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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top-width: 0in; border-top-color: Black"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top-width: 0in; border-top-color: Black"><B>As
filed with the Securities and Exchange Commission on March 27, 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>PAVMED
INC.</B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center"><FONT STYLE="font-size: 10pt"><B>3841</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center"><FONT STYLE="font-size: 10pt"><B>47-1214177</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of</FONT><BR>
<FONT STYLE="font-size: 10pt">incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Primary Standard Industrial Classification</FONT><BR>
<FONT STYLE="font-size: 10pt">Code Number)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification Number)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>One Grand Central Place, Suite 4600</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10165</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 949-4319</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive offices)</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>One Grand Central Place, Suite 4600</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10165</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 949-4319</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, including zip code, and
telephone number, including area code, of agent for service)</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1750 Tysons Boulevard</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite 1000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>McLean, Virginia 22102</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(703) 749-1300</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(703) 749-1301 - Facsimile</B></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Approximate date of commencement of proposed
sale to the public:</B> From time to time after the effective date of this Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the
following box. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is a post-effective amendment
filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is a post-effective amendment
filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of&thinsp;&ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in
Rule 12b-2 of the Exchange Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; padding-bottom: 0.5pt"><FONT STYLE="font-size: 10pt">Large accelerated filer&ensp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-bottom: 0.5pt"><FONT STYLE="font-size: 10pt">Accelerated filer&ensp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-bottom: 0.5pt"><FONT STYLE="font-size: 10pt">Non-accelerated filer&ensp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT><BR>
<FONT STYLE="font-size: 10pt">(Do not check if a smaller reporting company)</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-bottom: 0.5pt"><FONT STYLE="font-size: 10pt">Smaller reporting company&ensp;<FONT STYLE="font-family: Wingdings">x</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Title of each Class
    of <BR> Security being registered</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Amount being<BR> Registered</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Proposed<BR>
    Maximum<BR> Offering Price <BR> Per Security</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Proposed
    <BR> Maximum<BR> Aggregate <BR> Offering Price(1)</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Amount of
    <BR> Registration <BR> Fee(2)</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; padding-bottom: 1pt">Common Stock issuable upon the conversion of the Series A Convertible Preferred Stock (3)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: center; padding-bottom: 1pt">1,388,608 Shares</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">$</TD><TD STYLE="width: 10%; padding-bottom: 1pt; text-align: right">5.95</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">8,262,218</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">957.59</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">Series X Warrants to Purchase Common Stock (3)(4)</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">2,537,028 Warrants</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: right">&mdash;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Common Stock Issuable Upon Exercise of&nbsp;&nbsp;Series X Warrants (3)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">2,537,028 Shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; text-align: right">5.95</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,095,317</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,749.55</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 9pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">23,357,535</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,707.14</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.75pt; text-indent: -23.25pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18.75pt; text-indent: -23.25pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Calculated pursuant to Rule 457(c) under the Securities Act based on an estimate of the proposed maximum aggregate offering price. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(3) </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">In the event of a stock split, reverse stock split, stock dividend or similar transaction involving our Common Stock, the number of shares registered shall automatically be adjusted to cover the additional shares of Common Stock issuable pursuant to Rule 416 under the Securities Act.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No fee pursuant to Rule 457(g) under the Securities
Act.&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment
which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant
to said Section 8(a), may determine.</B></P>

