened against or affecting the Company, or any of its properties before or by any court, arbitrator,
governmental or

 

    6 

     

    

 

administrative agency
or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which adversely affects
or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities. Neither the Company,
nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under
federal or state securities laws or a claim of breach of fiduciary duty.

 

(g)          Intellectual
Property. The Company owns, or holds a valid and enforceable license to, all trademarks, trade names, service marks, service
mark registrations, service names, patents, patent rights, copyrights, original works, inventions, licenses, approvals, governmental
authorizations, trade secrets, licenses, formulae, mask works, customer lists, internet domain names, know-how and other intellectual
property, including trade secrets and other unpatented and/or un-patentable proprietary or confidential information, systems, procedures
or registrations or applications relating to the same (collectively, “Intellectual Property”) in the manner
described in the Memorandum. The Company owns valid title, free and clear of any Liens, or possesses the requisite valid and current
licenses or rights, free and clear of any Liens, to use all Intellectual Property in connection with the conduct its business as
now operated. Except as disclosed in the Memorandum, there is no claim or action by any person pertaining to, or proceeding pending,
or to the Company’s Knowledge threatened, which challenges the right of the Company to use any Intellectual Property as such
Intellectual Property is currently being used in the business. To the Company’s Knowledge, the Company’s current and
intended products, services and processes do not infringe on any Intellectual Property or other rights held by any person, and
the Company is unaware of any facts or circumstances which might give rise to any of the foregoing. Except as disclosed in the
Memorandum, the Company has not received any notice of infringement of, or conflict with, the asserted rights of others with respect
to the Intellectual Property. The Company has taken reasonable security measures to protect the secrecy, confidentiality and value
of their Intellectual Property.

 

(h)          Tax
Matters. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a
Material Adverse Effect, the Company has (i) timely filed all necessary federal, state and foreign income and franchise tax returns,
(ii) set aside on its books provision reasonably adequate for the payment of all taxes for periods subsequent to the periods to
which such returns, reports or declarations apply and timely paid or accrued all taxes shown as due thereon, and, to the Company’s
Knowledge no tax deficiency has been asserted or threatened against the Company. The Company has not received notice that any of
its tax returns is presently being audited by any taxing authority.

 

(i)          Certain
Transactions. Other than as disclosed in the Memorandum, none of the officers or directors of the Company nor any of its employees
is presently a party to any transaction with the Company (other than for services as employees, officers and directors), including
any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or
personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the Knowledge
of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director,
trustee or partner, in each case in excess of $120,000, other than for (i) payment of salary or consulting fees for services rendered,
(ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits.

 

(j)          Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents and the
Memorandum, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or
their agents or counsel with any information that it believes constitutes or might constitute material, nonpublic information.
The Company understands and confirms that each of the Purchasers will rely on the foregoing representation in effecting the contemplated
transaction in securities of the Company. All

 

    7 

     

    

 

disclosure contained
in the Memorandum, or furnished to the Purchaser by an executive officer of the Company acting in their role as an executive officer
of the Company, regarding the Company, its business and the transactions contemplated hereby, including the schedules to this Agreement,
is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in
order to make the statements made therein, in light of the circumstances under which they were made, not misleading.

 

(k)          No
General Solicitation. Neither the Company nor any person acting on behalf of the Company has offered or sold any of the Securities
by any form of general solicitation or general advertising. The Company has offered the Securities for sale only to the Purchasers
and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.

 

(l)          No
Integrated Offering. Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly
or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would
cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of the Securities Act which
would require the registration of any such securities under the Securities Act.

 

(m)          No
Brokers. The Company has taken no action which would give rise to any claim by any person for brokerage commissions, transaction
fees or similar payments relating to this Agreement or the transactions contemplated hereby, other than to the Placement Agent.

 

(n)          Permits;
Compliance. The Company possesses all certificates, authorizations and permits issued by the appropriate federal, state, local
or foreign regulatory authorities necessary to conduct its business, except where the failure to possess such permits could not
reasonably be expected to result in a Material Adverse Effect (“Material Permits”), and the Company has not
received any notice of proceedings relating to the revocation or modification of any Material Permit.

 

(o)          ERISA.
There are no employee benefit plans maintained, established or sponsored by the Company, or in or to which the Company participates
or contributes, which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
The Company has made all required contributions and has no liability to any such employee benefit plan, other than liability for
health plan continuation coverage described in Part 6 of Title I(B) of ERISA, and has complied with all applicable laws for any
such employee benefit plan.

 

(p)          Title
to Property. The Company has good and marketable title in fee simple to all real property owned by it and good title in all
personal property owned by it that is material to the business of the Company free and clear of all Liens, except for Liens as
do not materially affect the value of such property and do not materially interfere with the use currently made of such property
by the Company and Liens for the payment of federal, state or other taxes, the payment of which it is not delinquent nor subject
to penalties. Any real property and facilities held under lease by the Company is held by it under valid, subsisting and enforceable
leases with which the Company is in material compliance.

 

(q)          Insurance.
To the Knowledge of the Company, there is no circumstance currently existing that would result in the Company not being able to
renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as
may be necessary to continue its business and in compliance with its contractual obligations.

