Document:

OHR Pharmaceutical, Inc. - 8-K

Exhibit 10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This Securities Purchase Agreement
(this “Agreement”) is dated as of April 5, 2017, between Ohr Pharmaceutical, Inc., a Delaware corporation
(the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors
and assigns, a “Purchaser” and collectively the “Purchasers”).

 

WHEREAS, subject to the terms
and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act of 1933,
as amended (the “Securities Act”), the Company desires to issue and sell to each Purchaser, and each Purchaser,
severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

 

NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of
which are hereby acknowledged, the Company and each Purchaser agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1         
Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following
terms have the meanings set forth in this Section 1.1:

 

“Acquiring Person”
shall have the meaning ascribed to such term in Section 4.4.

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board of
Directors” means the board of directors of the Company.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii)
the Company’s obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than
the third Trading Day following the date hereof.

 

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“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.0001 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock.

 

“Company
Counsel” means Troutman Sanders LLP, with offices located at 875 Third Avenue, New York 10022, and “Company IP
Counsel” means, collectively, Morgan Lewis & Bockius LLP and Fish and Richardson LLP.

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(s).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the Company
pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors
or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the
Company, (b) securities upon the exercise or exchange of or conversion of any Securities exercisable or exchangeable for or convertible
into shares of Common Stock issued and outstanding on the date of this Agreement, provided that such securities have not been amended
since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or
conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such
securities, and (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested
directors of the Company, provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which
is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business
of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include
a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary
business is investing in securities.

 

“Escrow Agent” means the Escrow
Agent under the Escrow Agreement.

 

“Escrow Agreement” means the Escrow
Agreement, dated as of the date of this Agreement, between the Company and the Escrow Agent.

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

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“FDA”
shall have the meaning ascribed to such term in Section 3.1(hh).

 

“FDCA”
shall have the meaning ascribed to such term in Section 3.1(hh).

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(aa).

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(p).

 

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3.1(n).

 

“Per Share
Purchase Price” equals $0.70, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations
and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Pharmaceutical
Product” shall have the meaning ascribed to such term in Section 3.1(hh).

 

“Placement
Agents” means H.C. Wainwright & Co., LLC and Chardan Capital Markets, LLC.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Prospectus”
means the final prospectus filed for the Registration Statement.

 

“Prospectus
Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with
the Commission and delivered by the Company to each Purchaser at the Closing.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.

 

“Registration
Statement” means the effective registration statement with Commission file No. 333-201368 which registers the sale of
the Shares, Warrants and the Warrant Shares to the Purchasers.

 

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“Regulation
FD” means Regulation FD promulgated by the Commission pursuant to the Exchange Act, as such Regulation may be amended
or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the
same purpose and effect as such Regulation.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“SEC Reports”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Securities”
means the Shares, the Warrants and the Warrant Shares.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shares”
means the shares of Common Stock issued or issuable to each Purchaser pursuant to this Agreement.

 

“Short Sales”
means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to
include the location and/or reservation of borrowable shares of Common Stock).

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for Shares and Warrants purchased hereunder as specified
below such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription Amount,”
in United States dollars and in immediately available funds.

 

“Subsidiary”
means any subsidiary of the Company as set forth in the SEC Reports, and shall, where applicable, also include any direct or indirect
subsidiary of the Company formed or acquired after the date hereof.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New
York Stock Exchange (or any successors to any of the foregoing).

 

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“Transaction
Documents” means this Agreement, the Warrants and any other documents or agreements executed in connection with the transactions
contemplated hereunder.

 

“Transfer
Agent” means Standard Registrar & Transfer Company, Inc., the current transfer agent of the Company, with a mailing
address of 440 East 400 South, Suite 200, Salt Lake City, UT 84111 and a facsimile number of 801-328-4058, and any successor transfer
agent of the Company.

 

“Warrants”
means the Common Stock purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof,
which Warrants shall be exercisable immediately and have a term of exercise equal to five (5) years, in the form of Exhibit
A, attached hereto.

 

“Warrant
Shares” means the shares of Common Stock issuable upon exercise of the Warrants.

  

ARTICLE II.

PURCHASE AND SALE

 

2.1       Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution
and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly,
agree to purchase, up to an aggregate of $14,175,000 of Shares and Warrants. Each Purchaser shall elect to settle the purchase and sale
of the Shares by DWAC Settlement or Physical Settlement (as such terms are defined below) by delivering a completed Settlement
Election in the form attached hereto (“Settlement Election”) to the Company or the Placement Agent contemporaneously
with or promptly following such Purchaser’s delivery of its executed signature page hereto to the Company.

 

(a)           DWAC
Settlement. If a Purchaser elects DWAC Settlement, then at the Closing (A) the Company shall direct and cause the Transfer
Agent to deliver and release such Purchaser’s Shares purchased pursuant hereto to such Purchaser by electronic book-entry
transfer at DTC via DWAC to such Purchaser’s account set forth on such Purchaser’s signature page hereto or Settlement
Election (“DWAC Settlement”), (B) such Purchaser’s Subscription Amount shall be delivered by the Escrow
Agent on behalf of such Purchaser to the Company, and (C) the Company shall cause such Purchaser’s Warrants purchased pursuant
hereto to be promptly delivered to such Purchaser. No later than one (1) Business Day after the execution of this Agreement by
such Purchaser and the Company, such Purchaser shall:

 

(i)            Direct
the broker-dealer at which the account(s) to be credited with such Shares is/are maintained (which broker-dealer shall be a DTC
participant) to set up a DWAC instructing the Transfer Agent to credit such account(s) with such Shares via DWAC Settlement on
the Closing Date, which date shall be provided to such Purchaser by the Placement Agent or the Company; and

 

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(ii)           Remit
such Purchaser’s Subscription Amount by wire transfer to the following Escrow Account or by certified (or cashier’s)
check payable to the following Escrow Account and delivered to the Escrow Agent at the following address pursuant to the terms
of the Escrow Agreement.

 

	 	Escrow Agent:	Continental
    Stock Transfer & Trust Company as Agent for Ohr Pharmaceutical, Inc.
	 	Escrow
    Account Number:	530-161214
	 	ABA Number:	021000021
	 	Escrow Address:	Continental Stock Transfer & Trust Company
	 	 	Corporate Actions Services
	 	 	17 Battery Place, 8th Floor
	 	 	New York, NY 10004
	 	 	Attn: Francis Wolf

 

(b)          Physical
Settlement. If a Purchaser elects Physical Settlement, then at the Closing (A) the Company shall direct and cause the Transfer
Agent to deliver one or more stock certificates evidencing such Purchaser’s Shares purchased pursuant hereto to such Purchaser
promptly following the Closing at the address set forth on such Purchaser’s signature page hereto (“Physical Settlement”),
(B) such Purchaser’s Subscription Amount shall be delivered by the Escrow Agent on behalf of such Purchaser to the Company,
and (C) the Company shall cause such Purchaser’s Warrants purchased pursuant hereto to be promptly delivered to such Purchaser.
No later than one (1) Business Day after the execution of this Agreement by such Purchaser and the Company, such Purchaser shall
remit such Purchaser’s Subscription Amount by wire transfer to the Escrow Account set forth above or by certified (or cashier’s)
check payable to the following Escrow Account and delivered to the Escrow Agent at the address set forth above pursuant to the
terms of the Escrow Agreement:

 

2.2           Deliveries.

 

(a)          On
or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i)            this
Agreement duly executed by the Company;

 

(ii)           the
Escrow Agreement duly executed by the Company;

 

(iii)          a
legal opinion of Company Counsel and Company IP Counsel, substantially in the form reasonably acceptable to the Placement Agents
and the Purchasers;

 

(iv)          a comfort
letter of MaloneBailey LLP, substantially in the form reasonably acceptable to the Placement Agents and the Purchasers;

 

(v)           in
the case of DWAC Settlement, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver
on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”) Shares
equal to such Purchaser’s Subscription Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser,
and in the case of Physical Settlement, facsimile of the stock certificate evidencing the number of Shares equal to such Purchaser’s
Subscription Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser;

 

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(vi)          a
Warrant registered in the name of such Purchaser to purchase up to a number of shares of Common Stock equal to 70% of such Purchaser’s
Shares, with an exercise price equal to $1.00, subject to adjustment therein;

 

(vii)         the
Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

(b)          On
or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

 

(i)            this
Agreement duly executed by such Purchaser; and

 

(ii)           such
Purchaser’s Subscription Amount.

 

2.3           Closing
Conditions.

 

(a)          The
obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)            the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as
of a specific date therein in which case they shall be accurate as of such date);

 

(ii)           all
obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been
performed; and

 

(iii)          the
delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)          The
respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being
met:

 

(i)            the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein
(unless as of a specific date therein in which case they shall be accurate as of such date);

 

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(ii)           all
obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

 

(iii)          the
delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)          there
shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

(v)           from
the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s
principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg
L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are
reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States
or New York State authorities.

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1         Representations
and Warranties of the Company. The Company hereby makes the following representations and warranties to each Purchaser:

 

(a)          Subsidiaries.
All of the direct and indirect subsidiaries of the Company are set forth in the SEC Reports. The Company owns, directly or indirectly,
all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding
shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar
rights to subscribe for or purchase securities. If the Company has no subsidiaries, all other references to the Subsidiaries or
any of them in the Transaction Documents shall be disregarded.

 

(b)          Organization
and Qualification. The Company and each of the Subsidiaries 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, with the requisite power
and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company
nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries 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 and the Subsidiaries, 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 has been instituted in any such jurisdiction
revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification; provided that
a failure by the Company to meet the minimum bid price per share for its shares of Common
Stock for a period of 30 consecutive business days as set forth under Nasdaq Listing Rule 5450(a)(1) shall not constitute a Material
Adverse Effect.

 

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(c)           Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of this Agreement and each of the other 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, the Board of Directors or the Company’s stockholders in connection herewith
or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which
it is a party has been (or upon delivery 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 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.

 

(d)           No
Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to
which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby
and thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate
or articles 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 any Subsidiary, 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 or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which
any property or asset of the Company or any Subsidiary is bound or affected, 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 or a Subsidiary is subject (including federal and state securities laws and regulations),
or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii)
and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

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(e)           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, delivery and performance by the Company of the Transaction Documents, other than: (i)
the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement,
(iii) application(s) to each applicable Trading Market for the listing of the Shares and Warrant Shares for trading thereon in
the time and manner required thereby and (iv) such filings as are required to be made under applicable state securities laws (collectively,
the “Required Approvals”).

 

(f)            Issuance
of the Securities; Registration. The Securities are 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 imposed by the
Company. The Warrant Shares, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and nonassessable,
free and clear of all Liens imposed by the Company. The Company has reserved from its duly authorized capital stock the maximum
number of shares of Common Stock issuable pursuant to this Agreement and the Warrants. The Company has prepared and filed the Registration
Statement in conformity with the requirements of the Securities Act, which became effective on January 21, 2015 (the “Effective
Date”), including the Prospectus, and such amendments and supplements thereto as may have been required to the date of
this Agreement. The Company was at the time of the filing of the Registration Statement eligible to use Form S-3. The Company is
eligible to use Form S-3 under the Securities Act and it meets the transaction requirements with respect to the aggregate market
value of securities being sold pursuant to this offering in accordance with General Instruction I.B.I of Form S-3. The Registration
Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration
Statement or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose
have been instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules
and regulations of the Commission, shall file the Prospectus with the Commission pursuant to Rule 424(b). At the time the Registration
Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration
Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities
Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments or supplements
thereto, at time the Prospectus or any amendment or supplement thereto was issued and at the Closing Date, conformed and will conform
in all material respects to the requirements of the Securities Act and did not and will not contain an untrue statement of a material
fact or 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.

 

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(g)           Capitalization.
The capitalization of the Company is as set forth in the SEC Reports. The Company has not issued any capital stock since its
most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of employee stock options
under the Company’s stock option plans, the issuance of shares of Common Stock to employees pursuant to the
Company’s employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents
outstanding as of the date of the most recently filed periodic report under the Exchange Act. Except as set forth in SEC
Reports, no Person has any right of first refusal, preemptive right, right of participation, or any similar right to
participate in the transactions contemplated by the Transaction Documents. Except as a result of the purchase and sale of the
Securities, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character
whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving
any Person any right to subscribe for or acquire, any shares of Common Stock or the capital stock of any Subsidiary, or
contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue
additional shares of Common Stock or Common Stock Equivalents or capital stock of any Subsidiary. The issuance and sale of
the Securities will not obligate the Company or any Subsidiary to issue shares of Common Stock or other securities to any
Person (other than the Purchasers) and will not result in a right of any holder of Company securities to adjust the exercise,
conversion, exchange or reset price under any of such securities. There are no outstanding securities or instruments of the
Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts,
commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a
security of the Company or such Subsidiary. The Company does not have any stock appreciation rights or “phantom
stock” plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock of the
Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal
and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar
rights to subscribe for or purchase securities. No further approval or authorization of any stockholder, the Board of
Directors or others is required for the issuance and sale of the Securities. There are no stockholders agreements, voting
agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or,
to the knowledge of the Company, between or among any of the Company’s stockholders.

 

(h)           SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such
material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with
the Prospectus and the Prospectus Supplement, being collectively referred to herein as the “SEC Reports”) on
a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of
the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The financial statements of the Company
included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations
of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in all
material respects in accordance with United States generally accepted accounting principles applied on a consistent basis during
the periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes
thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all
material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the
results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial,
year-end audit adjustments.

 

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(i)            Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included
within the SEC Reports, except as disclosed in a subsequent SEC Report, (i) there has been no event, occurrence or development
that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any
liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business
consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant
to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the
Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed
or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities
to any officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company does not have pending
before the Commission any request for confidential treatment of information. Except for the issuance of the Securities contemplated
by this Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected
to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations,
assets or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time
this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this
representation is made.