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

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

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: black 2.25pt double; padding: 2pt 5.4pt"><FONT STYLE="font-size: 10pt; color: red">The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #DE1A1E"><B>SUBJECT
TO COMPLETION, DATED </B></FONT><B><FONT STYLE="color: red">MARCH 27, </FONT> <FONT STYLE="color: #DE1A1E">2017</FONT></B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3,925,636 Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2,537,028 Series X Warrants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus relates
to the resale by the selling securityholders of PAVmed Inc., a Delaware corporation (the &ldquo;Company&rdquo;) named herein (the
&ldquo;Selling Securityholders&rdquo;) of up to 3,925,636 shares of common stock, par value $0.001 per share (&ldquo;Common Stock&rdquo;)
and of up to 2,537,028 Series X Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The shares covered
by this prospectus include:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Up
to 1,388,608 shares of Common Stock underlying the Series A Convertible Preferred Stock (the &ldquo;Series A Preferred&rdquo;)
held by the Selling Securityholders. Of these 1,388,608 shares: </FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">925,733 of the shares are allocable to (i) the conversion of all outstanding shares of Series A
Preferred (issued pursuant to the Offering (as defined below)) and (ii) the shares issuable upon conversion of shares of Series
A Preferred issued as payment-in-kind dividends on the Series A Preferred during the next ten years (the &ldquo;Series A Dividends&rdquo;);
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">462,875 of the shares are being registered to comply with the terms of the Registration Rights
Agreement (as defined below) which require the Company to register 150% of (i) the number of shares of Common Stock issuable upon
the conversion of all shares of outstanding shares of Series A Preferred (issued pursuant to the Offering) and (ii) the number
of shares issuable upon conversion of the shares of Series A Preferred issued as Series A Dividends.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Up
to 2,537,028 shares of Common Stock underlying the Series A Warrants and Series X Warrants held by the Selling Securityholders.
Of these 2,537,028 shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">1,691,352 of the shares are allocable to the number of shares of Common Stock issuable upon the
assumed exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding
Series A Warrants not exchanged and all Series X Warrants held by the Selling Securityholders; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">845,676 of the shares of Common Stock being registered to comply with the terms of the Registration
Rights Agreement which require the Company to register 150% of the number of shares of Common Stock issuable upon the assumed exchange
of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series A Warrants
not exchanged and all Series X Warrants held by the Selling Securityholders.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Series X Warrants covered
by this prospectus include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Up to 2,537,028 Series X Warrants. Of
these 2,537,028 Series X Warrants:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">1,691,352 are allocable to the number of Series X Warrants issuable upon the assumed exchange of
each outstanding Series A Warrant for four (4) Series X Warrants; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">845,676 are being registered to comply with the terms of the Registration Rights Agreement which
requires the Company to register 150% of the number of Series X Warrants issuable upon the assumed exchange of each outstanding
Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series A Warrants not exchanged
and all Series X Warrants held by the Selling Securityholders.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Series A Preferred
and Series A Warrants (the &ldquo;Series A Warrants&rdquo;) were initially issued and sold in a private placement offering with
closings on January 26, 2017, January 31, 2017 and March 8, 2017 (collectively, the &ldquo;Offering&rdquo;). The Series A Preferred
and Series A Warrants issued in the Offering were sold as a unit (&ldquo;Private Placement Unit&rdquo;) consisting of one (1) share
of Series A Preferred and one (1) Series A Warrant at a purchase price of $6.00 per Private Placement Unit. Each Series A Warrant
is exchangeable for four (4) Series X Warrants. We have described the material terms of the Series A Warrants and Series X Warrants
elsewhere in this prospectus See the disclosures under the heading &ldquo;<I>Description of Securities</I>&rdquo; in this prospectus
for more information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Selling Securityholders may sell the
Series X Warrants or the shares of Common Stock to be registered hereby from time to time on any national securities exchange or
quotation service on which the securities may be listed or quoted at the time of sale, in one or more transactions otherwise than
on these exchanges or services, such as privately negotiated transactions, or using a combination of these methods, and at fixed
prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated
prices. See the disclosures under the heading &ldquo;<I>Plan of Distribution</I>&rdquo; in this prospectus for more information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in">We will not receive any proceeds from the
resale of Common Stock or the Series X Warrants by the Selling Securityholders. We will however, receive a maximum of $10,148,112
from the Selling Stockholders assuming the Selling Securityholders exchange all of their Series A Warrants for Series
X Warrants and all such Series X Warrants are exercised on a cash basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in">Our Common Stock and IPO Warrants (as defined
below) are traded on the NASDAQ Capital Market under the symbols &ldquo;PAVM&rdquo; and &ldquo;PAVMW,&rdquo; respectively. On March
21, 2017, the closing price of our Common Stock was $5.65 per share. We intend to apply to list the Series X Warrants on the NASDAQ
Capital Market. If we cannot secure approval for such listing, we intend to list the Series X Warrants on the OTCQB Market or other
trading market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in">We offered and sold the securities issued
in the Offering pursuant to exemptions from the registration requirements of the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), afforded by Section 4(a)(2) and Rule 506 of Regulation D promulgated thereunder.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Investing in our securities involves
risks. See &ldquo;Risk Factors&rdquo; beginning on page 6 to read about factors you should consider before buying our securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Neither the Securities and Exchange Commission
(the &ldquo;SEC&rdquo;) nor any state or foreign securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. </B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is&nbsp;March
27, 2017.</P>