 

(r)          Questionable
Payments. Neither the Company nor, to the Company’s Knowledge, any of its current or former directors, officers, employees,
agents or other Persons acting on

 

    8 

     

    

 

behalf of the Company,
has on behalf of the Company or in connection with its business: (a) used any corporate funds for unlawful contributions, gifts,
entertainment or other unlawful expenses relating to political activity; (b) made any direct or indirect unlawful payments to any
governmental officials or employees from corporate funds; (c) established or maintained any unlawful or unrecorded fund of corporate
monies or other assets; (d) made any false or fictitious entries on the books and records of the Company; or (e) made any unlawful
bribe, rebate, payoff, influence payment, kickback or other unlawful payment of any nature.

 

(s)          Investments
in Other Persons. The Company has not made any loan or advanced to any Person, nor is it committed or obligated to make any
such loan or advance. The Company does not own any capital stock, assets comprising the business of, obligations of, or any equity,
or ownership in any Person.

 

(t)          No
Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities,
will not be or be an Affiliate of, an “investment company” an affiliate of an “investment company,” a company
controlled by an “investment company” or an “affiliated person” of, or “promoter” or “principal
underwriter” for, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

(u)          Material
Contracts. Except as disclosed herein and in the Memorandum or as contemplated by this Agreement or another Transaction Document,
there are no agreements, understandings, commitments, instruments, contracts, employment agreements, or proposed transactions or
judgments (each, a “Material Agreement”) to which the Company is a party or by which it is bound which may involve
obligations (contingent or otherwise), or a related series of obligations (contingent or otherwise), of, or payments, or a related
series of payments, by the Company in excess of $250,000 in any one year. All Material Agreements are in full force and effect
and constitute legal, valid and binding obligations of the Company and, to the Company’s Knowledge, are enforceable in accordance
with their respective terms. To the Company’s Knowledge, neither the Company nor any other Person is in default under the
terms of any Material Agreement, and no circumstance exists that would, with the giving of notice or the passage of time, constitute
a default under any Material Agreement.

 

(v)         Employees.
No material labor dispute exists nor, to the Knowledge of the Company, is threatened or imminent with respect to any of the employees
of the Company which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s employees
is a member of a union that relates to such employee’s relationship with the Company, and the Company is not a party to a
collective bargaining agreement, and the Company believes that its relationships with its employees are good. No executive officer
is, or is expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary
information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of
any third party, and the continued employment of each such executive officer does not subject the Company to any liability with
respect to any of the foregoing matters. The Company is in compliance with all U.S. federal, state, local and foreign laws and
regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where
the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

(w)          Compliance.
The Company is not (i) in default under or in violation of (and no event has occurred that has not been waived that, with notice
or lapse of time or both, would result in a default by the Company), nor has the Company received notice of a claim that it is
in default under or that it is in violation of, any indenture, loan or credit agreement or any other Material Agreement to which
it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii)
in violation of any order of any court, arbitrator or governmental body, or (iii) in violation of

 

    9 

     

    

 

any statute, rule or
regulation of any governmental authority, including without limitation all foreign, federal, state and local laws applicable to
its business and all such laws that affect the environment, except in each case as could not have or would not reasonably be expected
to result in a Material Adverse Effect.

 

(x)          Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution of, delivery and performance by the Company of the Transaction Documents, other than the
filing of Form D with the SEC and such filings as are required to be made under applicable state securities laws (the “Required
Approvals”). Subject to the accuracy of the representations and warranties of each Purchaser set forth in Section
2 hereof, the Company has taken all action necessary to exempt (i) the issuance and sale of the Securities and (ii) the other
transactions contemplated by the Transaction Documents from the provisions of any stockholder rights plan or other “poison
pill” arrangement, any anti-takeover, business combination or control share law or statute binding on the Company or to which
the Company or any of its assets and properties may be subject and any provision of the Company’s Certificate of Incorporation
or Bylaws that is or could reasonably be expected to become applicable to the Purchasers as a result of the transactions contemplated
hereby, including without limitation, the issuance of the Securities and the ownership, disposition or voting of the Securities
by the Purchasers or the exercise of any right granted to the Purchasers pursuant to this Agreement or the other Transaction Documents.

 

(y)          Environmental
Matters. The Company (A) is in compliance with all Environmental Laws (as defined below), (B) has received all permits, licenses
or other approvals required of them under applicable Environmental Laws to conduct its business and (C) is in compliance with all
terms and conditions of any such permit, license or approval where, in each of the foregoing clauses (A), (B) and (C), the failure
to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. The term “Environmental
Laws” means all federal, state, local or foreign laws relating to pollution or protection of human health or the environment
(including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata), including, without
limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or
toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials,
as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments, licenses, notices or notice letters,
orders, permits, plans or regulations issued, entered, promulgated or approved thereunder.

 

(z)          No
Undisclosed Events, Liabilities, Developments or Circumstances. No event, liability, development or circumstance has occurred
or exists, or is reasonably expected to exist or occur with respect to the Company or any of its businesses, properties, liabilities,
operations (including results thereof) or condition (financial or otherwise), that (i) would be required to be disclosed by the
Company under applicable securities laws on a registration statement on Form S-1 filed with the SEC relating to an issuance and
sale by the Company of its Common Stock and which has not been disclosed to the Purchasers, (ii) would reasonably be expected to
have a Material Adverse Effect on the Company or (iii) could have a material adverse effect on any Purchaser’s investment
hereunder.