 

(j)            Litigation.
There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company,
threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator,
governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”)
which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities
or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither
the Company nor any Subsidiary, nor, to the Company’s knowledge, 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. To the knowledge of the Company, there has not been and there is not pending or contemplated, any investigation by the Commission
involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop order
or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange
Act or the Securities Act.

 

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(k)            Labor
Relations. No labor dispute exists or, to the knowledge of the Company, is 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 or its Subsidiaries’
employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither
the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries
believe that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company
or any Subsidiary, is, or is now 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
or any of its Subsidiaries to any liability with respect to any of the foregoing matters that would reasonably be expected to
have a Material Adverse Effect. To the knowledge of the Company, the Company and its Subsidiaries are 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.

 

(l)             Compliance.
Neither the Company nor any Subsidiary: (i) is 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 or any Subsidiary under), nor has
the Company or any Subsidiary 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 agreement or instrument 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) is in violation of any judgment, decree or order of any
court, arbitrator or other governmental authority or (iii) to the knowledge of the Company, is or has been in violation of any
statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state
and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment
and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

 

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(m)          Environmental
Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating to
pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or
subsurface strata), including 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 (“Environmental
Laws”); (ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws
to conduct their respective businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or
approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually
or in the aggregate, a Material Adverse Effect.

 

(n)           Regulatory
Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports,
except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material
Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation
or modification of any Material Permit.

 

(o)           Title
to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them
and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries,
in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not
materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens
for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP
and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by
the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the
Subsidiaries are in compliance, except those matters that would not, individually or in the
aggregate, be reasonably expected to have a Material Adverse Effect.

  

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(p)           Intellectual
Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark
applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights
and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports
and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”).
None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual
Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2)
years from the date of this Agreement, except where such action would not reasonably be expected to have a Material Adverse Effect.
Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within
the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe
upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the
knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another
Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures to
protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(q)           Insurance.
The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged. Neither the
Company nor any Subsidiary has any reason to believe that it will not be 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 without
a significant increase in cost.

 

(r)            Transactions
With Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors of the Company or
any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party
to any transaction with the Company or any Subsidiary (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, providing for the borrowing of money from or lending of money to 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, stockholder, member 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, including stock option agreements under any stock option plan
of the Company.

 

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(s)            Sarbanes-Oxley;
Internal Accounting Controls. The Company and the Subsidiaries are in compliance with any and all applicable requirements of
the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof and as of the Closing Date, and any and all applicable
rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date.
The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that:
(i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded
as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii)
access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect
to any differences. The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to
ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded,
processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. The Company’s
certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries
as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation
Date”). The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the
certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation
Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined
in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect,
the internal control over financial reporting of the Company and its Subsidiaries.

 

(t)            Certain
Fees. Except as set forth in the Prospectus Supplement, no brokerage or finder’s fees or commissions are or will be payable
by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank
or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation
with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in
this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

 

(u)           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” within the meaning of the Investment Company Act of 1940, as
amended. The Company shall conduct its business in a manner so that it will not become an “investment company” subject
to registration under the Investment Company Act of 1940, as amended.

 

(v)           Registration
Rights. No Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act
of any securities of the Company or any Subsidiary.

 

(w)          Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act, and the Company
has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the
Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating
such registration. The Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on
which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or
maintenance requirements of such Trading Market. The Common Stock is currently eligible for electronic transfer through the Depository
Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust
Company (or such other established clearing corporation) in connection with such electronic transfer.

 

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(x)            Application
of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order to render
inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement)
or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar charter documents)
or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and
the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation
as a result of the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities.

 

(y)            Disclosure.
All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their
respective businesses and the transactions contemplated hereby 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. The press releases disseminated by the Company during the twelve months preceding the
date of this Agreement taken as a whole do 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 and when made, not misleading.

 

(z)            No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
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 any applicable shareholder approval provisions
of any Trading Market on which any of the securities of the Company are listed or designated.

 

(aa)         Solvency.
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the
Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s assets exceeds
the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including
known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small capital to carry
on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular
capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability
thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate
all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in
respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability
to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt).
The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation
under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. For the purposes of this
Agreement, “Indebtedness” means (x) any liabilities for borrowed money or amounts owed in excess of $50,000
(other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent
obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company’s consolidated
balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar
transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under
leases required to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to
any Indebtedness.

 

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(bb)        Tax Status.
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 and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign
income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all
taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns,
reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes
for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material
amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know
of no basis for any such claim.

 

(cc)        Foreign
Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent
or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful
contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any
unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns
from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person
acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any
provision of FCPA.

 

(dd)        Accountants.
MaloneBailey, LLP is the Company’s independent registered public accounting firm. To the knowledge and belief of the Company,
such accounting firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion
with respect to the financial statements to be included in the Company’s Annual Report for the fiscal year ended September
30, 2017.

 

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(ee)          Acknowledgment
Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the Purchasers is acting
solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated
thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in
any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given
by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions
contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities. The Company further represents to
each Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents has been based
solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

 

(ff)           Acknowledgement
Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary
notwithstanding (except for Sections 3.2(e) and 4.13 hereof), it is understood and acknowledged by the Company that: (i) none
of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling,
long and/or short, securities of the Company, or “derivative” securities based on securities issued by the
Company or to hold the Securities for any specified term; (ii) past or future open market or other transactions by any
Purchaser, specifically including, without limitation, Short Sales or “derivative” transactions, before or after
the closing of this or future private placement transactions, may negatively impact the market price of the Company’s
publicly-traded securities; (iii) any Purchaser, and counter-parties in “derivative” transactions to which any
such Purchaser is a party, directly or indirectly, presently may have a “short” position in the Common Stock, and
(iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party in
any “derivative” transaction. The Company further understands and acknowledges that (y) one or more Purchasers
may engage in hedging activities at various times during the period that the Securities are outstanding, including, without
limitation, during the periods that the value of the Warrant Shares deliverable with respect to Securities are being
determined, and (z) such hedging activities (if any) could reduce the value of the existing stockholders’ equity
interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that
such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.

 

(gg)         Regulation
M Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly,
any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases
of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any
other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company’s placement
agent in connection with the placement of the Securities.

 

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(hh)         FDA.
As to each product subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”) under the Federal
Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is manufactured, packaged,
labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each such product, a “Pharmaceutical
Product”), such Pharmaceutical Product is being manufactured, packaged, labeled, tested, distributed, sold and/or marketed
by the Company in compliance with all applicable requirements under FDCA and similar laws, rules and regulations relating to registration,
investigational use, premarket clearance, licensure, or application approval, good manufacturing practices, good laboratory practices,
good clinical practices, product listing, quotas, labeling, advertising, record keeping and filing of reports, except where the
failure to be in compliance would not have a Material Adverse Effect. There is no pending, completed or, to the Company’s
knowledge, threatened, action (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge,
complaint, or investigation) against the Company or any of its Subsidiaries, and none of the Company or any of its Subsidiaries
has received any notice, warning letter or other communication from the FDA or any other governmental entity, which (i) contests
the premarket clearance, licensure, registration, or approval of, the uses of, the distribution of, the manufacturing or packaging
of, the testing of, the sale of, or the labeling and promotion of any Pharmaceutical Product, (ii) withdraws its approval of, requests
the recall, suspension, or seizure of, or withdraws or orders the withdrawal of advertising or sales promotional materials relating
to, any Pharmaceutical Product, (iii) imposes a clinical hold on any clinical investigation by the Company or any of its Subsidiaries,
(iv) enjoins production at any facility of the Company or any of its Subsidiaries, (v) enters or proposes to enter into a consent
decree of permanent injunction with the Company or any of its Subsidiaries, or (vi) otherwise alleges any violation of any laws,
rules or regulations by the Company or any of its Subsidiaries, and which, either individually or in the aggregate, would have
a Material Adverse Effect. The properties, business and operations of the Company have been and are being conducted in all material
respects in accordance with all applicable laws, rules and regulations of the FDA. The Company has not been informed by the FDA
that the FDA will prohibit the marketing, sale, license or use in the United States of any product proposed to be developed, produced
or marketed by the Company nor has the FDA expressed any concern as to approving or clearing for marketing any product being developed
or proposed to be developed by the Company. To the Company’s knowledge, there are no legal or governmental proceedings relating
to the FDCA, the Public Health Services Act or any regulations of the FDA pending or threatened to which the Company is a party,
nor is it aware of any material violations of such acts or regulations by the Company, which would have a Material Adverse Effect.

 

(ii)           Office
of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director, officer,
agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office
of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

(jj)           U.S. Real
Property Holding Corporation. The Company is not and has never been 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 Purchaser’s request.

 

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(kk)         Bank Holding
Company Act. Neither the Company nor any of its Subsidiaries or, to the Company’s knowledge, Affiliates is subject to
the Bank Holding Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of
the Federal Reserve System (the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or, to the
Company’s knowledge, 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 or more of the total equity of a bank or any entity that is subject to
the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Subsidiaries or, to the Company’s knowledge,
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.

 

(ll)           Money
Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with
applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money
Laundering Laws”), and no Action or Proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of
the Company or any Subsidiary, threatened.

 

(mm)       Share
Option Plans. Each share option granted by the Company under the Company’s share option plans was granted (i) in accordance
with the terms of the Company’s share option plans and (ii) with an exercise price at least equal to the fair market value
of the Common Stock on the date such share option would be considered granted under GAAP and applicable law. No share option granted
under the Company’s share option plan has been backdated. The Company has not knowingly granted, and there is no and has
been no Company policy or practice to knowingly grant, share options prior to, or otherwise knowingly coordinate the grant of share
options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their
financial results or prospects.

 

3.2          Representations
and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as
of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they
shall be accurate as of such date):

 

(a)           Organization;
Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership limited liability
company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and
performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary
corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction
Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with
the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it 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.

 

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(b)           Understandings
or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has no direct or indirect
arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation
and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Registration Statement or otherwise
in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary
course of its business.

 

(c)           Experience
of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(d)           Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions as it
has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the
offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company
and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate
its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without
unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. Such Purchaser
acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser with
any information or advice with respect to the Securities nor is such information or advice necessary or desired. Neither the Placement
Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities and the Placement
Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser agrees need not
be provided to it. In connection with the issuance of the Securities to such Purchaser, neither the Placement Agent nor any of
its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

 

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(e)           Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not,
nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any
purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such
Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth
the material pricing terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding
the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage
separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions
made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall
only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase
the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s representatives,
including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such
Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence
and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute
a representation or warranty, or preclude any actions, with respect to the identification of the availability of, or securing of,
available shares to borrow in order to effect Short Sales or similar transactions in the future.

 

The Company acknowledges and
agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right to
rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties contained
in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement
or the consummation of the transactions contemplated hereby.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1         Warrant
Shares. If all or any portion of a Warrant is exercised at a time when there is an effective registration statement to cover
the issuance or resale of the Warrant Shares or if the Warrant is exercised via cashless exercise, the Warrant Shares issued pursuant
to any such exercise shall be issued free of all legends. If at any time following the date hereof the Registration Statement (or
any subsequent registration statement registering the sale or resale of the Warrant Shares) is not effective or is not otherwise
available for the sale or resale of the Warrant Shares, the Company shall immediately notify the holders of the Warrants in writing
that such registration statement is not then effective and thereafter shall promptly notify such holders when the registration
statement is effective again and available for the sale or resale of the Warrant Shares (it being understood and agreed that the
foregoing shall not limit the ability of the Company to issue, or any Purchaser to sell, any of the Warrant Shares in compliance
with applicable federal and state securities laws). The Company shall use best efforts to keep a registration statement (including
the Registration Statement) registering the issuance or resale of the Warrant Shares effective during the term of the Warrants.

 

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4.2           Furnishing
of Information. Until the earlier of the time that (i) no Purchaser owns Securities or (ii) Warrants have expired,, the Company
covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required
to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting
requirements of the Exchange Act.

 

4.3           Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined
in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities for purposes of the rules
and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction
unless shareholder approval is obtained before the closing of such subsequent transaction.

 

4.4           Securities
Laws Disclosure. The Company shall (a) by 9:00 a.m. (New York City time) on the Trading Day immediately following the date
hereof, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current Report
on Form 8-K, including the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange
Act.

 

4.5           Shareholder
Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any
Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company,
or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities
under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

4.6           Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents,
which shall be disclosed pursuant to Section 4.3, the Company covenants and agrees that neither it, nor any other Person acting
on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably
believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt
of such information and agreed with the Company to keep such information confidential.

 

4.7           Use
of Proceeds. The Company shall use the net proceeds from the sale of the Securities hereunder for working capital purposes
and for other general corporate purposes, including the completion and data readout of the Company’s ongoing clinical study.

 

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4.8           Indemnification
of Purchasers. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each Purchaser and its directors,
officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a
Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within
the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders,
agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles
notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”)
harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments,
amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser
Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or
agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the
Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not
an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless
such action is based upon a breach of such Purchaser Party’s representations, warranties or covenants under the Transaction
Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations by such
Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which constitutes fraud, gross negligence,
willful misconduct or malfeasance). If any action shall be brought against any Purchaser Party in respect of which indemnity may
be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall
have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any
Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment
thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time
to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material
conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the
Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not
be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s
prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a
loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties,
covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification
required by this Section 4.8 shall be made by periodic payments of the amount thereof during the course of the investigation or
defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any
cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject
to pursuant to law.