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

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="toc"></A>TABLE OF CONTENTS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><A HREF="#a_049"><FONT STYLE="font-size: 10pt">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD STYLE="width: 10%; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_050"><FONT STYLE="font-size: 10pt">THE OFFERING</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_051"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_052"><FONT STYLE="font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_053"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_054"><FONT STYLE="font-size: 10pt">SELLING SECURITYHOLDERS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_055"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_056"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_057"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_058"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_059"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND ADDITIONAL INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ABOUT
THIS PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless the context requires otherwise, in
this prospectus, we use the terms &ldquo;our company,&rdquo; &ldquo;the company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo;
and similar references to refer to PAVmed Inc. and its subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We and the Selling Securityholders have
not authorized anyone to provide any information other than that contained in this prospectus or in any prospectus supplement prepared
by us or on our behalf or to which we may have referred you. We do not take any responsibility for, and cannot provide any assurance
as to the reliability of, any other information that others may give you. We have not authorized any other person to provide you
with different or additional information, and none of us are making an offer to sell the securities in any jurisdiction where the
offer or sale thereof is not permitted. This offering is being made solely on the basis of the information contained in this prospectus.
You should assume that the information appearing in this prospectus is accurate only as of the date on the front cover of this
prospectus, regardless of the time of delivery of the prospectus or of any sale of the securities. Our business, financial condition,
results of operations and prospects may have changed since the date on the front cover of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have proprietary rights to trademarks
used in this prospectus, including PAVmed, PortIO, Caldus, CarpX, NextCath, NextFlo and &ldquo;Innovating at the Speed of Life.&rdquo;
Solely for our convenience, trademarks and trade names referred to in this prospectus may appear without the &ldquo;&reg;&rdquo;
or &ldquo;&trade;&rdquo; symbols, but such references are not intended to indicate, in any way, that we will not assert, to the
fullest extent possible under applicable law, our rights or the rights to these trademarks and trade names. We do not intend our
use or display of other companies&rsquo; trade names, trademarks or service marks to imply a relationship with, or endorsement
or sponsorship of us by, any other companies. Each trademark, trade name, or service mark of any other company appearing in this
prospectus is the property of its respective holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: center"><B><A NAME="a_049"></A>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-indent: 40pt"><I>This prospectus is part of a registration
statement on Form S-1 that we filed with the SEC. From time to time, we may file one or more prospectus supplements to add, update
or change information included in this prospectus. You should read both this prospectus and any applicable prospectus supplements,
together with additional information described below under the caption &ldquo;Where You Can Find Additional Information.&rdquo;
You should also carefully consider, among other things, the matters discussed in the section entitled &ldquo;Risk Factors.&rdquo;</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a highly-differentiated multi-product
medical device company organized to conceive, develop and commercialize a diversified pipeline of innovative products we believe
address unmet clinical needs and possess attractive market opportunities. Our goal is to enhance and accelerate value creation
by employing a business model focused on capital and time efficiency. We intend to continuously explore promising ideas and
opportunities that fulfill our project selection criteria without limiting ourselves to any target specialty or condition. Our
current pipeline includes the following six lead projects, all of which are the subject of filed patent applications. One of
these projects, NextFlo, also has two issued patents and one, DisappEAR is based on a family of patents and patent
applications licensed from a group of academic centers. These projects are all in the development phase and have not yet
received regulatory approval.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PortIO:
A novel long-term implantable intraosseous vascular access device with no indwelling intravascular component.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarpX:
Completely percutaneous device to treat carpal tunnel syndrome.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextCath:
Self-anchoring catheters which do not require suturing, traditional anchoring techniques or costly add-on catheter securement devices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DisappEAR:
Antibiotic-eluting resorbable ear tubes, developed from a proprietary aqueous silk technology.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextFlo:
Highly accurate disposable infusion pumps using stored potential energy and variable flow resistors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caldus:
Completely disposable tissue ablation devices which can also be used for renal denervation to treat hypertension.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to our six lead projects, we
are working on projects which are currently in the conceptual phase. As is the case with our lead projects, these additional projects
cover a wide range of clinical conditions and procedures, including sleep apnea, extracorporeal membrane oxygenation (ECMO), laparoscopic
hernia repair, cardiac surgery, interventional cardiology and endotracheal intubation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate History and Organizational Structure</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We were incorporated on June 26, 2014 in
the State of Delaware under the name PAXmed Inc. In April 2015, we changed our name to PAVmed Inc. In January 2016, the registration
statement on SEC Form S-1 (File No. 333-203569) for our initial public offering (&ldquo;IPO&rdquo;) was declared effective
by the SEC. On April 28, 2016, we consummated the initial public offering of 1,060,000 units, each unit consisting of one
share of common stock and one warrant. The units were sold at an offering price of $5.00 per unit, generating gross proceeds of
$5.3 million, and net cash proceeds of $4.2 million, after deducting cash selling agent discounts and commissions and offering
expenses. Each warrant entitles the holder to purchase one share of common stock at $5.00 per share until January 29, 2022, or
earlier upon redemption.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-indent: 30pt">Our business address is One Grand
Central Place, Suite 4600, New York, New York 10165, and our telephone number is (212) 949-4319. Our corporate website is <I>www.pavmed.com</I>.
The information contained on or that can be assessed through our website is not incorporated by reference into this prospectus
and you should not consider information on our website to be part of this prospectus or in deciding whether to purchase our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Affecting Our Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-indent: 30pt">In evaluating an investment in our
securities, you should carefully read this prospectus and especially consider the factors discussed in the section titled &ldquo;<I>Risk
Factors</I>&rdquo; commencing on page 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-indent: 30pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Background of this Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-indent: 30pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 26, 2017 (the &ldquo;Closing
Date&rdquo;), the Company entered into a Securities Purchase Agreement (the &ldquo;Purchase Agreement&rdquo;) in connection with
the Offering. At closings which took place on January 26, 2017, January 31, 2017 and March 8, 2017 with 28 accredited investors
(the &ldquo;Investors&rdquo;), 422,838 Private Placement Units were sold at a purchase price of $6.00 per Private Placement Unit.
Each Private Placement Unit consists of (i) one (1) share of Series A Preferred, that is initially convertible into
one (1) share of the Company&rsquo;s Common Stock and (ii) one (1) Series A Warrant exercisable for one (1) share of Common Stock.
Each Series A Warrant is exchangeable for four (4) Series X Warrants. We have described the material terms of the Series A Warrants
and Series X Warrants elsewhere in this prospectus. See the disclosures under the heading &ldquo;<I>Description of Securities</I>&rdquo;
in this prospectus for more information.</P>