 

(aa)         Foreign
Corrupt Practices. Neither the Company nor, to its Knowledge, any director, officer, agent, employee or other Person acting
on behalf of the Company has, in the course of its actions for, or on behalf of, the Company (i) used any corporate funds for any
unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect
unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii)

 

    10 

     

    

 

violated or is in violation
of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff,
influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 

(bb)         Indebtedness
and Other Contracts. The Company, (i) does not have any outstanding Indebtedness (as defined below) in excess of $250,000,
(ii) is not a party to any contract, agreement or instrument, the violation of which, or default under which, by the other party(ies)
to such contract, agreement or instrument could reasonably be expected to result in a Material Adverse Effect, other than certain
United States NIH grants and instruments entered into during the ordinary course of business, (iii) is not in violation of any
term of, or in default under, any contract, agreement or instrument relating to any Indebtedness, except where such violations
and defaults would not result, individually or in the aggregate, in a Material Adverse Effect, and (iv) is not a party to any contract,
agreement or instrument relating to any Indebtedness, the performance of which, in the judgment of the Company’s officers,
has or is expected to have a Material Adverse Effect. For purposes of this Agreement: (x) “Indebtedness” of
any Person means, without duplication (A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or assumed
as the deferred purchase price of property or services (including, without limitation, “capital leases” in accordance
with generally accepted accounting principles) (other than trade payables entered into in the ordinary course of business), (C)
all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (D) all
obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection
with the acquisition of property, assets or businesses, (E) all indebtedness created or arising under any conditional sale or other
title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired with the proceeds
of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of default are
limited to repossession or sale of such property), (F) all monetary obligations under any leasing or similar arrangement which,
in connection with generally accepted accounting principles, consistently applied for the periods covered thereby, is classified
as a capital lease, (G) all indebtedness referred to in clauses (A) through (F) above secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any mortgage, claim, lien, tax, right of first refusal,
pledge, charge, security interest or other encumbrance upon or in any property or assets (including accounts and contract rights)
owned by any Person, even though the Person which owns such assets or property has not assumed or become liable for the payment
of such indebtedness, and (H) all Contingent Obligations in respect of indebtedness or obligations of others of the kinds referred
to in clauses (A) through (G) above; and (y) “Contingent Obligation” means, as to any Person, any direct or
indirect liability, contingent or otherwise, of that Person with respect to any indebtedness, lease, dividend or other obligation
of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to
provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating
thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with
respect thereto.

 

(cc)         U.S.
Real Property Holding Corporation. The Company is not, nor has ever been, and so long as any of the Securities are held by
any of the Purchasers, shall not become, a U.S. real property holding corporation within the meaning of Section 897 of the Internal
Revenue Code of 1986, as amended, and the Company shall so certify upon any Purchaser’s request.

 

(dd)         Transfer
Taxes. On the Closing Date, all stock transfer or other taxes (other than income or similar taxes) which are required to be
paid in connection with the issuance, sale and transfer of the Securities to be sold to each Purchaser hereunder will be, or will
have been, fully paid or provided for by the Company, and all laws imposing such taxes will be or will have been complied with.

 

    11 

     

    

 

(ee)         Bank
Holding Company Act. The Company is not subject to the Bank Holding Company Act of 1956, as amended (the “BHCA”)
and is not subject to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve”).
Neither the Company nor any of its Affiliates owns or controls, directly or indirectly, five percent (5%) or more of the outstanding
shares of any class of voting securities or twenty-five percent (25%) or more of the total equity of a bank or any equity that
is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor of its Affiliates exercises a controlling
influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal
Reserve.

 

(ff)         Shell
Company Status. The Company is not, and has never been, an issuer identified in, or subject to, Rule 144(i) promulgated under
the Securities Act.

 

(gg)         Money
Laundering. The Company is in compliance with, and has not previously violated, the USA Patriot Act of 2001 or any other applicable
U.S. and non-U.S. anti-money laundering laws and regulations, including, but not limited to, the laws, regulations and Executive
Orders and sanctions programs administered by the U.S. Office of Foreign Assets Control, including, but not limited, to (i) Executive
Order 13224 of September 23, 2001 entitled, “Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten
to Commit, or Support Terrorism” (66 Fed. Reg. 49079 (2001)); and (ii) any regulations contained in 31 CFR, Subtitle B, Chapter
V.

 

(hh)         Management.
During the past five year period, no current or former officer or director or, to the Knowledge of the Company, stockholder of
the Company has been the subject of:

 

(i)          a
petition under bankruptcy laws or any other insolvency or moratorium law or the appointment by a court of a receiver, fiscal agent
or similar officer for such Person, or any partnership in which such person was a general partner at or within two years before
the filing of such petition or such appointment, or any corporation or business association of which such person was an executive
officer at or within two years before the time of the filing of such petition or such appointment;

 

(ii)         a
conviction in a criminal proceeding or a named subject of a pending criminal proceeding (excluding traffic violations);

 

(iii)        any
order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently
or temporarily enjoining any such person from, or otherwise limiting, the following activities:

 

1.          Acting
as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage
transaction merchant, any other person regulated by the United States Commodity Futures Trading Commission or an associated person
of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person,
director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing
any conduct or practice in connection with such activity;

 

2.          Engaging
in any type of business practice; or

 

3.          Engaging
in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of securities
laws or commodities laws;

 

    12 

     

    

 

(iv)        any
order, judgment or decree, not subsequently reversed, suspended or vacated, of any authority barring, suspending or otherwise limiting
for more than 60 days the right of any such person to engage in any activity described in the preceding sub paragraph, or to be
associated with persons engaged in any such activity;

 

(v)         a
finding by a court of competent jurisdiction in a civil action or by any other governmental authority to have violated any securities
law, regulation or decree and the judgment in such civil action or finding by a governmental authority has not been subsequently
reversed, suspended or vacated; or

 

(vi)        a
finding by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated
any federal commodities law, and the judgment in such civil action or finding has not been subsequently reversed, suspended or
vacated.