 

4.9           Reservation
of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available
at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company
to issue Shares pursuant to this Agreement and Warrant Shares pursuant to any exercise of the Warrants.

 

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4.10       Listing
of Common Stock. The Company hereby agrees to use best efforts to maintain the listing or quotation of the Common Stock on
the Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall apply to list or quote
all of the Shares and Warrant Shares on such Trading Market and promptly secure the listing of all of the Shares and Warrant Shares
on such Trading Market. The Company further agrees, if the Company applies to have the Common Stock traded on any other Trading
Market, it will then include in such application all of the Shares and Warrant Shares, and will take such other action as is necessary
to cause all of the Shares and Warrant Shares to be listed or quoted on such other Trading Market as promptly as possible. The
Company will then take all action reasonably necessary to continue the listing and trading of its Common Stock on a Trading Market
and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the
Trading Market. The Company agrees to maintain the eligibility of the Common Stock for electronic transfer through the Depository
Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository
Trust Company or such other established clearing corporation in connection with such electronic transfer.

 

4.11       Subsequent
Equity Sales.

 

(a)           From
the date hereof until 120 days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter into any agreement
to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents.

 

(b)           From
the date hereof until the 18 month anniversary of the Closing Date, the Company shall be prohibited from effecting or entering
into an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents
(or a combination of units thereof) involving a Variable Rate Transaction. “Variable Rate Transaction” means
a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or
exercisable for, or include the right to receive additional shares of Common Stock either (A) at a conversion price, exercise price
or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the shares of Common
Stock at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange
price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the
occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the
Common Stock or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line
of credit, whereby the Company may issue securities at a future determined price. Any Purchaser shall be entitled to obtain injunctive
relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

 

(c)           Notwithstanding
the foregoing, this Section 4.11 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall
be an Exempt Issuance.

 

4.12         Equal
Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration
is also offered to all of the parties to such Transaction Documents. For clarification purposes, this provision constitutes a separate
right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to
treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect
to the purchase, disposition or voting of Securities or otherwise.

 

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4.13         Certain
Transactions. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it nor any Affiliate
acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any
of the Company’s securities during the period commencing with the execution of this Agreement and ending at such time that
the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described
in Section 4.4. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions
contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section
4.4, such Purchaser will maintain the confidentiality of the existence and terms of this transaction.

 

4.14         Exercise
Procedures. The form of Notice of Exercise included in the Warrants set forth the totality of the procedures required of the
Purchasers in order to exercise the Warrants. No additional legal opinion, other information or instructions shall be required
of the Purchasers to exercise their Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise shall
be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required
in order to exercise the Warrants. The Company shall honor exercises of the Warrants and shall deliver Warrant Shares in accordance
with the terms, conditions and time periods set forth in the Transaction Documents.

 

ARTICLE V.

MISCELLANEOUS

 

5.1           Termination.
This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect
whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing
has not been consummated on or before April 12, 2017; provided, however, that no such termination will affect the
right of any party to sue for any breach by any other party (or parties).

 

5.2           Fees
and Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and
all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this
Agreement. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing
of any instruction letter delivered by the Company and any exercise notice delivered by a Purchaser), stamp taxes and other taxes
and duties levied in connection with the delivery of any Securities to the Purchasers.

 

5.3           Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus Supplement,
contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements
and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents,
exhibits and schedules.

 

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5.4           Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto
at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such
notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth
on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading
Day, (c) the second (2nd)Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight
courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices
and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant
to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries,
the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

 

5.5           Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares based on the
initial Subscription Amounts hereunder or, in the case of a waiver, by the party against whom enforcement of any such waived provision
is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group
of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No waiver
of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver
in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall
any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed
amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative
to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected
Purchaser, Any amendment effected in accordance with accordance with this Section 5.5 shall be binding upon each Purchaser and
holder of Securities and the Company.

 

5.6           Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof.

 

5.7           Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of
each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to
whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect
to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

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5.8           No
Third-Party Beneficiaries. The Placement Agent shall be the third party beneficiary of the representations and warranties of
the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended
for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor
may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8 and this Section 5.8.

 

5.9           Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party
hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect
to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action
or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding
is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and
agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall
be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action
or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under
Section 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable
attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action
or Proceeding.

 

5.10         Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Shares.

 

5.11         Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being
understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission,
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

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5.12         Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

5.13         Rescission
and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)
any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser
may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand
or election in whole or in part without prejudice to its future actions and rights; provided, however, that in the case of a rescission
of an exercise of a Warrant, the applicable Purchaser shall be required to return any shares of Common Stock subject to any such
rescinded exercise notice concurrently with the return to such Purchaser of the aggregate exercise price paid to the Company for
such shares and the restoration of such Purchaser’s right to acquire such shares pursuant to such Purchaser’s Warrant
(including, issuance of a replacement warrant certificate evidencing such restored right).

 

5.14         Replacement
of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company
shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or
in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall
also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Shares.

 

5.15         Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the
Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation
the defense that a remedy at law would be adequate.

 

5.16         Payment
Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document
or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or
exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from,
disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person
under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

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5.17         Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
or non-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 a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction
Documents. 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 the 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. Each Purchaser has been represented by its own separate
legal counsel in its review and negotiation of the Transaction Documents. The legal counsels of the Placement Agent do not represent
any of the Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers with the same
terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any
of the Purchasers. 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.

 

5.18         Saturdays, Sundays,
Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business
Day.

 

5.19         Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and
every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse
and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after
the date of this Agreement.

 

5.20        WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE
PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

  

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(Signature Pages Follow)

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

 

	OHR PHARMACEUTICAL, INC.	 	Address for Notice:
	 	 	 	 
	By:		 	Fax:
	 	Name:	 	E-mail:
	 	Title:	 	 
	 	 	 	 
	With a copy to (which shall not constitute notice):

	 	 

  

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

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[PURCHASER SIGNATURE PAGES TO OHRP
SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned
have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

Name of Purchaser: ________________________________________________________

 

Signature of Authorized Signatory of Purchaser:
_________________________________

 

Name of Authorized Signatory: _______________________________________________

 

Title of Authorized Signatory: ________________________________________________

 

Email Address of Authorized Signatory:_________________________________________

 

Facsimile Number of Authorized Signatory: __________________________________________

 

Address for Notice to Purchaser: __________________________________________

 

Address for Delivery of Securities to Purchaser (if not same as address
for notice): __________________________________________

  

Subscription Amount: $_________________

 

Shares: _________________

 

Warrant Shares: _________________

 

EIN Number: ____________________

  

[SIGNATURE PAGES CONTINUE]

 

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ELECTION FORM

 

This Settlement Election is attached to, and completed by the below
Purchaser pursuant to, the Securities Purchase Agreement between such Purchaser and Ohr Pharmaceutical, Inc. dated April __, 2017.
Initially capitalized terms used herein have the meanings ascribed thereto in such Securities Purchase Agreement. 

 

The Purchaser, ____________________________________________, hereby
elects to settle the purchase and delivery of the Shares being purchased by the Purchaser at Closing by:

 

		☐	DWAC Settlement. See Section 2.1(a) of the Securities Purchase Agreement. The Shares will be delivered
via DWAC to the Purchaser’s account(s) set forth on the Purchaser’s signature page to the Securities Purchase Agreement
or as otherwise indicate below. The Purchaser has remitted or will promptly remit its Subscription Amount to the Escrow Account
in accordance with the Securities Purchase Agreement.

  

		☐	Physical Settlement. See Section 2.1(b) of the Securities Purchase Agreement. Stock certificates
                                                              evidencing the Shares will be delivered to the Purchaser. The Purchaser has remitted or will promptly remit its Subscription
                                                              Amount to the Escrow Account in accordance with the Securities Purchase Agreement.

 

DTC Details: 

 

	Name of DTC Participant (broker-dealer at which account(s) to be credited with Shares are maintained):	
         

        _________________________________________________________

	 	 
	DTC Participant Number:	_________________________________________________________
	 	 
	Name of Account(s) at DTC Participant being credited with Shares:	_________________________________________________________
	 	 
	Account Number(s) at DTC Participant being credited with Shares:	_________________________________________________________

 

     35OHR Pharmaceutical, Inc. - 8-K

 

Exhibit 10.2

OHR PHARMACEUTICAL, INC.

20,250,032 Shares of Common Stock

And

14,175,059 Warrants to Purchase One
Share of Common Stock

 

PLACEMENT AGENT AGREEMENT

April 5, 2017

Chardan Capital Markets, LLC

17 State Street

Suite 1600

New York, NY 10004

H.C. Wainwright & Co., LLC

430 Park Avenue

New York, New York 10022

Ladies and Gentlemen:

Ohr Pharmaceutical,
Inc., a Delaware corporation (the “Company”), proposes to issue and sell to the purchasers (the “Offering”),
pursuant to the terms and conditions of this Placement Agent Agreement (this “Agreement”) and the Securities
Purchase Agreements in the form of Exhibit A attached hereto (the “Subscription Agreements”), entered into with
the purchasers identified therein (each a “Purchaser” and collectively, the “Purchasers”) an aggregate
of 20,250,032 shares (the “Shares”) of common stock, par value $0.0001 per share (the “Common Stock”),
of the Company and 14,175,059 warrants (the “Warrants”), each Warrant entitles the holder to purchase one share
of Common Stock at an exercise price of $1.00 per share at any time prior to the expiration thereof the five year anniversary of
issuance (the “Warrant Shares”). The Shares, the Warrants and the Warrant Shares are collectively referred to
as the “Securities”. The Purchasers shall receive .7 of a Warrant for each Share purchased and the Shares and
the Warrants shall be immediately separable and transferable upon issuance. The terms of the Warrants are set forth in the form
of Warrant attached as Exhibit B attached hereto. Each person desiring to purchase Securities in the Offering will be required
to (i) execute and deliver to the Company a fully completed Subscription Agreement; and (ii) transmit the full amount of the purchase
price of the Shares subscribed for, in accordance with the instructions set forth in the Subscription Agreement, to the escrow
account (the “Escrow Account”), established pursuant to an escrow agreement (the “Escrow Agreement”)
by and among Continental Stock Transfer & Trust Company, the escrow agent for the Offering (the “Escrow Agent”),
the Company and the Chardan Capital Markets, LLC (“Chardan”). The Company hereby confirms its agreement with Chardan
and H.C. Wainwright & Co., LLC (“Wainwright”) to act as placement agents (the “Placement Agents,”
or each, an “Placement Agent”) in accordance with the terms and conditions hereof.

1.       

AGREEMENT
TO ACT AS PLACEMENT AGENTS; PLACEMENT OF SECURITIES. On the basis of the
representations, warranties and agreements of the Company herein contained, and subject to all the terms and conditions of this
Agreement:

(a)       

The Company hereby authorizes the
Placement Agents to act as its agents to solicit offers for the purchase of all or part of the Securities from the Company in connection
with the proposed offering of the Securities (the “Offering”).

 

    	 		 

    	 

    

 

(b)       

The Company hereby
acknowledges that each Placement Agent has agreed, as agent of the Company, to use its reasonable best efforts to solicit offers
to purchase the Securities from the Company on the terms and subject to the conditions set forth in the Prospectus (as defined
below). Each Placement Agent shall use reasonable best efforts to assist the Company in obtaining performance by each Purchaser
whose offer to purchase Securities has been solicited by the Placement Agent and accepted by the Company, but no Placement Agent
shall, except as otherwise provided in this Agreement, be obligated to disclose the identity of any potential purchaser or have
any liability to the Company in the event any such purchase is not consummated for any reason. Under no circumstances will any
Placement Agent be obligated to underwrite or purchase any Securities for its own account and, in soliciting purchases of Securities,
each Placement Agent shall act solely as the Company’s agent and not as principal, and neither Placement Agent shall have
any authority to bind the Company in respect of the sale of any Securities.

(c)       

Subject to the provisions
of this Section 1, offers for the purchase of Securities may be solicited by the Placement Agents as agents for the Company at
such times and in such amounts as the Placement Agents deems advisable. Each Placement Agent shall communicate to the Company,
orally or in writing, each reasonable offer to purchase Securities received by it as agent of the Company. The Company shall have
the sole right to accept offers to purchase Securities and may reject any such offer, in whole or in part.

(d)       

The Securities are
being sold to the Purchasers at a combined initial public offering price of $0.70 for one Share and Warrant to purchase .7 of a
share of Common Stock (the “Public Offering Price”). The purchases of Securities by the Purchasers shall be
evidenced by the execution of Subscription Agreements by each of the Purchasers and the Company.

(e)       

As compensation for
services rendered, on the Closing Date (as defined in Section 5 hereof), the Company shall authorize the payment from the Escrow
Account to (x) Chardan by wire transfer of immediately available funds to an account or accounts designated by Chardan, an aggregate
amount in cash equal to the product of 70% of 8.0% of the gross proceeds received by the Company from the sale of the Securities
on such Closing Date, and (y) Wainwright by wire transfer of immediately available funds to an account or accounts designated by
Wainwright, an aggregate amount in cash equal to the product of 30% of the gross proceeds received by the Company from the sale
of the Securities on such Closing Date. Each Placement Agent may retain other brokers or dealers to act as sub-agents on its behalf
in connection with the Offering, with any fees they may be entitled to being paid out of the fee paid to such Placement Agent pursuant
to this Section 1(e).

No Securities which
the Company has agreed to sell pursuant to this Agreement and the Subscription Agreements shall be deemed to have been purchased
and paid for, or sold by the Company, until such securities shall have been delivered to the Purchaser thereof against payment
by such Purchaser. If the Company shall default in its obligations to deliver such securities to a Purchaser whose offer it has
accepted, the Company shall indemnify and hold the Placement Agents harmless against any loss, claim, damage or expense arising
from or as a result of such default by the Company in accordance with the procedures set forth in Section 8 herein.