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

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

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

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


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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">We engaged Xzerta
Trading LLC d/b/a HCFP Capital Markets (&ldquo;Xzerta&rdquo;) as our exclusive placement agent in connection with the Offering,
and in consideration for the services provided by it, Xzerta was entitled to receive a commission equal to 7.0% of the gross proceeds
received by us, as well as reimbursement for all reasonable expenses incurred by it in connection with its engagement. We received
gross proceeds of approximately $2,537,028.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the Offering, we entered
into a registration rights agreement with the Investors (the &ldquo;Registration Rights Agreement&rdquo;), pursuant to which we
became obligated, as soon as practicable, but in any event by the date that is sixty (60) days after the Closing Date, to file
a registration statement covering the resale of the shares of Common Stock and Series X Warrants issuable pursuant to the terms
of the securities issued in the Offering, including securities that may be issued in the future as dividends on the Series A Preferred.
The Company is obligated to use its commercially reasonable best efforts to cause the registration statement to be declared effective
by the SEC as soon as practicable, but in no event later than the date that is 150 days after the Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Registration Rights Agreement,
we have agreed to keep each registration statement effective at all times until the earlier of (i) the date as of which the Investors
may sell all of the securities covered by such registration statement without volume or manner-of-sale limitations pursuant to
Rule 144 (or any successor thereto) promulgated under the Securities Act or (ii) the date on which the Investors shall have sold
all of the securities covered by such registration statement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: center"><B><A NAME="a_050"></A>THE OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus relates to the resale from
time to time by the Selling Securityholders identified in this prospectus of up to (i) 3,925,636 shares of Common Stock underlying
the Series A Preferred, the Series A Warrants and the Series X Warrants and up to (ii) 2,537,028 Series X Warrants. None of the
shares or warrants to be registered hereby are being offered for sale by us.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 30%"><FONT STYLE="font-size: 10pt">Common Stock outstanding prior to March 21, 2017</FONT></TD>
    <TD STYLE="vertical-align: top; width: 20%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 50%"><FONT STYLE="font-size: 10pt">13,331,211</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Common Stock offered by the Selling Securityholders</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">3,925,636(1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Common Stock to be outstanding after the offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">17,256,847(2)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Series X Warrants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">2,537,028(3) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Series X Warrants are exercisable at any time after the
    later of (i) the date the final stockholder approval requirement has been obtained in order to meet the requirement of
    Nasdaq Stock Market Rule 5635(d) and (ii) October 31, 2018, and until April 30, 2024.&nbsp;&nbsp;The Series X Warrant
    exercise price and number of shares of Common Stock issuable upon exercise of a Series X Warrant are subject to appropriate
    adjustment in the event of stock dividends, stock splits or similar events affecting the Common Stock.&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-size: 10pt">Holders may exercise Series X Warrants by paying the exercise price in cash or, at any time after the six (6) month anniversary of the Closing Date if there is no effective registration statement registering, or no current prospectus available for, the resale of the Series X Warrant shares by the holder, then the Series X Warrant may also be exercised, in whole or in part, at such time by means of a &ldquo;cashless exercise&rdquo;.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1pt"><FONT STYLE="font-size: 10pt">At any time after April 30, 2019, the Company, may at its option, redeem all, but not less than all, of the outstanding Series X Warrants at a price of $0.01 per Series X Warrant if the volume weighted average price per share of the Common Stock has been at least $18.00&nbsp;&nbsp;(as adjusted for stock splits, stock dividends, or similar events occurring after the Closing Date) for twenty (20) trading days out of the thirty (30) trading day period ending three (3) business days prior to the notice of redemption in addition to other conditions set forth in each Series X Warrant.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Trading Symbols</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Our Common Stock and IPO Warrants are traded on the Nasdaq Capital Market under the symbols &ldquo;PAVM&rdquo; and &ldquo;PAVMW,&rdquo; respectively.&nbsp;We intend to apply to list the Series X Warrants on the Nasdaq Capital Market.&nbsp;&nbsp;If we cannot secure approval for such listing, we intend to list the Series X Warrants on the OTCQB Market or other trading market.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Use of proceeds</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">We will not receive any proceeds from the resale of Common
    Stock or the Series X Warrants by the Selling Securityholders. We will however, receive a maximum of $10,148,112
    from the Selling Securityholders assuming the Selling Securityholders exchange all of their Series A Warrants
    for Series X Warrants and all such Series X Warrants are exercised on a cash basis.&nbsp;&nbsp;See the section
    titled &ldquo;<I>Use of Proceeds</I>&rdquo; for further information on our use of proceeds from this offering.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Prospective investors should carefully consider &ldquo;<I>Risk
    Factors</I>&rdquo; beginning on page 6 before buying the shares of Common Stock or the Series X Warrants.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">The aggregate amount of shares to be registered is based on 150% of (i) the number of shares of
Common Stock issuable upon the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to
Common Stock and (ii) the shares issuable upon conversion of shares of Series A Preferred issued as Series A Dividends, plus (iii)
150% of the number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series
X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders.</TD></TR></TABLE>