 

(ii)         Public
Utility Holding Act. The Company is not a “holding company,” or an “affiliate” of a “holding
company,” as such terms are defined in the Public Utility Holding Act of 2005.

 

(jj)         Federal
Power Act. The Company is not subject to regulation as a “public utility” under the Federal Power Act, as amended.

 

(kk)         No
Additional Agreements. The Company does not have any agreement or understanding with any Purchaser with respect to the transactions
contemplated by the Transaction Documents other than as specified in the Transaction Documents.

 

4.          Covenants.
In addition to the other agreements and covenants set forth herein, unless otherwise consented to in writing by the Company and
a majority in interest of the Purchasers, the applicable parties hereto hereby covenant as follows:

 

(a)          General
Affirmative Obligations. The Company will furnish to the Purchaser and/or their assignees such information relating to the
Company as is required by law, which is reasonably be requested by the Purchasers; provided, however, that the Company shall not
be required to disclose material nonpublic information to the Purchaser, or to advisors to or representatives of the Purchaser,
unless prior to disclosure of information the Company identifies the information as being material nonpublic information and provides
the Purchasers such advisors and representatives with the opportunity to accept or refuse to accept the material nonpublic information
for review and the Purchaser wishing to obtain such information enters into an appropriate confidentiality agreement with the Company,
in the form prepared by the Company in its sole determination, with respect thereto.

 

(b)          Form
D; Blue Sky Laws. The Company agrees to file a Form D with the SEC with respect to the Securities as required by Regulation
D promulgated under the Securities Act. The Company shall also take such action as the Company shall reasonably determine is necessary
to comply with all applicable securities or “blue sky” laws of the states of the United States.

 

(c)          Corporate
Existence. Subject to appropriate shareholder action, the Company will use reasonable commercial efforts to maintain its corporate
existence for at least two years after the date hereof, except in connection with a consolidation or merger of the Company with
or into another corporation or any transfer of all or substantially all of the assets of the Company.

 

(d)          Sarbanes-Oxley
Matters. When and if required to do so, the Company will comply with any and all applicable requirements of the Sarbanes-Oxley
Act of 2002 and any and all

 

    13 

     

    

 

applicable rules and
regulations promulgated by the SEC thereunder including, without limitation, implementing such programs and taking such steps as
reasonably necessary to provide for compliance (not later than the relevant statutory and regulatory deadline therefor) with all
provisions of Section 404 of the Sarbanes-Oxley Act of 2002.

 

(e)          No
Integration. The Company shall not make any offers or sales of any security (other than the Securities) under circumstances
that would require registration of the Securities being offered or sold hereunder under the Securities Act or cause the offering
of the Securities to be integrated with any other offering of securities by the Company for the purpose of any stockholder approval
provision applicable to the Company or its securities.

 

(f)          Financial
Information. For two years after the date hereof, the Company agrees to send promptly the following to each Investor (as defined
in the Registration Rights Agreement),unless the following are filed with or furnished to the SEC through EDGAR and are available
to the public through the EDGAR system, a copy of its financial statements prepared on an unaudited basis, for its fiscal year
and each fiscal quarter, if and when prepared, which will include any consolidated balance sheets, income statements, stockholders’
equity statements and/or cash flow statements, and copies of any notices and other information made available or given to the stockholders
of the Company generally, contemporaneously with the making available or giving thereof to the stockholders.

 

(g)          Conduct
of Business. The business of the Company shall not be conducted in violation of any law, ordinance or regulation of any Governmental
Entity, except where such violations would not result, either individually or in the aggregate, in a Material Adverse Effect.

 

(h)          Passive
Foreign Investment Company. The Company shall conduct its business in such a manner as will ensure that the Company will not
be deemed to constitute a passive foreign investment company within the meaning of Section 1297 of the U.S. Internal Revenue Code
of 1986, as amended.

 

(i)          Purchaser
Lock-Up. In connection with an initial public offering of the Company’s securities, if any, each Purchaser hereby agrees
not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the
Company however or whenever acquired (other than those included in the registration statement of the initial public offering, if
any) without the prior written consent of the managing or lead underwriter of such offering, for a period of one hundred and eighty
(180) days from the effective date of such registration statement (the “Restricted Period”), and to the extent
requested by the underwriter, each Purchaser shall, at the time of such offering, execute a separate, additional agreement reflecting
these requirements binding on such Purchaser that are substantially consistent with this section; provided, however, that if during
the last seventeen (17) days of the Restricted Period the Company issues an earnings release or material news or a material event
relating to the Company occurs, or prior to the expiration of the Restricted Period the Company announces that it will release
earnings results during the sixteen (16) day period beginning on the last day of the Restricted Period, then, upon the request
of the managing underwriter, to the extent required by any FINRA rules, the restrictions imposed by this section shall continue
to apply until the end of the third (3rd) trading day following the expiration of the fifteen (15) day period beginning on the
issuance of such earnings release or the occurrence of the material news or material event. In no event will the Restricted Period
extend beyond two hundred sixteen (216) days after the effective date of the registration statement (collectively the “Lock
Up Period”). In order to enforce the restriction set forth above or any other restriction agreed to by a Purchaser including,
without limitation, any restriction requested by the underwriters of any initial public offering of the securities of the Company,
the Company may impose stop-transfer instructions with respect to any security acquired under or subject to