2.       

Registration
Statement and Prospectus.

(a)       

The Company has prepared
and filed with the Securities and Exchange Commission (the “Commission”) a “shelf” registration
statement on Form S-3 (File No. 333-201368) under the Securities Act of 1933, as amended (the “Securities Act”)
and the rules and regulations (the “Rules and Regulations”) of the Commission thereunder, and such amendments
to such registration statement (including post effective amendments) as may have been required to the date of this Agreement. which
registration statement was declared effective by the Commission on January 21, 2015. Except as the context may otherwise require,
such registration statement on file with the Commission at any given time, including any amendments thereto at such time, the exhibits
and schedules thereto at such time, documents filed as a part thereof or incorporated pursuant to Item 12 of Form S-3 under the
Securities Act at such time and the documents and information otherwise deemed to be a part thereof or included therein pursuant
to Rule 430B of the Securities Act Regulations (the “Rule 430B Information”) or otherwise pursuant to the Securities
Act Regulations at such time, is referred to herein as the “Registration Statement.” The Registration Statement at
the time it originally became effective is referred to herein as the “Initial Registration Statement.” If the
Company files any registration statement with the Commission pursuant to Rule 462(b) of the Securities Act Regulations relating
to the Securities, then, after such filing, any reference herein to the Registration Statement shall also be deemed to include
such registration statement filed pursuant to Rule 462(b).

 

    	 	2	 

    	 

    

 

(b)       

The prospectus in
the form in which it was filed with the Commission in connection with the Initial Registration Statement is herein called the “Base
Prospectus.” Each preliminary prospectus supplement to the Base Prospectus (including the Base Prospectus as so supplemented)
that described the Securities and the Offering and omitted Rule 430B Information and that was used prior to the filing of the final
prospectus supplement referred to in the following paragraph is herein called a “Preliminary Prospectus.”

(c)       

Promptly after the
execution and delivery of this Agreement, the Company will prepare and file with the Commission a final prospectus supplement to
the Base Prospectus relating to the Securities and the Offering in accordance with the provisions of Rule 430B (“Rule
430B”) and Rule 424(b) (“Rule 424(b)”) of the Securities Act Regulations. Such final prospectus supplement
(including the Base Prospectus as so supplemented), in the form filed with the Commission pursuant to Rule 424(b) under the Securities
Act is herein called the “Prospectus.”

(d)       

Any reference in
this Agreement to the Registration Statement, the Base Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed
to refer to and include the documents incorporated or deemed incorporated by reference therein pursuant to Item 12 of Form S-3
which were filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and
regulations of the Commission promulgated thereunder (the “Exchange Act Regulations”), on or before the date
of this Agreement, or the issue date of the Base Prospectus, any Preliminary Prospectus or the Prospectus, as the case may be;
and any reference in this Agreement to the terms “amend,” “amendment” or “supplement” with
respect to the Registration Statement, the Base Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer
to and include the filing of any document under the Exchange Act after the date of this Agreement, or the issue date of the Base
Prospectus, any Preliminary Prospectus or the Prospectus, as the case may be, deemed to be incorporated therein by reference. All
references in this Agreement to financial statements and schedules and any other information which is “contained, “included,”
“described,” “referenced,” “set forth” or “stated” in the Registration Statement,
the Base Prospectus, any Preliminary Prospectus or the Prospectus (and all other references of like import) shall be deemed to
mean and include all such financial statements and schedules and any other information which is or is deemed to be incorporated
by reference in the Registration Statement, the Base Prospectus, any Preliminary Prospectus or the Prospectus, as the case may
be.

(i)       

“Applicable
Time” means 9:30 a.m., Eastern Time, on the date of this Agreement.

(ii)       

“Issuer
Free Writing Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433 of the Securities
Act Regulations (“Rule 433”), including without limitation any “free writing prospectus” (as defined
in Rule 405 of the Securities Act Regulations) relating to the Securities that is (i) required to be filed with the Commission
by the Company, (ii) a “road show that is a written communication” within the meaning of Rule 433(d)(8)(i), whether
or not required to be filed with the Commission, or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i)
because it contains a description of the Securities or of the Offering that does not reflect the final terms, in each case in the
form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company’s
records pursuant to Rule 433(g).

(iii)       

“Issuer
General Use Free Writing Prospectus” means any Issuer Free Writing Prospectus that is intended for general distribution
to prospective investors (other than a “bona fide electronic road show,” as defined in Rule 433 (the “Bona
Fide Electronic Road Show”)).

(iv)       

“Issuer
Limited Use Free Writing Prospectus” means any Issuer Free Writing Prospectus that is not an Issuer General Use Free
Writing Prospectus.

(v)       

“Pricing
Disclosure Package” means any Issuer General Use Free Writing Prospectus issued at or prior to the Applicable Time, the
Preliminary Prospectus Supplement dated April 4, 2017, all considered together.

 

    	 	3	 

    	 

    

 

(e)       

The shares of Common
Stock are registered pursuant to Section 12(b) under the Exchange Act. The Company has taken no action designed to, or likely to
have the effect of, terminating the registration of the shares of Common Stock under the Exchange Act, nor has the Company received
any notification that the Commission is contemplating terminating such registration.

(f)       

The Company and the
transactions contemplated by this Agreement meet the requirements for, and comply with the conditions for the use of, Form S-3
under the Securities Act without reference to Instruction I.B.6 of Form S-3. The Company is not a shell company (as defined in
Rule 405 of the Securities Act Regulations) and has not been a shell company for at least 12 calendar months previously and if
it has been a shell company at any time previously, has filed current Form 10 information (as defined in Instruction I.B.6 of Form
S-3) with the Commission at least 12 calendar months previously reflecting its status as an entity that is not a shell company.

(g)       

The shares of Common
Stock are listed on the NASDAQ Capital Market (the “Exchange”), and the Company has taken no action designed
to, or likely to have the effect of, delisting the shares of Common Stock from the Exchange, nor has the Company received any notification
that the Exchange is contemplating terminating such listing except as described in the Registration Statement, the Pricing Disclosure
Package and the Prospectus. The Company has filed an application for the Listing of Additional Shares with the Exchange to list
the Securities.

(h)       

Neither the Commission
nor, to the Company’s knowledge, any state regulatory authority has issued any order preventing or suspending the use of
the Registration Statement, any Preliminary Prospectus or the Prospectus or has instituted or, to the Company’s knowledge,
threatened to institute, any proceedings with respect to such an order. The Company has complied with each request (if any) from
the Commission for additional information.

3.       

Representations
and Warranties of the Company Regarding the Offering.

(a)       

The Company represents
and warrants to, and agrees with, the several Placement Agents, as of the date hereof and as of the Closing Date (as defined in
Section 5(a) below), except as otherwise indicated, as follows:

(i)       

Each of the
Registration Statement and any post-effective amendment thereto, at the time it became effective (including each deemed effective
date with respect to the Placement Agents pursuant to Rule 430B or otherwise under the Securities Act), complied in all material
respects with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus, including
the Base Prospectus filed as part of the Registration Statement as originally filed or as part of any amendment or supplement thereto,
and the Prospectus, at the time each was filed or will be filed with the Commission, complied or will comply in all material respects
with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus delivered to the Placement
Agents for use in connection with this Offering and the Prospectus was or will be identical to the electronically transmitted copies
thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

(ii)       

The Pricing
Disclosure Package, as of the Applicable Time, as of the date of this Agreement, at the Closing Date, did not, does not and will
not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; and each Issuer Limited Use Free Writing Prospectus
hereto does not conflict with the information contained in the Registration Statement, any Preliminary Prospectus or the Prospectus,
and each such Issuer Limited Use Free Writing Prospectus, as supplemented by and taken together with the Prospectus as of the Applicable
Time, did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation
and warranty shall not apply to statements made or statements omitted in reliance upon and in conformity with written information
furnished to the Company with respect to the Placement Agents expressly for use in the Registration Statement, the Pricing Disclosure
Package, any Preliminary Prospectus or the Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and
agree that such information provided by or on behalf of any Placement Agent consists solely of the following disclosure contained
in the “Plan of Distribution” section of the Prospectus: the tenth paragraph under the heading “Plan of Distribution”
(the “Agents’ Information”);

 

    	 	4	 

    	 

    

 

(iii)       

Neither the
Prospectus nor any amendment or supplement thereto (including any prospectus wrapper), as of its issue date, at the time of any
filing with the Commission pursuant to Rule 424(b), at the Closing Date, included, includes or will include an untrue statement
of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty
shall not apply to the Agents’ Information; and

(iv)       

The documents
incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus, when they became effective
or were filed with the Commission, as the case may be, conformed in all material respects to the requirements of the Securities
Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and none of such documents contained
any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading; and any further documents
so filed and incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus, when such
documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to the requirements
of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder, and will
not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading.

(v)       

The agreements
and documents described in the Registration Statement, the Pricing Disclosure Package and the Prospectus conform in all material
respects to the descriptions thereof contained or incorporated by reference therein, and there are no agreements or other documents
required by the Securities Act and the Securities Act Regulations to be described in the Registration Statement, the Pricing Disclosure
Package and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement or to be incorporated by
reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus, that have not been so described or
filed or incorporated by reference. Each agreement or other instrument (however characterized or described) to which the Company
is a party or by which it is or may be bound or affected and (i) that is referred to or incorporated by reference in the Registration
Statement, the Pricing Disclosure Package and the Prospectus, or (ii) is material to the Company’s business, has been duly
authorized and validly executed by the Company, is in full force and effect in all material respects and is enforceable against
the Company and, to the Company’s knowledge, the other parties thereto, in accordance with its terms, except (x) as such
enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally,
(y) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws,
and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable
defenses and to the discretion of the court before which any proceeding therefor may be brought. None of such agreements or instruments
has been assigned by the Company, and neither the Company nor, to the Company’s knowledge, any other party is in default
thereunder and, to the Company’s knowledge, no event has occurred that, with the lapse of time or the giving of notice, or
both, would constitute a default thereunder. To the best of the Company’s knowledge, performance by the Company of the material
provisions of such agreements or instruments will not result in a violation of any existing applicable law, rule, regulation, judgment,
order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its assets
or businesses (each, a “Governmental Entity”), including, without limitation, those relating to pharmaceutical
and environmental laws and regulations.

 

    	 	5	 

    	 

    

 

(vi)       

No securities
of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled
by or under common control with the Company, except as disclosed in the Registration Statement, the Pricing Disclosure Package
and the Prospectus.

(vii)       

The disclosures
in the Registration Statement, the Pricing Disclosure Package and the Prospectus concerning the effects of federal, state, local
and all foreign regulation on the Company’s business as currently contemplated are correct in all material respects and no
other such regulations are required to be disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus
which are not so disclosed. The Company has not distributed any prospectus or other offering material in connection with the offering
and sale of the Securities other than the Pricing Disclosure Package.

(viii)       

The Company
is not an “ineligible issuer,” as defined in Rule 405 under the Securities Act.

(ix)       

The consolidated
financial statements of the Company, together with the related notes, included in the Registration Statement, the Pricing Disclosure
Package and the Final Prospectus comply in all material respects with the applicable requirements of the Securities Act and fairly
present the consolidated financial condition of the Company as of the dates indicated and the results of operations and changes
in cash flows for the periods therein specified in conformity with U.S. generally accepted accounting principles consistently applied
throughout the periods involved except as may be set forth in the related notes included or incorporated by reference in the Registration
Statement, the Pricing Disclosure Package and the Final Prospectus; and the supporting schedules included in the Registration Statement
present fairly the information required to be stated therein. The pro forma and pro forma as adjusted financial information included
in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus has been properly compiled and prepared
in all material respects in accordance with the applicable requirements of the Securities Act and the Rules and Regulations and
include all adjustments necessary to present fairly in accordance with U.S. generally accepted accounting principles the pro forma
and as adjusted financial position of the respective entity or entities presented therein at the respective dates indicated and
their cash flows and the results of operations for the respective periods specified. No other financial statements, pro forma financial
information or schedules are required under the Securities Act to be included or incorporated by reference in the Registration
Statement, the Pricing Disclosure Package or the Final Prospectus.

(x)       

To the Company’s
knowledge, MaloneBailey LLP, which has expressed its opinion with respect to certain of the financial statements and schedules
filed as a part of the Registration Statement and included in the Registration Statement, the Pricing Disclosure Package and the
Final Prospectus, is an independent public accounting firm with respect to the Company within the meaning of the Securities Act
and the Rules and Regulations.

(xi)       

The Company
had a reasonable basis for, and made in good faith, each “forward-looking statement” (within the meaning of Section
27A of the Securities Act or Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
contained or incorporated by reference in the Registration Statement, the Pricing Disclosure Package, the Final Prospectus, in
each case at the time such “forward-looking statement” was made.

(xii)       

All statistical
or market-related data included in the Registration Statement, the Pricing Disclosure Package or the Final Prospectus, are based
on or derived from sources that the Company reasonably believes to be reliable and accurate, and the Company has obtained the written
consent to the use of such data from such sources, to the extent required, other than such consents the failure of which to obtain
is not reasonably likely to result in a Material Adverse Effect (as defined below in Section 4(a)(i)).

(xiii)       

The Company
has not taken, directly or indirectly, any action that is designed to or that has constituted or that would reasonably be expected
to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale
of the Securities.

 

    	 	6	 

    	 

    

 

(xiv)       

The Company
is not and, after giving effect to the offering and sale of the Securities and the application of the net proceeds thereof, will
not be an “investment company,” as such term is defined in the Investment Company Act of 1940, as amended.

(b)       

Any certificate signed
by any officer of the Company and delivered to the Placement Agents or to the Placement Agents’ counsel shall be deemed a
representation and warranty by the Company to the Placement Agents as to the matters covered thereby.