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


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: left">Assumes that (i) the Series A Preferred is exercisable within sixty (60) days as a result of the Company&rsquo;s information
statement being filed with the SEC in order to meet the stockholder approval requirement under Nasdaq Rule 5635(d) and mailed to
stockholders and (ii) each Series A Warrant has been exchanged for four (4) Series X Warrants.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>The aggregate amount of Series X Warrants to be registered is based on 150% of the number of Series X Warrants issuable upon
the assumed exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding
Series A Warrants not exchanged and all Series X Warrants held by the Selling Securityholders.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_051"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An investment in our securities involves
significant risks. You should consider the &ldquo;<I>Risk Factors</I>&rdquo; included in our Annual Report on Form 10-K
for the fiscal year ended December 31, 2016, filed with the SEC on February 16, 2017 and, which is incorporated by reference in
this prospectus. The market or trading price of our securities could decline due to any of these risks. In addition, please read
&ldquo;<I>Cautionary Note Regarding Forward-Looking Statements</I>&rdquo; in this prospectus, where we describe additional uncertainties
associated with our business and the forward-looking statements included or incorporated by reference in this prospectus. Our
business, financial position, results of operations or liquidity could be adversely affected by any of those risks. The risks
and uncertainties we describe are not the only ones facing us. Additional risks and uncertainties not presently known to us or
that we currently deem immaterial may also impair our business or operations. Any adverse effect on our business, financial condition
or operating results could result in a decline in the value of our shares of Common Stock and other securities and the loss of
all or part of your investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_052"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The statements contained in this prospectus
and in the documents incorporated by reference in this prospectus that are not purely historical are forward-looking statements.
Forward-looking statements include, but are not limited to, statements regarding expectations, hopes, beliefs, intentions or strategies
regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events
or circumstances, including any underlying assumptions, are forward-looking statements. The words &ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo;
&ldquo;continues,&rdquo; &ldquo;could,&rdquo; &ldquo;estimates,&rdquo; &ldquo;expects,&rdquo; &ldquo;intends,&rdquo; &ldquo;may,&rdquo;
&ldquo;might,&rdquo; &ldquo;plans,&rdquo; &ldquo;possible,&rdquo; &ldquo;potential,&rdquo; &ldquo;predicts,&rdquo; &ldquo;projects,&rdquo;
&ldquo;should,&rdquo; &ldquo;would&rdquo; and similar expressions may identify forward-looking statements, but the absence of these
words does not mean that a statement is not forward-looking. Forward-looking statements in this registration statement and in the
documents incorporated by reference in this prospectus may include, for example, statements about our:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 36.9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;limited operating history;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-left: 36.9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ability to generate revenue;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 36.9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ability of our products to achieve regulatory approval and market acceptance;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;success in retaining or recruiting, or changes required in, our officers, key employees or directors;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;expectation that our existing capital resources will be sufficient to enable us to successfully meet the capital requirements for all of our current and future products;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 36.9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;potential ability to obtain additional financing when and if needed;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 36.9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ability to sustain status as a going concern;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 36.9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ability to protect our intellectual property rights;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-left: 36.9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ability to complete strategic acquisitions;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 36.9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ability to manage growth and integrate acquired operations;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-left: 36.9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;potential liquidity and trading of our securities;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 36.9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;regulatory or operational risks;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-left: 36.9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;estimates regarding expenses, future revenue, capital requirements and needs for additional financing; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 36.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 36.9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;expectations
    regarding the time during which we will be an Emerging Growth Company under the JOBS Act.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The forward-looking statements contained in this prospectus
and in the documents incorporated by reference in this prospectus are based on current expectations and beliefs concerning future
developments and their potential effects on us. There can be no assurance that future developments will be those that have been
anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or
other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading
&ldquo;<I>Risk Factors</I>.&rdquo; Should one or more of these risks or uncertainties materialize, or should any of our assumptions
prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We do not
undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_053"></A>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will not receive proceeds from the sale
of Common Stock under this prospectus. We will not receive any proceeds from the resale of Common Stock or the Series X Warrants
by the Selling Securityholders. We will however, receive a maximum of $10,148,112 from the Selling Securityholders
assuming the Selling Securityholders exchange all of their Series A Warrants for Series X Warrants and all such
Series X Warrants are exercised on a cash basis. Any proceeds we receive will be used for working capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_054"></A>SELLING SECURITYHOLDERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus covers the resale from time
to time by the Selling Securityholders identified in the table below of:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Up
to 1,388,608 shares of Common Stock underlying the Series A Preferred held by the Selling Securityholders. Of these 1,388,608 shares:
</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">925,733 of the shares are allocable to (i) the conversion of all outstanding shares of Series A
Preferred (issued pursuant to the Offering) and (ii) the number of shares issuable upon conversion of the shares of Series A Preferred
issued as Series A Dividends; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">462,875 of the shares are being registered to comply with the terms of the Registration Rights
Agreement which require the Company to register 150% of (i) the number of shares of Common Stock issuable upon the conversion of
all shares of outstanding shares of Series A Preferred (issued pursuant to the Offering) and (ii) the number of shares issuable
upon conversion of the shares of Series A Preferred issued as Series A Dividends.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Symbol; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Up
to 2,537,028 shares of Common Stock underlying the Series A Warrants and Series X Warrants held by the Selling Securityholders.
Of these 2,537,028 shares:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">1,691,352 of the shares are allocable to the number of shares of Common Stock issuable upon the
assumed exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding
Series A Warrants not exchanged and all Series X Warrants held by the Selling Securityholders; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">845,676 of the shares of Common Stock being registered to comply with the terms of the Registration
Rights Agreement which require the Company to register 150% of the number of shares of Common Stock issuable upon the assumed exchange
of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series A Warrants
not exchanged and all Series X Warrants held by the Selling Securityholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Up to 2,537,028 Series X Warrants. Of
these 2,537,028 Series X Warrants:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">1,691,352 are allocable to the number of Series X Warrants issuable upon the assumed exchange of
each outstanding Series A Warrant for four (4) Series X Warrants; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">845,676 are being registered to comply with the terms of the Registration Rights Agreement which
requires the Company to register 150% of the number of Series X Warrants issuable upon the assumed exchange of each outstanding
Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series A Warrants not exchanged
and all Series X Warrants held by the Selling Securityholders.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For additional information regarding the
issuance of the shares of Series A Preferred, the Series A Warrants and the Series X Warrants. See the disclosures under &ldquo;<I>Prospectus
Summary &ndash; The Offering</I>&rdquo; elsewhere in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are registering the shares of Common