 

    14 

     

    

 

this Agreement until
the end of the applicable Lock Up Period. The Company’s underwriters shall be third-party beneficiaries of the agreement
set forth in this section.

 

Each Purchaser agrees
that prior to an initial public offering by the Company it will not transfer securities of the Company unless each transferee agrees
in writing to be bound by all of the provisions of this section, provided that this section shall not apply to transfers pursuant
to a registration statement. If the Purchaser is permitted to make any transfer of the Securities during the Lock Up Period, it
shall be a condition to the transfer that (A) the transferee executes and delivers to the Placement Agent and the Company not later
than one business day prior to such transfer, a written agreement, in substantially the form of this section and otherwise satisfactory
in form and substance to the Placement Agent and the Company, and (B) if the undersigned is required to file a report under Section
16(a) of the Securities Exchange Act of 1934, as amended, reporting a reduction in beneficial ownership of Common Stock or any
securities convertible into or exercisable or exchangeable for Common Stock by the undersigned during the Lock-Up Period, the undersigned
shall include a statement in such report to the effect that such transfer or distribution is not a transfer for value and that
such transfer is being made as a gift or by will or intestacy, as the case may be.

 

5.          Register;
Transfer Agent Instructions; Legends.

 

(a)          Register.
The Company shall maintain at its principal executive offices (or such other office or agency of the Company as it may designate
by notice to each holder of Securities), a register for the Shares and shall record the name and address of the Person the Shares
have been issued (including the name and address of each transferee, to the extent it is appropriately notified of transfers) and
held by such Person. The Company shall keep the register open and available at all times during normal business hours for inspection
of any Purchaser or its legal representatives so long as a Purchaser continues to hold any Shares.

 

(b)          Legend
Removal. In connection with any sale or disposition of the Shares by a Purchaser pursuant to Rule 144 or pursuant to any other
exemption or registration under the Securities Act such that the purchaser acquires freely tradable shares and upon compliance
by the Purchaser with the requirements of this Agreement, the Company shall or, in the case of Common Stock, shall cause the transfer
agent for the Common Stock (the “Transfer Agent”) to issue replacement certificates representing the Securities
sold or disposed of without restrictive legends, at the Company’s sole expense, provided that the Purchaser has provided
at its sole expense (1) a customary representation by the Purchaser that Rule 144 applies to the shares of Common Stock represented
thereby, or (2) a statement by the Purchaser that such Purchaser has sold the shares of Common Stock represented thereby in accordance
with a plan of distribution contained in the registration statement, if any, used in connection with the sale or disposition.

 

6.          Conditions
to the Company’s Obligation to Sell. The obligation of the Company hereunder to issue and sell the Securities to
a Purchaser at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided
that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion:

 

(a)          The
applicable Purchaser shall have executed this Agreement and the Registration Rights Agreement, and delivered the same to the Company.

 

(b)          The
applicable Purchaser shall have delivered the Subscription Amount in accordance with Section 1(d) above.

 

    15 

     

    

 

(c)          The
representations and warranties of the applicable Purchaser shall be true and correct in all material respects, and the applicable
Purchaser shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required
by this Agreement and the other Transaction Documents to be performed, satisfied or complied with by the applicable Purchaser at
or prior to the Closing Date.

 

(d)          No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement
and the other Transaction Documents.

 

7.          Conditions
to Each Purchaser’s Obligation to Purchase. The obligation of each Purchaser hereunder to purchase the Securities
at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided that
these conditions are for such Purchaser’s sole benefit and may be waived by such Purchaser at any time in its sole discretion:

 

(a)          The
Company shall have executed and delivered to such Purchaser this Agreement and each other Transaction Document to which the Company
is a party.

 

(b)          The
Company shall have delivered instructions to the Transfer Agent to deliver, as the case may be, to such Purchaser or the Placement
Agent, either book entry evidence of the Securities purchased at the Closing or a stock certificate of the Company, recording each
Purchaser as the holder of record of the number of Shares of Common Stock set forth opposite such Purchaser’s name on Schedule
A, which stock certificate may be delivered after the Closing. Whether the evidence of ownership will be in book entry or certificate
form is in the discretion of the Company.

 

(c)          The
representations and warranties made by the Company in Section 3 hereof qualified as to materiality shall be true and correct at
all times prior to and on the Closing Date, except to the extent any such representation or warranty expressly speaks as of an
earlier date, in which case such representation or warranty shall be true and correct as of such earlier date, and, the representations
and warranties made by the Company in Section 3 hereof not qualified as to materiality shall be true and correct in all
material respects at all times prior to and on the Closing Date, except to the extent any such representation or warranty expressly
speaks as of an earlier date, in which case such representation or warranty shall be true and correct in all material respects
as of such earlier date. The Company shall have performed in all material respects all obligations and covenants herein required
to be performed by it on or prior to the Closing Date.