4.       

Representations
and Warranties Regarding the Company.

(a)       

The Company represents
and warrants to and agrees with, the several Placement Agents, as of the date hereof and as of the Closing Date (as defined in
Section 5(a) below), except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, as follows:

(i)       

Each of the
Company and its subsidiaries has been duly organized and is validly existing as a corporation or other entity in good standing
under the laws of its jurisdiction of organization. Each of the Company and its subsidiaries has the power and authority (corporate
or otherwise) to own its properties and conduct its business as currently being carried on and as described in the Registration
Statement, the Pricing Disclosure Package and the Prospectus, and is duly qualified to do business as a foreign corporation or
other entity in good standing in each jurisdiction in which it owns or leases real property or in which the conduct of its business
makes such qualification necessary and in which the failure to so qualify would have or is reasonably likely to result in a material
adverse effect upon the business, prospects, properties, operations, condition (financial or otherwise) or results of operations
of the Company and its subsidiaries, taken as a whole, or in its ability to perform its obligations under this Agreement (“Material
Adverse Effect”). Except for those of the Company’s subsidiaries set forth on Schedule II attached hereto,
none of the Company’s subsidiaries is a “significant subsidiary” (as such term is defined in Rule 1-02 of Regulation
S-X promulgated under the Securities Act).

(ii)       

The Company
has the power and authority to enter into this Agreement, the Escrow Agreement and the Warrants and to authorize, issue and sell
the Securities as contemplated by this Agreement. Each of this Agreement, the Subscription Agreements, the Escrow Agreement and
the Warrants has been duly authorized, executed and delivered by the Company, and constitutes a valid, legal and binding obligation
of the Company, enforceable against the Company in accordance with its terms, except as rights to indemnity hereunder may be limited
by federal or state securities laws and except as such enforceability may be limited by bankruptcy, insolvency, reorganization
or similar laws affecting the rights of creditors generally and subject to general principles of equity.

(iii)       

Since the respective
dates as of which information is given in the Registration Statement, the Pricing Disclosure Package and the Prospectus, except
as otherwise specifically stated therein: (i) there has been no material adverse change in the financial position or results of
operations of the Company, nor any change or development that, singularly or in the aggregate, would involve a material adverse
effect, in or to the condition (financial or otherwise), results of operations, business, assets or prospects of the Company (a
“Material Adverse Effect”); provided that a failure by the Company to meet the minimum
bid price per share for its shares of Common Stock for a period of 30 consecutive business days as set forth under Nasdaq Listing
Rule 5450(a)(1) shall not constitute a Material Adverse Effect.; (ii) there have been no material transactions entered into
by the Company, other than as contemplated pursuant to this Agreement; and (iii) no officer or director of the Company has resigned
from any position with the Company.

 

    	 	7	 

    	 

    

 

(iv)       

The execution,
delivery and performance of this Agreement, the Subscription Agreements, the Escrow Agreement and the Warrants and the consummation
of the transactions herein contemplated will not (A) result in a breach or violation of any of the terms and provisions of, or
constitute a default under, any law, order, rule or regulation to which the Company or any subsidiary is subject, or by which any
property or asset of the Company or any subsidiary is bound or affected, except to the extent such breach, violation or default
is not reasonably likely to have a Material Adverse Effect, (B) conflict with, result in any violation or breach of, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any right of
termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) (a “Default Acceleration
Event”) of, any agreement, lease, credit facility, debt, note, bond, mortgage, indenture or other instrument (the “Contracts”)
or obligation or other understanding to which the Company or any subsidiary is a party or by which any property or asset of the
Company or any subsidiary is bound or affected, except to the extent that such conflict, default or Default Acceleration Event
is not reasonably likely to result in a Material Adverse Effect, or (C) result in a breach or violation of any of the terms and
provisions of, or constitute a default under, the Company’s certificate of incorporation, as amended, or by-laws, as amended.

(v)       

Neither the
Company nor any of its subsidiaries is in violation, breach or default under its certificate of incorporation, as amended, by-laws,
as amended, or other equivalent organizational or governing documents, except where the violation, breach or default in the case
of a subsidiary of the Company is not reasonably likely to result in a Material Adverse Effect.

(vi)       

No consents,
approvals, orders, authorizations or filings are required on the part of the Company and its subsidiaries in connection with the
execution, delivery or performance of this Agreement, the Subscription Agreements, the Escrow Agreement and the Warrants and the
issue and sale of the Securities, except (A) the registration under the Securities Act of the Securities, (B) such consents, approvals,
authorizations, registrations or qualifications as may be required under state or foreign securities or Blue Sky laws and the rules
of the Financial Industry Regulatory Authority, Inc. (“FINRA”) in connection with the offer and sale of the
Securities by the several Placement Agents and sub-agents, (C) such consents, approvals, orders, authorizations and filings the
failure of which to make or obtain is not reasonably likely to result in a Material Adverse Effect, (D) approval from the Nasdaq
Stock Market for the listing of the Shares and Warrant Shares for trading, and (C) such consents, approvals and waivers which have
been obtained by the Company, and which are in full force and effect as of the date hereof.

(vii)       

The Company
has an authorized capitalization as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus.
All of the issued and outstanding shares of capital stock of the Company are duly authorized and validly issued, fully paid and
nonassessable, and have been issued in compliance with all applicable securities laws, and conform in all material respects to
the description thereof in the Registration Statement, the Pricing Disclosure Package and the Prospectus. All of the issued shares
of capital stock of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable
and other than as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus are owned directly
or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims. Except for the issuances of options
or restricted stock in the ordinary course of business, since the respective dates as of which information is provided in the Registration
Statement, the Pricing Disclosure Package or the Prospectus, the Company has not entered into or granted any convertible or exchangeable
securities, options, warrants, agreements, contracts or other rights in existence to purchase or acquire from the Company any shares
of the capital stock of the Company. The Shares, when issued and delivered against payment therefor as provided herein and in the
Subscription Agreements will be duly authorized and validly issued, fully paid and nonassessable, will be issued in compliance
with all applicable securities laws, and will be free of preemptive, registration or similar rights and will conform to the description
of the capital stock of the Company contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus.
The Warrant Shares, when issued, paid for and delivered upon due exercise of the Warrants, will be duly authorized and validly
issued, fully paid and nonassessable, will be issued in compliance with all applicable securities laws, and will be free of preemptive,
registration or similar rights. The Warrant Shares have been reserved for issuance. The Securities, when issued, will conform in
all material respects to the descriptions thereof set forth in the Registration Statement, the Pricing Disclosure Package and the
Prospectus.

 

    	 	8	 

    	 

    

 

(viii)       

Each of the
Company and its subsidiaries has (A) filed all returns (as hereinafter defined) required to be filed with taxing authorities prior
to the date hereof or has duly obtained extensions of time for the filing thereof and (B) paid all taxes (as hereinafter defined)
shown as due on such returns that were filed and has paid all taxes imposed on or assessed against the Company or such respective
subsidiary, except, in all cases, for any such amounts that the Company or any subsidiary is contesting in good faith and except
in any case in which the failure to so file or pay would not reasonably be expected to have a Material Adverse Effect. The provisions
for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient
for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated
financial statements. No issues have been raised and are currently pending by any taxing authority in connection with any of the
returns or taxes asserted as due from the Company or its subsidiaries, and no waivers of statutes of limitation with respect to
the returns or collection of taxes have been given by or requested from the Company or its subsidiaries. The term “taxes”
means all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer,
franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation,
premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatever, together
with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term “returns”
means all returns, declarations, reports, statements, and other documents required to be filed in respect to taxes.

(ix)       

Since the respective
dates as of which information is given in the Registration Statement, the Pricing Disclosure Package or the Prospectus, (a) neither
the Company nor any of its subsidiaries has incurred any material liabilities or obligations, direct or contingent, or entered
into any material transactions other than in the ordinary course of business, (b) the Company has not declared or paid any dividends
or made any distribution of any kind with respect to its capital stock, there has not been any change in the capital stock of the
Company or any of its subsidiaries or warrants or the issuance of restricted stock awards or restricted stock units under the Company’s
existing stock awards plan, or any new grants thereof in the ordinary course of business, (c) there has not been any material change
in the Company’s long-term or short-term debt, and (d) there has not been the occurrence of any Material Adverse Effect.

(x)       

Except as a
set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there is not pending or, to the knowledge
of the Company, threatened, any action, suit or proceeding to which the Company or any of its subsidiaries is a party or of which
any property or assets of the Company or its subsidiaries is the subject before or by any court or governmental agency, authority
or body, or any arbitrator or mediator, which is reasonably likely to result in a Material Adverse Effect or adversely affect the
consummation of the transactions contemplated by this Agreement.

(xi)       

The Company
and each of its subsidiaries holds, and is in compliance with, all franchises, grants, authorizations, licenses, permits, easements,
consents, certificates and orders (“Permits”) of any governmental or self-regulatory agency, authority or body
required for the conduct of its business, and all such Permits are in full force and effect, in each case except where the failure
to hold, or comply with, any of them is not reasonably likely to result in a Material Adverse Effect.

(xii)       

The Company
and its subsidiaries have good and marketable title to all property (whether real or personal) described in the Registration Statement,
the Pricing Disclosure Package and the Prospectus as being owned by them that is material to the business of the Company, in each
case free and clear of all liens, claims, security interests, other encumbrances or defects, except those that are not reasonably
likely to result in a Material Adverse Effect. The property held under lease by the Company and its subsidiaries is held by them
under valid, subsisting and enforceable leases with only such exceptions with respect to any particular lease as do not interfere
in any material respect with the conduct of the business of the Company and its subsidiaries.

(xiii)       

The Company
and each of its subsidiaries owns or possesses or has valid right to use all patents, patent applications, trademarks, service
marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar
rights (“Intellectual Property”) necessary for the conduct of the business of the Company and its subsidiaries
as currently carried on and as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus. To the
knowledge of the Company, no action or use by the Company or any of its subsidiaries will involve or give rise to any infringement
of, or license or similar fees for, any Intellectual Property of others, except where such action, use, license or fee is not reasonably
likely to result in a Material Adverse Effect. Neither the Company nor any of its subsidiaries has received any notice alleging
any such infringement or fee.

 

    	 	9	 

    	 

    

 

(xiv)       

The Company
and each of its subsidiaries has complied with, is not in violation of, and has not received any notice of violation relating to
any law, rule or regulation relating to the conduct of its business, or the ownership or operation of its property and assets,
including, without limitation, (A) the Currency and Foreign Transactions Reporting Act of 1970, as amended, or any money laundering
laws, rules or regulations, (B) any laws, rules or regulations related to health, safety or the environment, including those relating
to the regulation of hazardous substances, (C) the Sarbanes-Oxley Act and the rules and regulations of the Commission thereunder,
(D) the Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder, and (E) the Employment Retirement Income
Security Act of 1974 and the rules and regulations thereunder, in each case except where the failure to be in compliance is not
reasonably likely to result in a Material Adverse Effect.

(xv)       

Neither the
Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, employee, representative, agent
or affiliate of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office of
Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will not directly or indirectly
use the proceeds of the offering of the Securities contemplated hereby, or lend, contribute or otherwise make available such proceeds
to any person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered
by OFAC.

(xvi)       

The Company
and each of its subsidiaries carries, or is covered by, insurance in such amounts and covering such risks as, in the Company’s
reasonable judgment, is adequate for the conduct of its business and the value of its properties and as is customary for similarly
sized companies engaged in similar businesses in similar industries.

(xvii)       

No labor dispute
with the employees of the Company or any of its subsidiaries exists or, to the knowledge of the Company, is imminent, that is reasonably
likely to result in a Material Adverse Effect.

(xviii)       

Except as set
forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, neither the Company, its subsidiaries nor,
to its knowledge, any other party is in violation, breach or default of any Contract that is reasonably likely to result in a Material
Adverse Effect.

(xix)       

No supplier,
customer, distributor or sales agent of the Company has notified the Company that it intends to discontinue or decrease the rate
of business done with the Company, except where such decrease is not reasonably likely to result in a Material Adverse Effect.

(xx)       

There are no
claims, payments, issuances, arrangements or understandings for services in the nature of a finder’s, consulting or origination
fee with respect to the introduction of the Company to any Placement Agent or the sale of the Securities hereunder or any other
arrangements, agreements, understandings, payments or issuances with respect to the Company that may affect the Placement Agents’
compensation, as determined by FINRA.

(xxi)       

Except as set
forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has not made within the 12-month
period prior to the date on which the Registration Statement was filed with the Commission (“Filing Date”) any
direct or indirect payments (in cash, securities or otherwise) to (i) any person, as a finder’s fee, investing fee or otherwise,
in consideration of such person raising capital for the Company or introducing to the Company persons who provided capital to the
Company, (ii) any FINRA member, or (iii) any person or entity that has any direct or indirect affiliation or association with any
FINRA member.

(xxii)       

None of the
net proceeds of the offering will be paid by the Company to any participating FINRA member or any affiliate or associate of any
participating FINRA member, except as specifically authorized herein.

 

    	 	10	 

    	 

    

 

(xxiii)       

Except as set
forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, to the Company’s knowledge, no (i)
officer or director of the Company or its subsidiaries, (ii) owner of 5% or more of the Company’s unregistered securities
or that of its subsidiaries or (iii) owner of any amount of the Company’s unregistered securities acquired within the 180-day
period prior to the Filing Date, has any direct or indirect affiliation or association with any FINRA member. The Company will
advise the Placement Agents and their counsel if it becomes aware at any time prior to the 90th day following the Effective
Time that any officer, director or stockholder of 5% or more of the Company’s unregistered securities of the Company or its
subsidiaries is or becomes an affiliate or associated person of a FINRA member participating in the offering.