Stock hereby pursuant to the terms of the Registration Rights Agreement among us and the Investors in order to permit the Selling
Securityholders identified in the table below to offer the shares for resale from time to time. In accordance with the Registration
Rights Agreement, this prospectus covers the resale of (i) 150% of the maximum number of shares of Common Stock issuable upon the
conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock and (ii) 150% of the
maximum shares of Common Stock issuable upon exercise of the Series X Warrants held by the Selling Securityholders. Because the
shares of Common Stock issuable upon the conversion of the Series A Preferred and the exercise of our Series X Warrants are subject
to adjustments if our shares of Common Stock are subdivided or combined (by any stock split, stock dividend, recapitalization,
reorganization, scheme, arrangement or otherwise) and our Series X Warrants permit, in certain circumstances, the &ldquo;cashless&rdquo;
exercise thereof, the number of shares that will actually be issuable upon any exercise thereof may be more or less than the number
of shares being offered by this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shares of our Common Stock Offered (underlying the Series
A Preferred and the Series X Warrants) </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Common Stock Table
# 1 sets forth the (i) number of shares of Common Stock issuable upon the conversion of all shares of outstanding Series A Preferred
(issued pursuant to the Offering) to Common Stock, (ii) number of shares of Common Stock issuable upon the payment of the Series
A Dividends; and (iii) number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four
(4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Common Stock Table
# 2 sets forth 150% of the (i) number of shares of Common Stock issuable upon the conversion of all shares of outstanding Series
A Preferred (issued pursuant to the Offering) to Common Stock, (ii) number of shares of Common Stock issuable upon the payment
of the Series A Dividends; and (iii) number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant
for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, both tables
below (i) list the Selling Securityholders and other information regarding the beneficial ownership (except with respect to Column
2, as determined under Section 13(d) of the Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) and the rules and
regulations thereunder) of our Common Stock by each of the Selling Securityholders; (ii) have been prepared based upon information
furnished to us by the Selling Securityholders; and, (iii) are to our knowledge, is accurate as of the date of this prospectus.
The Selling Securityholders may sell all, some or none of their shares in this offering. See the disclosure under the heading &ldquo;<I>Plan
of Distribution</I>&rdquo; elsewhere in this prospectus. The Selling Securityholders identified in the table below may have sold,
transferred or otherwise disposed of some or all of their shares since the date of this prospectus in transactions exempt from
or not subject to the registration requirements of the Securities Act. Information concerning the Selling Securityholders may change
from time to time and, if necessary, we will amend or supplement this prospectus accordingly and as required.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Common Stock Table # 1</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Column
    1</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Column
    2</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Column
    3</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Column
    4</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Column
    5</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Column
    6</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Name of Selling Securityholder</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number of<BR> Shares of<BR>
    Common Stock<BR> Issued and<BR> Issuable (1)</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number of<BR> Shares of<BR>
    Common Stock<BR> Beneficially<BR> Owned Prior to<BR> this Offering (1)</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Maximum<BR> Number of<BR>
    Shares of<BR> Common Stock<BR> to be Sold<BR> Pursuant to this<BR> Prospectus (1)</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number of<BR> Shares of<BR>
    Common Stock<BR> Beneficially<BR> Owned After<BR> This Offering</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Percentage of<BR> Shares
    of<BR> Common Stock<BR> Beneficially<BR> Owned After<BR> This Offering (2)</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Dubreville Family Trust, 7/1/97 </TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">433,714</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">433,714</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">433,714</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0.00</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Doron Hay Saar </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">309,810</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">309,810</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">309,810</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">La Grossa Family Trust Dated January 29th 2008 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mark A. Romney(3) </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.06</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Rooney &amp; Associates Communications LLC Pension Plan </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">S&amp;S Borgardt Family Trust UTD 8/22/07 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,785</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,785</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,785</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Paige R. Dubreville </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,394</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,394</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,394</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Preston M. Dubreville </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,394</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,394</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,394</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Jacqueline Lindenbaum </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,986</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,986</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,986</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">The Ronald Shear Revocable Trust </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,933</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,933</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,933</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Lauren Smith </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,803</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,803</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,803</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Stephen L. Schwartz </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,803</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,803</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,803</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Eric Bland </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105,310</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105,310</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105,310</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">C. Geoffrey Hampson </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,767</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,767</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,767</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Bradley Foster </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Krishna Nathan </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,494</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,494</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,494</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Justin Steele </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Daniel Engelman </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">William S. Schreier </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Edward S. Gutman </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,739</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,739</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,739</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">UBS Financial Services FBO John C. Campeau, Jr., IRA </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,422</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,422</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,422</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Stephen Sadove(4) </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">660,417</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">660,417</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">557,452</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.18</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Marc W. Gerdisch(5) </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">664,267</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">664,267</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">561,302</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.21</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Stephen Greenberg </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Allen D. Hamdan </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">David Richer </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Paul Spence(6) </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.06</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Steven W. Boyce </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Total </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,751,539</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,751,539</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,617,085</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,134,454</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.51</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