 

(d)          The
Company shall have obtained any and all consents, permits, approvals, registrations and waivers as necessary or appropriate for
consummation of the purchase and sale of the Securities and the consummation of the other transactions contemplated by the Transaction
Documents, all of which shall be in full force and effect, and the Company will have made all pre-Closing filings under the Blue
Sky laws.

 

(e)          The
Company shall have received Subscription Amounts or signed, enforceable agreements for Subscription Amounts, aggregating at least
$8,000,000 million from the sale of the Securities as contemplated hereby.

 

(f)          No
judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy
court or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding shall have
been instituted by

 

    16 

     

    

 

any governmental authority,
enjoining or preventing the consummation of the transactions contemplated hereby or in the other Transaction Documents.

 

(g)          No
event shall have occurred which would reasonably be expected to have a Material Adverse Effect on the Company.

 

(h)          The
Company shall have delivered a Certificate, executed on behalf of the Company by its Chief Executive Officer or its Chief Financial
Officer, dated as of the Closing Date, certifying to the fulfillment of the conditions of this Section 7.

 

(i)          The
Company shall have paid or made arrangements to pay to the Placement Agent all cash compensation due upon the Closing and shall
have issued and delivered or made arrangements to issue and deliver to the Placement Agent a seven year warrant, in a form reasonably
satisfactory to the Placement Agent, representing the right to purchase shares of Common Stock of the Company in an amount of up
to 10% of the number of Shares sold to the Purchasers and as otherwise required by the terms and conditions of the agreement between
the Company and the Placement Agent relating to the transactions contemplated herein.

 

8.          Termination
of Obligations to Effect Closing; Effects. The obligations of the Company, on the one hand, and the Purchasers, on the
other hand, to effect the Closing shall terminate as follows:

 

(a)          Upon
the mutual written consent of the Company and all of the Purchasers;

 

(b)          By
the Company if any of the conditions of the Purchaser set forth in Section 8 shall have become incapable of fulfillment, and shall
not have been waived by the Company;

 

(c)          By
a Purchaser (with respect to itself only) if any of the conditions of the Company set forth in Section 7 shall have become
incapable of fulfillment; or

 

(d)          By
either the Company or any Purchaser (with respect to itself only) if the Closing has not occurred on or prior to June 30, 2015;

 

provided, however,
(i) the right to terminate this Agreement under this Section 8 shall not be available to such Purchaser if the failure of the transactions
contemplated by this Agreement to have been consummated by such date is the result of such Purchaser’s breach of this Agreement
and (ii) the abandonment of the sale and purchase of the Securities shall be applicable only to such Purchaser providing such written
notice, provided, further, that, except in the case of clause (a) above, the party seeking to terminate its obligation to effect
the Closing shall not then be in breach of any of its representations, warranties, covenants or agreements contained in this Agreement
or the other Transaction Documents if such breach has resulted in the circumstances giving rise to such party’s seeking to
terminate its obligation to effect the Closing.

 

In the event of termination
by the Company or any Purchaser of its obligations to effect the Closing pursuant to this Section 8, written notice thereof
shall forthwith be given to the other Purchasers by the Company and the other Purchasers shall have the right to terminate their
obligations to effect the Closing upon written notice to the Company and the other Purchasers. Nothing in this Section 8
shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement
or the other Transaction Documents or to impair the right of any party to compel specific performance by any other party of its
obligations under this Agreement or the other Transaction Documents.

 

    17 

     

    

 

9.          Governing
Law; Jurisdiction; Waiver of Jury Trial.

 

(a)          This
Agreement shall be governed by, and construed in accordance with, the internal laws of the State of California without regard to
the choice of law principles thereof. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts
of the State of California located in Los Angeles County and the United States District Court for the Southern District of California
for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated
hereby. Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in
the world by the same methods as are specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably
consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court.
Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such
courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT
TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

10.         Miscellaneous.

 

(a)          Counterparts;
Signatures by Facsimile. This Agreement may be executed in one or more counterparts (with the Purchasers each executing the
counterpart in the form of Annex A hereto). Each of such counterparts shall be deemed an original, and all of which shall,
when taken together, constitute one and the same agreement, and shall become effective when counterparts have been signed by each
party and delivered to the other party. This Agreement, once executed by a party (including in the manner described above), may
be delivered to the other party hereto by facsimile or other electronic transmission of a copy of this Agreement bearing the signature
of the party so delivering this Agreement.

 

(b)          Headings;
Gender. The headings of this Agreement are for convenience and reference only and shall not form part of, or affect the interpretation
of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine,
feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,” “include”
and words of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,”
“hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision
in which they are found.