(xxiv)       

Other than
the Placement Agents and sub-agents, no person has the right to act as an placement agent or as a financial advisor to the Company
in connection with the transactions contemplated hereby.

(xxv)       

The statements
set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus under the caption “Description
of Securities Offered Hereby,” “Description of Capital Stock” insofar as they purport to constitute a summary
of the terms of the Securities are accurate, complete and fair in all material respects.

(xxvi)       

Except as set
forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no contracts, agreements or understandings
between the Company and any person granting such person the right (other than rights which have been waived in writing or otherwise
satisfied or not enforceable in connection with the offering of the Securities) to require the Company to file a registration statement
under the Securities Act with respect to any securities of the Company owned or to be owned by such person or to require the Company
to include such securities in the securities registered pursuant to the Registration Statement or in any securities being registered
pursuant to any other registration statement filed by the Company under the Securities Act.

(xxvii)       

The Company
and each of its subsidiaries (i) are in compliance with all, and have not violated any, laws, regulations, ordinances, rules, orders,
judgments, decrees, permits or other legal requirements of any governmental authority, including without limitation any international,
national, state, provincial, regional, or local authority, relating to the protection of human health or safety, the environment,
or natural resources, or to hazardous or toxic substances or wastes, pollutants or contaminants (including, without limitation,
all health and safety laws) (“Environmental Laws”) applicable to such entity, which compliance includes, without
limitation, obtaining, maintaining and complying with all permits and authorizations and approvals required by Environmental Laws
to conduct their respective businesses as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
except where the failure to comply would not, singularly or in the aggregate, have a Material Adverse Effect, and (ii) have not
received notice of any actual or alleged violation of Environmental Laws, or of any potential liability for or other obligation
concerning the presence, disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants.

 

(A)       

There are no
proceedings that are pending, or known to be contemplated, against the Company or any of its subsidiaries under Environmental Laws
in which a governmental authority is also a party.

(B)       

The Company and
its subsidiaries are not aware of any existing liabilities concerning hazardous or toxic substances or wastes, pollutants or contaminants
that could reasonably be expected to have a Material Adverse Effect on the capital expenditures, earnings or competitive position
of the Company and its subsidiaries.

(C)       

To the knowledge
of the Company, no property which is or has been owned, leased, used, operated or occupied by the Company or its subsidiaries has
been designated as a Superfund site pursuant to the Comprehensive Environmental Response, Compensation of Liability Act of 1980,
as amended (42 U.S.C. Section 9601, et. seq.), or otherwise designated as a contaminated site under applicable state or local law.

 

    	 	11	 

    	 

    

 

(xxviii)       

The Company
maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act)
that complies in all material respects with the requirements of the Exchange Act and has been designed by the Company’s principal
executive officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted
accounting principles. The Company’s internal control over financial reporting is effective and the Company is not aware
of any material weaknesses in its internal control over financial reporting.

(xxix)       

Since the date
of the latest audited financial statements included in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
there has been no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably
likely to materially affect, the Company’s internal control over financial reporting.

(xxx)       

The Company
maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that comply with
the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that material information
relating to the Company and its subsidiaries is made known to the Company’s principal executive officer and principal financial
officer by others within those entities; and such disclosure controls and procedures are effective.

(xxxi)       

The operations
of the Company and its subsidiaries are being conducted in material compliance with applicable employment laws, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency
(collectively, the “Employee Benefit Laws”) and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Employee Benefit
Laws is pending or, to the knowledge of the Company, threatened.

(xxxii)       

Neither the
Company nor any of its subsidiaries or affiliates, nor any director, officer, or employee, nor, to the Company’s knowledge,
any agent or representative of the Company or of any of its subsidiaries or affiliates, has taken any action in furtherance of
an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything
else of value, directly or indirectly, to any “government official” (including any officer or employee of a government
or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity
for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to influence
official action or secure an improper advantage; and the Company and its subsidiaries and affiliates conduct their businesses in
compliance in all material respects with applicable anti-corruption laws and have instituted and maintain and will continue to
maintain policies and procedures designed to promote and achieve compliance in all material respects with such laws and with the
representation and warranty contained herein.

5.       

Purchase,
Sale and Delivery of Securities.

(a)       

The time and date
of delivery of the closing and the delivery of the funds, securities and documents required to be delivered to the Placement Agents
is referred to herein as the “Closing Date.” On the Closing Date, the Company shall deliver the Placement Fee
to the respective accounts previously specified in writing to the Company by the Placement Agents and the documents referred to
herein to the Placement Agents at the offices of Loeb & Loeb LLP, 345 Park Avenue, New York, NY 10154 or at such other place
as shall be agreed upon by the Company and the Placement Agents.

 

    	 	12	 

    	 

    

 

6.       

Covenants.

(a)       

The Company covenants
and agrees with the several Placement Agents as follows:

(i)       

To prepare
the Prospectus in a form approved by the Placement Agents and to file such Prospectus pursuant to Rule 424(b) under the Securities
Act not later than the Commission’s close of business on the second business day following the execution and delivery of
this Agreement, or, if applicable, such earlier time as may be required by Rule 430A(a)(3) under the Securities Act.

(ii)       

During the
period beginning on the date hereof and ending on the date that the Prospectus is no longer required by law to be delivered in
connection with sales by an underwriter or dealer (the “Prospectus Delivery Period”), prior to amending or supplementing
the Registration Statement, including any Rule 462 Registration Statement, the Pricing Disclosure Package or the Prospectus, the
Company shall furnish to the Placement Agents for review and comment a copy of each such proposed amendment or supplement, and
the Company shall not file any such proposed amendment or supplement to which any Placement Agent reasonably objects.

(iii)       

From the date
of this Agreement until the end of the Prospectus Delivery Period, the Company shall promptly advise the Placement Agents in writing
(A) of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (B) of the
time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to the
Pricing Disclosure Package or the Prospectus, (C) of the time and date that any post-effective amendment to the Registration Statement
becomes effective and (D) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement or of any order preventing or suspending its use or the use of the Pricing Disclosure Package, or of any proceedings
to remove, suspend or terminate from listing or quotation the Common Stock from any securities exchange upon which it is listed
for trading or included or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes.
If the Commission shall enter any such stop order at any time during the Prospectus Delivery Period, the Company will use its reasonable
efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply
with the provisions of Rules 424(b), 430A and 430B, as applicable, under the Securities Act and will use its reasonable efforts
to confirm that any filings made by the Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission
(without reliance on Rule 424(b)(8) or 164(b) of the Securities Act).

(iv)       

During the
Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Securities Act, as now and hereafter
amended, and by the Rules and Regulations, as from time to time in force, and by the Exchange Act, as now and hereafter amended,
so far as necessary to permit the continuance of sales of or dealings in the Securities as contemplated by the provisions hereof,
the Pricing Disclosure Package, the Registration Statement and the Prospectus. If during such period any event occurs as the result
of which the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Pricing Disclosure Package) would
include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the
light of the circumstances under which such statement was made, not misleading, or if during such period it is necessary or appropriate
in the opinion of the Company or its counsel or the Placement Agents or their counsel to amend the Registration Statement or supplement
the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Pricing Disclosure Package) to comply
with the Securities Act, the Company will promptly notify the Placement Agents and will amend the Registration Statement or supplement
the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Pricing Disclosure Package) so as to correct
such statement or omission or effect such compliance.

(v)       

The Company
shall take or cause to be taken all necessary action to qualify the Securities for sale under the securities laws of such jurisdictions
as the Placement Agents reasonably designate and to continue such qualifications in effect so long as required for the distribution
of the Securities, except that the Company shall not be required in connection therewith to file a prospectus in Canada, to qualify
as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified, to execute a general
consent to service of process in any state or to subject itself to taxation in respect of doing business in any jurisdiction in
which it is not otherwise subject.

 

    	 	13	 

    	 

    

 

(vi)       

The Company
will furnish to the Placement Agents and counsel for the Placement Agents copies of the Registration Statement, each Prospectus,
and all amendments and supplements to such documents, in each case as soon as available and in such quantities as the Placement
Agents may from time to time reasonably request.

(vii)       

The Company
will make generally available to its security holders as soon as practicable, but in any event not later than 15 months after the
end of the Company’s current fiscal quarter, an earnings statement (which need not be audited) covering a 12-month period
that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.

(viii)       

The Company,
whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay or cause to be
paid (A) all expenses (including transfer taxes allocated to the respective transferees) incurred in connection with the delivery
to the Placement Agents of the Securities, (B) all expenses and fees (including, without limitation, fees and expenses of the Company’s
counsel) in connection with the preparation, printing, filing, delivery, and shipping of the Registration Statement (including
the financial statements therein and all amendments, schedules, and exhibits thereto), the Securities, the Pricing Disclosure Package,
the Prospectus and any amendment thereof or supplement thereto, (C) all reasonable filing fees and reasonable fees and disbursements
of counsel incurred in connection with the qualification of the Securities for offering and sale by the Placement Agents or by
dealers under the securities or blue sky laws of the states and other jurisdictions that the Placement Agents shall designate (including,
without limitation, all filing and registration fees, and the fees and disbursements of the Company’s counsel, and to the
extent required Placement Agents’ counsel, for either such counsel’s participation in the blue sky and stock exchange
listing process, (D) the fees and expenses of any transfer agent or registrar, (E) the reasonable filing fees and reasonable fees
and disbursements of Placement Agents’ counsel incident to any required review and approval by FINRA of the terms of the
sale of the Securities, (F) listing fees, if any, and (G) all other costs and expenses incident to the performance of its obligations
hereunder that are not otherwise specifically provided for herein. The Company will reimburse the Placement Agents for their reasonable
out-of-pocket expenses, including their legal fees and disbursements, in connection with the purchase and sale of the Securities
contemplated hereby up to an aggregate of $75,000. If this Agreement is terminated by the Placement Agents in accordance with the
provisions of Section 7 or Section 11, the Company will reimburse the Placement Agents for all out-of-pocket disbursements (including,
but not limited to, reasonable fees and disbursements of counsel, travel expenses, postage, facsimile and telephone charges) fees
and disbursements incurred by the Placement Agents in connection with its investigation, preparing to market and marketing the
Securities or in contemplation of performing its obligations hereunder, not to exceed $75,000.

(ix)       

The Company
intends to apply the net proceeds from the sale of the Securities to be sold by it hereunder for the purposes set forth in the
Pricing Disclosure Package and in the Final Prospectus.

(x)       

The Company
has not taken and will not take, directly or indirectly, during the Prospectus Delivery Period, any action designed to or which
might reasonably be expected to cause or result in, or that has constituted, the stabilization or manipulation of the price of
any security of the Company to facilitate the sale or resale of the Securities.

(xi)       

The Company
represents and agrees that, and each Placement Agent, severally and not jointly, represents and agrees that, it has not made and
will not make any offer relating to the Securities that would constitute a “free writing prospectus,” as defined in
Rule 405 under the Securities Act, relating to the Securities.

 

    	 	14	 

    	 

    

 

(xii)       

The Company
hereby agrees that, without the prior written consent of the Placement Agents, it will not, during the period ending 90 days after
the date hereof (“Lock-Up Period”), (i) offer, pledge, issue, sell, contract to sell, purchase, contract to
purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible
into or exercisable or exchangeable for Common Stock; or (ii) enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described
in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise; or (iii)
file any registration statement with the Commission relating to the offering of any shares of Common Stock or any securities convertible
into or exercisable or exchangeable for Common Stock (other than a registration statement on Form S-4 and Form S-8). The restrictions
contained in the preceding sentence shall not apply to (1) the Securities to be sold hereunder, (2) the issuance of Common Stock
upon the exercise of options, warrants or other exchange rights as disclosed as outstanding in the Registration Statement (excluding
exhibits thereto) or the Prospectus, or (3) the issuance of stock options not exercisable during the Lock-Up Period and the grant
of restricted stock awards or restricted stock units pursuant to equity incentive plans described in the Registration Statement
(excluding exhibits thereto) and the Prospectus. Notwithstanding the foregoing, to the extent that any Placement Agent is at such
time providing research coverage to the Company or intends to commence research coverage to the Company and is subject to the restrictions
set forth in FINRA Rule 2711(f)(4), if (x) the Company issues an earnings release or material news, or a material event relating
to the Company occurs, during the last 17 days of the Lock-Up Period, or (y) prior to the expiration of the Lock-Up Period, the
Company announces that it will release earnings results during the 16-day period beginning on the last day of the Lock-Up Period,
the restrictions imposed by this clause shall continue to apply until the expiration of the 18-day period beginning on the issuance
of the earnings release or the occurrence of the material news or material event, unless such Placement Agent waives such extension
in writing; provided, however, that this sentence shall not apply if the research published or distributed on the Company is compliant
with Rule 139 of the Securities Act and the Company’s securities are “actively traded” as defined in Rule 101(c)(1)
of Regulation M of the Exchange Act.

(xiii)       

For a period
of at least three (3) years from the Effective Date, the Company shall retain a nationally recognized PCAOB registered independent
public accounting firm reasonably acceptable to the Placement Agents. The Placement Agents acknowledge that MaloneBailey LLP is
acceptable to the Placement Agents.

(xiv)       

To engage and
maintain, at its expense, a registrar and transfer agent for the Common Stock.

(xv)       

To not take,
directly or indirectly, any action designed to cause or result in, or that has constituted or might reasonably be expected to constitute,
under the Exchange Act or otherwise, the stabilization or manipulation of the price of any securities of the Company to facilitate
the sale or resale of the Securities.

7.       

Conditions
of the Placement Agents’ Obligations. The respective obligations of
the several Placement Agents hereunder are subject to the accuracy, as of the date hereof and at the Closing Date, of and compliance
in all material respects with all representations, warranties and agreements of the Company contained herein, the performance by
the Company of its obligations hereunder and the following additional conditions. 