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




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

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

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    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(1) Assumes that (i) the Series A Preferred is exercisable within 60 days as a result of the Company&rsquo;s information statement being filed with the SEC in order to meet the stockholder approval requirement under Nasdaq Rule 5635(d) and mailed to stockholders and (ii) each Series A Warrant has been exchanged for four (4) Series X Warrants. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(2) Percentage ownership for each Selling Stockholder is determined in accordance with Section 13(d) of the Exchange Act and is based on 13,331,211 outstanding shares of our Common Stock as of March 21, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3) Mr. Romney may be deemed to have beneficial ownership of 111,291 shares of Common Stock, which consists of the following: (i) 103,291 shares of Common Stock issuable upon (A) the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock, (B) the number of shares of Common Stock issuable upon the payment of the Series A Dividends; and (C) the number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders, (ii) 4,000 shares of Common Stock and (iii) 4,000 IPO Warrants.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4) Mr. Sadove may be deemed to have beneficial ownership of 660,417 shares of Common Stock, which consists of the following: (i) 102,965 shares of Common Stock issuable upon (A) the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock, (B) the number of shares of Common Stock issuable upon the payment of the Series A Dividends; and (C) the number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders and (ii) 557,452 shares of Common Stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5) Dr. Gerdisch may be deemed to have beneficial ownership of 664,267 shares of Common Stock, which consists of the following: (i) 102,965 shares of Common Stock issuable upon (A) the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock, (B) the number of shares of Common Stock issuable upon the payment of the Series A Dividends; and (C) the number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders, (ii) 561,252 shares of Common Stock and (iii) 50 IPO Warrants.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(6) Dr. Spence may be deemed to have beneficial ownership of 59,200 shares of Common Stock, which consists of the following: (i) 51,500 shares of Common Stock issuable upon (A) the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock, (B) the number of shares of Common Stock issuable upon the payment of the Series A Dividends; and (C) the number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders, (ii) 3,900 shares of Common Stock and (iii) 3,800 IPO Warrants.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Common Stock Table # 2</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Column 1</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Column 2</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Column 3</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Column 4</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Column 5</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Column 6</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Name of Selling Securityholder</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Number of<BR> Shares
    of<BR> Common Stock<BR> Issued and<BR> Issuable (1)</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Number of<BR> Shares
    of<BR> Common Stock<BR> Beneficially<BR> Owned Prior to<BR> this Offering (1)</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Maximum<BR> Number of<BR>
    Shares of<BR> Common Stock<BR> to be Sold<BR> Pursuant to this<BR> Prospectus (1)</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Number of<BR> Shares
    of<BR> Common Stock<BR> Beneficially<BR> Owned After<BR> This Offering</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Percentage of<BR> Shares
    of<BR> Common Stock<BR> Beneficially<BR> Owned After<BR> This Offering (2)</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Dubreville Family Trust, 7/1/97 &nbsp; </TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">650,571</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">650,571</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">650,571</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0.00</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Doron Hay Saar &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">464,715</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">464,715</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">464,715</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">La Grossa Family Trust Dated January 29th 2008 &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">232,376</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">232,376</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">232,376</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mark A. Romney(3) &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">162,937</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">162,937</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,937</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.06</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Rooney &amp; Associates Communications LLC Pension Plan &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,937</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,937</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,937</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">S&amp;S Borgardt Family Trust UTD 8/22/07 &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Paige R. Dubreville &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,091</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,091</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,091</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Preston M. Dubreville &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,091</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,091</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,091</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Jacqueline Lindenbaum &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,979</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,979</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,979</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">The Ronald Shear Revocable Trust &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">139,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">139,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">139,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Lauren