 

(c)          Severability.
If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or
unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

(d)          Entire
Agreement; Amendments. This Agreement, the other Transaction Documents and the instruments, documents, exhibits and schedules
referenced herein contain the entire

 

    18 

     

    

 

understanding of the
parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
the Company nor any Purchaser makes any representation, warranty, covenant or undertaking with respect to such matters. No provision
of this Agreement may be amended other than by an instrument in writing signed by the Company and the Required Holders and (I)
if on or prior to the Closing Date, all the Purchasers or (II) if after the Closing Date, the Required Holders (but all the Purchasers
with respect to any amendment of Section 1(b), Schedule A or Section 10 hereof), and any amendment to any
provision of this Agreement made in conformity with the provisions of this Section 10(d) shall be binding on all Purchasers
and holders of Securities, as applicable, provided that no such amendment shall be effective to the extent that it (1) applies
to less than all of the holders of the Securities then outstanding or (2) imposes any obligation or liability on any Purchaser
without such Purchaser’s prior written consent (which may be granted or withheld in such Purchaser’s sole discretion).
Neither the Company nor the Purchasers make any representation or warranty as to any matter of fact except as expressly contained
in this Agreement or the other Transaction Agreements. No waiver shall be effective unless it is in writing and signed by an authorized
representative of the waiving party, provided that after the Closing Date, the Required Holders may waive any provision of this
Agreement (other than Section 1(b) or this Section 10), and any waiver of any provision of this Agreement made in conformity
with the provisions of this Section 10(d) shall be binding on all Purchasers and holders of Securities, as applicable, provided
that no such waiver shall be effective to the extent that it (1) applies to less than all of the holders of the Securities then
outstanding (unless a party gives a waiver as to itself only) or (2) imposes any obligation or liability on any Purchaser without
such Purchaser’s prior written consent (which may be granted or withheld in such Purchaser’s sole discretion). “Required
Holders” means (i) prior to the Closing Date, each Purchaser entitled to purchase Shares at the Closing and (ii) on or
after the Closing Date, holders of a majority of all Registrable Securities (excluding any Registrable Securities held by the Company)
issued or issuable hereunder (or the Purchasers, with respect to any waiver or amendment of Section 1(b)).

 

(e)          Notices.
Any notices required or permitted to be given under the terms of this Agreement shall be sent by certified or registered mail (return
receipt requested) or delivered personally or by courier (including a recognized overnight delivery service) or by facsimile transmission
and shall be effective five days after being placed in the mail, if mailed by regular United States mail, or upon receipt, if delivered
personally or by courier (including a recognized overnight delivery service) or by facsimile transmission, with printed confirmation
of receipt, in each case addressed to a party. The addresses for such communications shall be:

 

If to the Company:

 

Imagen Biopharma,
Inc.

401 Wilshire
Boulevard, 1020

Santa Monica,
CA 90401

Attention: Amy
Wang, Secretary

Telephone: (310)
526-5035

Facsimile:

 

		If to a Purchaser:	To the address and fax number set forth immediately below such Purchaser’s name on the counterpart
signature pages hereto.

 

With copy to
(which will not constitute notice):

 

MDB Capital Group,
LLC

401 Wilshire
Blvd., Suite 1020

Santa Monica,
California 90401

 

    19 

     

    

 

Attention: Compliance
Department

Telephone: (310)
526-5006

Facsimile: (310)
526-5020

 

Each party shall provide
notice to the other party of any change in address, telephone or facsimile number (including, if a Purchaser is holding any Securities
purchased hereunder in street name, the address, telephone and facsimile of the beneficial owner of such Securities), and each
Purchaser and its assignees under Section 10(f) acknowledge and agree that such parties must provide such notice and contact information
promptly (but in any event within 30 days of any change in such information or assignment of any rights hereunder).

 

(f)          Successors
and Assigns. Except as provided herein, this Agreement may not be assigned by a party hereto without the prior written consent
of the Company or the Purchasers, as applicable. The provisions of this Agreement shall inure to the benefit of and be binding
upon the respective permitted successors and assigns of the parties. Without limiting the generality of the foregoing, in the event
that the Company is a party to a merger, consolidation, share exchange or similar business combination transaction in which the
Common Stock is converted into the equity securities of another Person, from and after the effective time of such transaction,
such Person shall, by virtue of such transaction, be deemed to have assumed the obligations of the Company hereunder, the term
“Company” shall be deemed to refer to such Person and the term “Shares” shall be deemed to refer to the
securities received by the Purchasers in connection with such transaction. Nothing in this Agreement, express or implied, is intended
to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations,
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(g)          Survival;
Indemnification.

 

(i)          The
representations and warranties of the Company set forth in Section 3 hereof shall survive the Closing. The representations and
warranties of each Purchaser set forth in Section 2 shall survive the Closing.

 

(ii)         The
Company agrees to indemnify and hold harmless each Purchaser and its Affiliates and their respective stockholders, partners, members,
directors, officers, trustees, members, managers, employees and agents and direct or indirect investors and any of the foregoing
Persons’ agents or other representatives (including, without limitation, those retained in connection with the transactions
contemplated by this Agreement) and their respective successors and assigns (collectively, the “Indemnitees”),
from and against any and all losses, claims, damages, liabilities and expenses (including without limitation reasonable attorney
fees and disbursements and other expenses incurred in connection with investigating, preparing or defending any action, claim or
proceeding, pending or threatened and the costs of enforcement thereof) (collectively, “Losses”) to which such
Person may become subject as a result of (a) any misrepresentation or breach of representation, warranty, covenant or agreement
made by or to be performed on the part of the Company under the Transaction Documents, or (b) any cause of action, suit or claim
brought or made against such Indemnitee by a third party (including for these purposes a derivative action brought on behalf of
the Company) and arising out of or resulting from (i) the execution, delivery, performance or enforcement of any of the Transaction
Documents, (ii) any transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds of the
issuance of the Securities, or (iii) the status of such Purchaser or holder of the Securities as an investor in the Company pursuant
to the transactions contemplated by the Transaction Documents, and will reimburse any such Person for all such amounts as they
are incurred by such Person. To the extent that the foregoing undertaking by the

 

    20 

     

    

 

Company may
be unenforceable for any reason, the Company shall make the maximum contribution to the payment and satisfaction of each of the
Losses which is permissible under applicable law. Except as otherwise set forth herein, the mechanics and procedures with respect
to the rights and obligations under this Section 10(g) shall be the same as those set forth in Section 6 of the Registration
Rights Agreement.