(a)       

If filing of the
Prospectus, or any amendment or supplement thereto, is required under the Securities Act or the Rules and Regulations, the Company
shall have filed the Prospectus (or such amendment or supplement) with the Commission in the manner and within the time period
so required (without reliance on Rule 424(b)(8) or 164(b) under the Securities Act); the Registration Statement shall remain effective;
no stop order suspending the effectiveness of the Registration Statement or any part thereof, any Rule 462 Registration Statement,
or any amendment thereof, nor suspending or preventing the use of the Pricing Disclosure Package, the Prospectus shall have been
issued; no proceedings for the issuance of such an order shall have been initiated or threatened; any request of the Commission
or a Placement Agent for additional information (to be included in the Registration Statement, the Pricing Disclosure Package,
the Prospectus or otherwise) shall have been complied with to the Placement Agents’ satisfaction.

 

    	 	15	 

    	 

    

 

(b)       

FINRA shall have
raised no objection to the fairness and reasonableness of the placement terms and arrangements.

(c)       

None of the Placement
Agents shall have reasonably determined, and advised the Company, that the Registration Statement, the Pricing Disclosure Package
or the Prospectus, or any amendment thereof or supplement thereto, contains an untrue statement of fact which, in such Placement
Agent’s reasonable opinion, is material, or omits to state a fact which, in such Placement Agent’s reasonable opinion,
is material and is required to be stated therein or necessary to make the statements therein not misleading.

(d)       

On the Closing Date,
there shall have been furnished to the Placement Agents the opinion and negative assurance letter of Troutman Sanders LLP, U.S.
counsel for the Company, dated the Closing Date, and addressed to the Placement Agents, in substantially the form set forth on
Schedule V.

(e)       

On the Closing Date,
there shall have been furnished to the Placement Agents the opinions and negative assurance letter of Morgan Lewis & Bockius
LLP and Fish & Richardson LLP, intellectual property counsel for the Company, dated the Closing Date, and addressed to the
Placement Agents, in substantially the form set forth on Schedule VI and Schedule VII, respectively.

(f)       

The Placement Agents
shall have received a letter of MaloneBailey LLP on the date hereof and on the Closing Date, addressed to the Placement Agents,
confirming that they are independent public accountants within the meaning of the Securities Act and are in compliance with the
applicable requirements relating to the qualifications of accountants under Rule 2-01 of Regulation S-X of the Commission, and
confirming, as of the date of each such letter (or, with respect to matters involving changes or developments since the respective
dates as of which specified financial information is given in the Pricing Disclosure Package, as of a date not prior to the date
hereof or more than five days prior to the date of such letter), the conclusions and findings of said firm with respect to the
financial information and other matters required by the Placement Agents.

(g)       

On the Closing Date,
there shall have been furnished to the Placement Agents a certificate, dated the Closing Date, and addressed to the Placement Agents,
signed by the chief executive officer and the chief financial officer of the Company, in their capacity as officers of the Company,
to the effect that:

(i)       

The representations
and warranties of the Company in this Agreement that are qualified by materiality or by reference to any Material Adverse Effect
are true and correct in all respects, and all other representations and warranties of the Company in this Agreement are true and
correct, in all material respects, as if made at and as of the Closing Date, and the Company has complied with all the agreements
and satisfied all the conditions on its part to be performed or satisfied at or prior to the Closing Date;

(ii)       

No stop order
or other order (A) suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof, (B)
suspending the qualification of the Securities for offering or sale, or (C) suspending or preventing the use of the Pricing Disclosure
Package or the Prospectus has been issued, and no proceeding for that purpose has been instituted or, to their knowledge, is contemplated
by the Commission or any state or regulatory body; and

(iii)       

There has been
no occurrence of any event resulting or reasonably likely to result in a Material Adverse Effect during the period from and after
the date of this Agreement and prior to the Closing Date.

(h)       

On or before the
date hereof, the Placement Agents shall have received duly executed “lock-up” agreements, in a form set forth on Schedule
III, among the Placement Agents and each of the individuals specified in Schedule IV.

 

    	 	16	 

    	 

    

 

(i)       

The Securities shall
have been approved for listing on the Exchange. The Company shall have taken no action designed to, or likely to have the effect
of terminating the registration of the Common Stock under the Exchange Act or delisting or suspending from trading the Common Stock
from the Exchange, nor shall the Company have received any information suggesting that the Commission or the Exchange is contemplating
terminating such registration or listing other than notice from the Exchange received after the date hereof and prior to the Closing
Date that the Company failed to meet the minimum bid price per share of common stock for a period of 30 consecutive trading days
as set forth under Nasdaq Listing Rule 5550(a)(2). The Shares, Warrant Shares and Warrants shall be DTC eligible.

(j)       

The Company shall
have furnished to the Placement Agents and their counsel such additional documents, certificates and evidence as the Placement
Agents or their counsel may have reasonably requested.

If any condition
specified in this Section 7 shall not have been fulfilled when and as required to be fulfilled, this Agreement may be terminated
by any Placement Agent by notice to the Company at any time at or prior to the Closing Date, and such termination shall be without
liability of any party to any other party, except that Section 6(a)(viii), Section 8 and Section 9 shall survive any such termination
and remain in full force and effect.

8.       

Indemnification
and Contribution.

(a)       

The Company agrees
to indemnify, defend and hold harmless each Placement Agent, its affiliates, directors and officers and employees, and each person,
if any, who controls any Placement Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
from and against any losses, claims, damages or liabilities to which such Placement Agent or such person may become subject, under
the Securities Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent
of the Company), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based
upon (i) an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including
the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant
to Rules 430A and 430B of the Rules and Regulations, or arise out of or are based upon the omission from the Registration Statement,
or alleged omission to state therein, a material fact required to be stated therein or necessary to make the statements therein
not misleading, (ii) an untrue statement or alleged untrue statement of a material fact contained in the Pricing Disclosure Package,
the Prospectus, or any amendment or supplement thereto (including any documents filed under the Exchange Act and deemed to be incorporated
by reference into the Registration Statement or the Prospectus), or in any other materials used in connection with the offering
of the Securities, or arise out of or are based upon the omission or alleged omission to state therein 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, (iii) an untrue statement or alleged untrue statement of a material fact contained in any materials or information
provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Securities,
including any roadshow or investor presentations made to investors by the Company (whether in person or electronically), or arise
out of or are based upon the omission or alleged omission to state therein 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, (iv) in whole or in part,
any material breach in the representations and warranties of the Company contained herein, or (v) in whole or in part, any failure
of the Company to perform its obligations hereunder, under the Subscription Agreements or under applicable law, and will reimburse
each Placement Agent for any legal or other expenses reasonably incurred by it in connection with evaluating, investigating or
defending against such loss, claim, damage, liability or action; provided, however, that the Company shall not be liable
in any such case to the extent that any such loss, claim, damage, liability or action arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, the Pricing Disclosure
Package, the Prospectus, or any amendment or supplement thereto, in reliance upon and in conformity with written information furnished
to the Company by such Placement Agent specifically for use in the preparation thereof, which written information is described
in Section 8(f).

 

    	 	17	 

    	 

    

 

(b)       

Each Placement Agent,
severally and not jointly, will indemnify, defend and hold harmless the Company, its affiliates, directors, officers and employees,
and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, from and against any losses, claims, damages or liabilities to which the Company may become subject, under the Securities
Act or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of such Placement
Agent), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Pricing Disclosure
Package, the Prospectus, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each
case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission
was made in the Registration Statement, the Pricing Disclosure Package, the Prospectus, or any amendment or supplement thereto,
in reliance upon and in conformity with written information furnished to the Company by such Placement Agent specifically for use
in the preparation thereof, which written information is described in Section 8(f), and will reimburse the Company for any legal
or other expenses reasonably incurred by the Company in connection with defending against any such loss, claim, damage, liability
or action.

(c)       

Promptly after receipt
by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified party shall,
if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party
in writing of the commencement thereof; but the failure to notify the indemnifying party shall not relieve the indemnifying party
from any liability that it may have to any indemnified party except to the extent such indemnifying party has been materially prejudiced
by such failure. In case any such action shall be brought against any indemnified party, and it shall notify the indemnifying party
of the commencement thereof, the indemnifying party shall be entitled to participate in, and, to the extent that it shall wish,
jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such
indemnified party, and after notice from the indemnifying party to such indemnified party of the indemnifying party’s election
so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for
any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof; provided,
however, that if (i) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal
defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying
party, (ii) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified
party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action
on behalf of the indemnified party), or (iii) the indemnifying party has not in fact employed counsel reasonably satisfactory to
the indemnified party to assume the defense of such action within a reasonable time after receiving notice of the commencement
of the action, the indemnified party shall have the right to employ a single counsel to represent it in any claim in respect of
which indemnity may be sought under subsection (a) or (b) of this Section 8, in which event the reasonable fees and expenses of
such separate counsel shall be borne by the indemnifying party or parties and reimbursed to the indemnified party as incurred.

The indemnifying
party under this Section 8 shall not be liable for any settlement of any proceeding effected without its written consent, but if
settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified
party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. No indemnifying party shall,
without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment
in any pending or threatened action, suit or proceeding in respect of which any indemnified party is a party or could be named
and indemnity was or would be sought hereunder by such indemnified party, unless such settlement, compromise or consent (a) includes
an unconditional release of such indemnified party from all liability for claims that are the subject matter of such action, suit
or proceeding and (b) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf
of any indemnified party.

 

    	 	18	 

    	 

    

 

(d)       

If the indemnification
provided for in this Section 8 is unavailable or insufficient to hold harmless an indemnified party under subsection (a) or (b)
above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the
losses, claims, damages or liabilities referred to in subsection (a) or (b) above, (i) in such proportion as is appropriate to
reflect the relative benefits received by the Company on the one hand and the Placement Agents on the other from the offering and
sale of the Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the
Company on the one hand and the Placement Agents on the other in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received
by the Company on the one hand and the Placement Agents on the other shall be deemed to be in the same proportion as the total
net proceeds from the offering (before deducting expenses) received by the Company bear to the total fees received by the Placement
Agents, in each case as set forth in the table on the cover page of the Final Prospectus. The relative fault shall be determined
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 or the Placement Agents and the parties’
relevant intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The
Company and each Placement Agent agree that it would not be just and equitable if contributions pursuant to this subsection (d)
were to be determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to in the first sentence of this subsection (d). The amount paid by an indemnified party as a result of the losses, claims,
damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim that is
the subject of this subsection (d). Notwithstanding the provisions of this subsection (d), no Placement Agent shall be required
to contribute any amount in excess of the amount of such Placement Agent’s cash fee referenced in Section 1(e) actually received
by such Placement Agent pursuant to this Agreement. No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
The Placement Agents’ obligations to contribute as provided in this Section 8 are several in proportion to their respective
placement obligations and not joint.

(e)       

The obligations of
the Company under this Section 8 shall be in addition to any liability that the Company may otherwise have and the benefits of
such obligations shall extend, upon the same terms and conditions, to each person, if any, who controls any Placement Agent within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act; and the several obligations of each Placement
Agent under this Section 8 shall be in addition to any liability that such Placement Agent may otherwise have and the benefits
of such obligations shall extend, upon the same terms and conditions, to the Company, and its officers, directors and each person
who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act.

(f)       

For purposes of this
Agreement, each Placement Agent severally confirms, and the Company acknowledges, that there is no information concerning such
Placement Agent furnished in writing to the Company by such Placement Agent specifically for preparation of or inclusion in the
Registration Statement, the Pricing Disclosure Package or the Prospectus, other than Agents’ Information.

9.       

Representations and
Agreements to Survive Delivery. All representations, warranties, and agreements of the Company herein or in certificates delivered
pursuant hereto, including, but not limited to, the agreements of the several Placement Agents and the Company contained in Section
6(a)(viii) and Section 8 hereof, shall remain operative and in full force and effect regardless of any investigation made by or
on behalf of the several Placement Agents or any controlling person thereof, or the Company or any of its officers, directors,
or controlling persons, and shall survive delivery of, and payment for, the Securities to and by the Placement Agents hereunder.

10.       

[Reserved]

11.       

Termination
of this Agreement.

(a)       

Any Placement Agent
shall have the right to terminate this Agreement by giving notice to the Company as hereinafter specified at any time at or prior
to the Closing Date, if in the discretion of such Placement Agent, (i) there has occurred any material adverse change in the securities
markets or any event, act or occurrence that has materially disrupted, or in the opinion of such Placement Agent, will in the future
materially disrupt, the securities markets or there shall be such a material adverse change in general financial, political or
economic conditions or the effect of international conditions on the financial markets in the United States is such as to make
it, in the judgment of such Placement Agent, inadvisable or impracticable to market the Securities or enforce contracts for the
sale of the Securities, (ii) trading in the Company’s Common Stock shall have been suspended by the Commission, the Exchange
or trading in securities generally on the NASDAQ Global Market, New York Stock Exchange or NYSE MKT shall have been suspended,
(iii) minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been
required, on the NASDAQ Global Market, New York Stock Exchange, or NYSE MKT, by such exchange or by order of the Commission or
any other governmental authority having jurisdiction, (iv) a banking moratorium shall have been declared by federal or New York
or California state authorities, (v) there shall have occurred any attack on, outbreak or escalation of hostilities or act of terrorism
involving the United States, any declaration by the United States of a national emergency or war, any substantial change or development
involving a prospective substantial change in United States or international political, financial or economic conditions or any
other calamity or crisis, (vi) the Company suffers any loss by strike, fire, flood, earthquake, accident or other calamity, whether
or not covered by insurance, or (vii) in the judgment of such Placement Agent, there has been, since the time of execution of this
Agreement or since the respective dates as of which information is given in the Prospectus, any material adverse change in the
assets, properties, condition, financial or otherwise, or in the results of operations, business affairs or business prospects
of the Company and its subsidiaries considered as a whole, whether or not arising in the ordinary course of business. Any such
termination shall be without liability of any party to any other party except that the provisions of Section 6(a)(viii) and Section
8 hereof shall at all times be effective and shall survive such termination.