 

(h)          Further
Assurances. Each party hereto shall do and perform, or cause to be done and performed, all such further acts and things, and
shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

(i)          Construction.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and
no rules of strict construction will be applied against any party. No specific representation or warranty shall limit the generality
or applicability of a more general representation or warranty. Each and every reference to share prices, shares of Common Stock
and any other numbers in this Agreement that relate to the Common Stock shall be automatically adjusted for stock splits, stock
combinations and other similar transactions that occur with respect to the Common Stock after the date of this Agreement.

 

(j)          Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under the Transaction Documents are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction
Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as, and
the Company acknowledges that the Purchasers do not so constitute, a partnership, an association, a joint venture or any other
kind of group or entity, or create a presumption that the Purchasers are in any way acting in concert or as a group or entity with
respect to such obligations or the transactions contemplated by the Transaction Documents or any matters, and the Company acknowledges
that the Purchasers are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such
obligations or the transactions contemplated by the Transaction Documents. The decision of each Purchaser to purchase Securities
pursuant to the Transaction Documents has been made by such Purchaser independently of any other Purchaser. Each Purchaser acknowledges
that no other Purchaser has acted as agent for such Purchaser in connection with such Purchaser making its investment hereunder
and that no other Purchaser will be acting as agent of such Purchaser in connection with monitoring such Purchaser’s investment
in the Securities or enforcing its rights under the Transaction Documents. The Company and each Purchaser confirms that each Purchaser
has independently participated with the Company in the negotiation of the transactions contemplated hereby with the advice of its
own counsel and advisors. Each Purchaser shall be entitled to independently protect and enforce its rights, including, without
limitation, the rights arising out of this Agreement or out of any other Transaction Documents, and it shall not be necessary for
any other Purchaser to be joined as an additional party in any proceeding for such purpose. The use of a single agreement to effectuate
the purchase and sale of the Securities contemplated hereby was solely in the control of the Company, not the action or decision
of any Purchaser, and was done solely for the convenience of the Company and not because it was required or requested to do so
by any Purchaser. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction
Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between
and among the Purchasers.

 

    21 

     

    

 

(k)          Definitions.
In addition to those terms defined above and elsewhere in this Agreement, for the purposes of this Agreement, the following terms
shall have the meanings set forth below:

 

“Affiliate”
means, with respect to any Person, any other Person which directly or indirectly through one or more intermediaries Controls, is
controlled by, or is under common Control with, such Person.

 

“Company’s
Knowledge,” “Knowledge of the Company” and words of similar import means the actual knowledge of the
executive officers (as defined in Rule 405 under the Securities Act) of the Company, after due inquiry.

 

“Control”
(including the terms “controlling”, “controlled by” or “under common control with”) means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through the ownership of voting securities, by contract or otherwise.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Person”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company,
joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically
listed herein.

 

[Remainder of page
intentionally left blank; signature pages follow.]

 

    22 

     

    

 

IN WITNESS WHEREOF,
the undersigned Purchasers and the Company have caused this Securities Purchase Agreement to be duly executed as of the date first
above written.

 

	 	Imagen Biopharma, Inc.
	 	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	
        PURCHASERS:

         

        The Purchasers executing
        the Signature Page in the form attached hereto as Annex A and delivering the same to the Company or its agents shall be deemed
        to have executed this Agreement and agreed to the terms hereof.

         

 

    23 

     

    

 

Annex A

 

Securities Purchase Agreement

Purchaser Counterpart
Signature Page

 

The undersigned, desiring
to: (i) enter into that certain Securities Purchase Agreement, dated June 15, 2015 (the “Agreement”), between
the undersigned, Imagen Biopharma, Inc., a Delaware corporation (the “Company”), and the other parties thereto,
in or substantially in the form furnished to the undersigned and (ii) purchase the securities of the Company appearing next to
the undersigned’s name on Schedule A to the Agreement, on the terms and subject to conditions contained therein, hereby
agrees to purchase such securities from the Company as of the Closing and further agrees to join the Agreement as a party thereto,
with all the rights and privileges appertaining thereto, and to be bound in all respects by the terms and conditions thereof.

 

IN WITNESS WHEREOF,
the undersigned has executed the Agreement as of ______________.

 

	 	PURCHASER:
	 	 
	 	Name, Address, Phone No., Email and Social Security No./EIN of Purchaser:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

	 	Phone No.: 	 

	 	Email.:  	 

	 	Soc. Sec. No./EIN: 	 

 

	 	If a partnership, corporation, trust or other business entity:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	If an individual:
	 	 	 
	 	 	 
	 	Signature

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