 

    	 	19	 

    	 

    

 

(b)       

If any Placement
Agent elects to terminate this Agreement as provided in this Section, the Company and the other Placement Agents shall be notified
promptly by such Placement Agent by telephone, confirmed by letter.

12.       

Notices.
Except as otherwise provided herein, all communications hereunder shall be
in writing and, (i) if to the Placement Agents, shall be mailed, delivered or telecopied to (a) Chardan Capital Markets, LLC, 17
State Street, Suite 1600, New York, NY 10004, telecopy number: (646) 465-9091, Attention: Jonas Grossman; (b) Rodman & Renshaw,
a unit of H.C. Wainwright & Co., LLC, Attention: Head of Investment Banking, Fax: 212-214-0803, and (ii) if to the Company,
shall be mailed, delivered or telecopied to it at Ohr Pharmaceuticals, Inc., Inc. 800 Third Ave, 11th floor, New York, NY 10022,
telecopy number: (212) 644-0544, Attention: Jason Slakter, CEO; or in each case to such other address as the person to be notified
may have requested in writing. Any party to this Agreement may change such address for notices by sending to the parties to this
Agreement written notice of a new address for such purpose.

13.       

Persons
Entitled to Benefit of Agreement. This Agreement shall inure to the benefit
of and be binding upon the parties hereto and their respective successors and assigns and the controlling persons, officers and
directors referred to in Section 8. Nothing in this Agreement is intended or shall be construed to give to any other person, firm
or corporation any legal or equitable remedy or claim under or in respect of this Agreement or any provision herein contained.
The term “successors and assigns” as herein used shall not include any purchaser, as such purchaser, of any of the
Securities from any Placement Agent.

14.       

Absence
of Fiduciary Relationship. The Company acknowledges and agrees that: (a)
each Placement Agent has been retained solely to act as an agent in connection with the sale of the Securities and that no fiduciary,
advisory or agency relationship between the Company and any Placement Agent has been created in respect of any of the transactions
contemplated by this Agreement, irrespective of whether any Placement Agent has advised or is advising the Company on other matters;
(b) the price and other terms of the Securities set forth in this Agreement were established by the Company following discussions
and arms-length negotiations with the Placement Agents and the Company is capable of evaluating and understanding and understands
and accepts the terms, risks and conditions of the transactions contemplated by this Agreement; (c) it has been advised that each
Placement Agent and its affiliates are engaged in a broad range of transactions that may involve interests that differ from those
of the Company and that no Placement Agent has any obligation to disclose such interest and transactions to the Company by virtue
of any fiduciary, advisory or agency relationship; (d) it has been advised that each Placement Agent is acting, in respect of the
transactions contemplated by this Agreement, solely for the benefit of such Placement Agent, and not on behalf of the Company.

15.       

Amendments
and Waivers. No supplement, modification or waiver of this Agreement shall
be binding unless executed in writing by the party to be bound thereby. The failure of a party to exercise any right or remedy
shall not be deemed or constitute a waiver of such right or remedy in the future. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provision hereof (regardless of whether similar), nor shall any such
waiver be deemed or constitute a continuing waiver unless otherwise expressly provided.

 

    	 	20	 

    	 

    

 

16.       

Partial
Unenforceability. The invalidity or unenforceability of any section, paragraph,
clause or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph, clause or
provision.

17.       

Governing
Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of New York.

18.       

Submission
to Jurisdiction. The Company irrevocably (a) submits to the jurisdiction
of any court of the State of New York for the purpose of any suit, action, or other proceeding arising out of this Agreement, or
any of the agreements or transactions contemplated by this Agreement, the Registration Statement and the Prospectus (each a “Proceeding”),
(b) agrees that all claims in respect of any Proceeding may be heard and determined in any such court, (c) waives, to the fullest
extent permitted by law, any immunity from jurisdiction of any such court or from any legal process therein, (d) agrees not to
commence any Proceeding other than in such courts, and (e) waives, to the fullest extent permitted by law, any claim that such
Proceeding is brought in an inconvenient forum. THE COMPANY (ON BEHALF OF ITSELF AND, TO THE FULLEST EXTENT PERMITTED BY LAW, ON
BEHALF OF ITS RESPECTIVE EQUITY HOLDERS AND CREDITORS) HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE
REGISTRATION STATEMENT, THE PRICING DISCLOSURE PACKAGE AND THE PROSPECTUS.

19.       

Counterparts.
This Agreement may be executed in one or more counterparts and, if executed
in more than one counterpart, the executed counterparts shall each be deemed to be an original and all such counterparts shall
together constitute one and the same instrument.

[Signature Page Follows]

 

 

    	 	21	 

    	 

    

 

Please sign and return
to the Company the enclosed duplicates of this letter whereupon this letter will become a binding agreement between the Company
and the several Placement Agents in accordance with its terms.

 

 

	 	 	 	Very truly yours,
	 	 	 	 	 
	 	 	 	OHR PHARMACEUTICALS, INC.
	 	 	 	 	 
	 	 	 	By:	/s/ Sam Backenroth
	 	 	 	 	Name: Sam Backenroth
	 	 	 	 	Title: CFO
	Confirmed as of the date first above-mentioned.	 	 
	 	 	 	 	 
	CHARDAN CAPITAL MARKETS, LLC	 	 
	 	 	 	 	 
	By:	/s/ Jonas Grossman	 	 
	 	Name:	Jonas Grossman	 	 
	 	Title:	Managing Partner	 	 
	 	 	 	 	 
	H.C. WAINWRIGHT & CO., LLC	 	 
	 	 	 	 	 
	By:	/s/ Mark Viklund	 	 
	 	Name:	Mark Viklund	 	 
	 	Title:	Chief Executive Officer	 	 

 

 

[Signature page
to Placement Agent Agreement]

 

 

    	 

    	 

    

 

EXHIBIT A

Form of Securities Purchase
Agreement

[Filed Separately]

 

 

    	 	Exhibit A - Page 1	 

    	 

    

 

EXHIBIT B

Form of Warrant

[Filed Separately]

 

 

    		Exhibit B - Page 1	 

    	 

    

 

SCHEDULE I

Final Term Sheet

	Issuer:	Ohr Pharmaceuticals, Inc.  (the “Company”)
	Symbol:	OHRP
	Security:	One share of common stock and .7 of a warrant to purchase one share of common stock at an exercise price of $1.00 per share.
	Public offering price:	$0.70
	Placement Agent commission:	8%
	Trade date:	April 5, 2017
	Settlement date:	April 10, 2017
	Placement Agents:	Chardan Capital Markets, LLC and H.C. Wainwright & Co., LLC

 

 

    	 	Schedule I - Page 1	 

    	 

    

 

SCHEDULE II

Subsidiaries

 

Ohr Opco, Inc.

Ohr Pharma, LLC

 

 

 

    	 	Schedule II - Page 1	 

    	 

    

 

SCHEDULE III

Form of Lock-Up Agreement

April 4, 2017

Chardan Capital Markets, LLC

17 State Street

Suite 1600

New York, NY 10004

H.C. Wainwright & Co., LLC

430 Park Avenue

New York, New York 10022

Ladies and Gentlemen:

This Lock-Up Agreement
is being delivered to you in connection with the proposed Placement Agent Agreement (the “Placement Agent Agreement”)
to be entered into among Ohr Pharmaceuticals, Inc., a Delaware corporation (the “Company”), Chardan Capital
Markets, LLC and H.C. Wainwright & Co., LLC (collectively, the “Placement Agents”), with respect to the
proposed “best efforts” public offering of securities of the Company (the “Offering”), including
consisting of shares of common stock, par value $0.0001 per share, of the Company (the “Common Stock”) and Warrants
to purchase shares of Common Stock. Capitalized terms used and not otherwise defined herein shall have the meanings given them
in the Placement Agent Agreement.

In order to induce
you to enter into the Placement Agent Agreement, the undersigned agrees that, for a period (the “Lock-Up Period”)
beginning on the date hereof and ending on, and including, the date that is 90 days after the date of the final prospectus relating
to the Offering, the undersigned will not, without the prior written consent of the Placement Agents, (i) sell, offer to sell,
contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly
or indirectly, or file (or participate in the filing of) a registration statement with the Securities and Exchange Commission (the
“Commission”) in respect of, or establish or increase a put equivalent position or liquidate or decrease a call
equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations
of the Commission promulgated thereunder (the “Exchange Act”) with respect to, any Common Stock or any other
securities of the Company that are substantially similar to Common Stock, or any securities convertible into or exchangeable or
exercisable for, or any warrants or other rights to purchase, the foregoing, (ii) enter into any swap or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of Common Stock or any other securities
of the Company that are substantially similar to Common Stock, or any securities convertible into or exchangeable or exercisable
for, or any warrants or other rights to purchase, the foregoing, whether any such transaction is to be settled by delivery of Common
Stock or such other securities, in cash or otherwise or (iii) publicly announce an intention to effect any transaction specified
in clause (i) or (ii).

The foregoing paragraph
shall not apply to (a) the registration of the offer and sale of Common Stock as contemplated by the Placement Agent Agreement
and the sale of the Common Stock by the several Placement Agents in the Offering, (b) bona fide gifts, provided the recipient thereof
agrees in writing with the Placement Agents to be bound by the terms of this Lock-Up Agreement, (c) dispositions to any trust for
the direct or indirect benefit of the undersigned and/or the immediate family of the undersigned, provided that such trust agrees
in writing with the Placement Agents to be bound by the terms of this Lock-Up Agreement, (d) transfers of Common Stock or securities
convertible into Common Stock on death by will or intestacy, (e) sales or transfers of Common Stock solely in connection with the
“cashless” exercise of Company stock options outstanding on the date hereof for the purpose of exercising such stock
options (provided that any remaining Common Stock received upon such exercise will be subject to the restrictions provided for
in this Lock-Up Agreement) or (f) sales or transfers of Common Stock or securities convertible into Common Stock pursuant to a
sales plan entered into prior to the date hereof pursuant to Rule 10b5-1 under the Exchange Act, a copy of which has been provided
to the Placement Agents. In addition, the restrictions sets forth herein shall not prevent the undersigned from entering into a
sales plan pursuant to Rule 10b5-1 under the Exchange Act after the date hereof, provided that (i) a copy of such plan is
provided to the Placement Agents promptly upon entering into the same and (ii) no sales or transfers may be made under such plan
until the Lock-Up Period ends or this Lock-Up Agreement is terminated in accordance with its terms. For purposes of this paragraph,
“immediate family” shall mean the undersigned and the spouse, any lineal descendent, father, mother, brother or sister
of the undersigned.

 

    	 	Schedule III - Page 1	 

    	 

    

 

In addition, the
undersigned hereby waives any rights the undersigned may have to require registration of Common Stock in connection with the filing
of a registration statement relating to the Offering. The undersigned further agrees that, for the Lock-Up Period, the undersigned
will not, without the prior written consent of the Placement Agents, make any demand for, or exercise any right with respect to,
the registration of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, or warrants
or other rights to purchase Common Stock or any such securities.

Notwithstanding the
above, if (a) during the period that begins on the date that is fifteen (15) calendar days plus three (3) business days before
the last day of the Lock-Up Period and ends on the last day of the Lock-Up Period, the Company issues an earnings release or material
news or a material event relating to the Company occurs; or (b) prior to the expiration of the Lock-Up Period, the Company announces
that it will release earnings results during the sixteen (16) day period beginning on the last day of the Lock-Up Period, then
the restrictions imposed by this Lock-Up Agreement shall continue to apply until the expiration of the date that is fifteen (15)
calendar days plus three (3) business days after the date on which the issuance of the earnings release or the material news or
material event occurs; provided, however, that this paragraph shall not apply if (i) the safe harbor provided by
Rule 139 under the Act is available in the manner contemplated by Rule 2711(f)(4) of the Financial Industry Regulatory Authority,
Inc. (“FINRA”) and (ii) within the 3 business days preceding the 15th calendar day before the last
day of the Lock-Up Period, the Company delivers to the Placement Agents a certificate, signed by the Chief Financial Officer or
Chief Executive Officer of the Company, certifying on behalf of the Company that the Company’s shares of Common Stock are
“actively traded securities,” within the meaning of Rule 2711(f)(4) of FINRA.

The undersigned hereby
confirms that the undersigned has not, directly or indirectly, taken, and hereby covenants that the undersigned will not, directly
or indirectly, take, any action designed, or which has constituted or will constitute or might reasonably be expected to cause
or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of
shares of Common Stock.

If (i) the Company
notifies you in writing that it does not intend to proceed with the Offering, (ii) the registration statement filed with the Commission
with respect to the Offering is withdrawn, (iii) if the closing of the Offering does not occur prior to ninety (90) days from the
date of this Lock-Up Agreement or (iv) for any reason the Placement Agent Agreement shall be terminated prior to the Closing Date
(as defined in the Placement Agent Agreement), this Lock-Up Agreement shall be terminated and the undersigned shall be released
from its obligations hereunder.

 

 

    	 	Schedule III - Page 2	 

    	 

    

 

SCHEDULE IV

List of officers,
directors and stockholders executing lock-up agreements

 

AIGH Investment Partners LLC

June Almenoff

Sam Backenroth

Ira Greenstein

Avner Ingerman

Jason Slakter

Thomas Riedhammer

SKS Ocular I LLC

 

    	 	Schedule IV - Page 1

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