Smith &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,205</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,205</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,205</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Stephen L. Schwartz &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,205</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,205</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,205</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Eric Bland &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">C. Geoffrey Hampson &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,651</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,651</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,651</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Bradley Foster &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Krishna Nathan &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,241</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,241</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,241</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Justin Steele &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Daniel Engelman &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">William S. Schreier &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Edward S. Gutman &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">UBS Financial Services FBO John C. Campeau, Jr., IRA &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">231,633</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">231,633</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">231,633</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Stephen Sadove(4) &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">711,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">711,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">557,452</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.18</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Marc W. Gerdisch(5) &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">715,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">715,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">561,302</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.21</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Stephen Greenberg &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Allen D. Hamdan &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">David Richer &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Paul Spence(6) &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,950</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,950</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.06</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Steven W. Boyce &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,448</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Total &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,060,090</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,060,090</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,925,636</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,134,454</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.51</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: justify"><FONT STYLE="font-size: 10pt">(1) Assumes that (i) the Series A Preferred is exercisable within 60 days as a result of the Company&rsquo;s information statement being filed with the SEC in order to meet the stockholder approval requirement under Nasdaq Rule 5635(d) and mailed to stockholders and (ii) each Series A Warrant has been exchanged for four (4) Series X Warrants.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(2) Percentage ownership for each Selling Stockholder is determined in accordance with Section 13(d) of the Exchange Act and is based on 13,331,211 outstanding shares of our Common Stock as of March 21, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3) Mr. Romney may be deemed to have beneficial ownership of 162,937 shares of Common Stock, which consists of the following: (i) 154,937 shares of Common Stock issuable upon 150% of (A) the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock, (B)&nbsp;&nbsp;the number of shares of Common Stock issuable upon the payment of the Series A Dividends; and (C) number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders, (ii) 4,000 shares of Common Stock and (iii) 4,000 IPO Warrants.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4) Mr. Sadove may be deemed to have beneficial ownership of 711,900 shares of Common Stock, which consists of the following: (i) 154,448 shares of Common Stock issuable upon 150% of (A) the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock, (B)&nbsp;&nbsp;the number of shares of Common Stock issuable upon the payment of the Series A Dividends; and (C) the number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders and (ii) 557,452 shares of Common Stock.</FONT></TD></TR>
</TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5) Dr. Gerdisch may be deemed to have beneficial ownership of 715,750 shares of Common Stock, which consists of the following: (i) 154,448 shares of Common Stock issuable upon 150% of (A) the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock, (B)&nbsp;&nbsp;the number of shares of Common Stock issuable upon the payment of the Series A Dividends; and (C) the number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders, (ii) 561,252 shares of Common Stock and (iii) 50 IPO Warrants.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(6) Dr. Spence may be deemed to have beneficial ownership of 84,950 shares of Common Stock, which consists of the following: (i) 77,250 shares of Common Stock issuable upon 150% of (A) the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock, (B)&nbsp;&nbsp;the number of shares of Common Stock issuable upon the payment of the Series A Dividends; and (C) the number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders, (ii) 3,900 shares of Common Stock and (iii) 3,800 IPO Warrants.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Series X Warrants Offered</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Warrant Table #1 below sets forth the number
of Series X Warrants issuable upon the assumed exchange of each outstanding Series A Warrant issued in the Offering for four (4)
Series X Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Warrant Table #2 below sets forth 150% of
the number of Series X Warrants issuable upon the assumed exchange of each outstanding Series A Warrant issued in the Offering
for four (4) Series X Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, both tables below also (i)
list the Selling Securityholders and other information regarding the beneficial ownership of our Series X Warrants by each of the
Selling Securityholders; (ii) have been prepared based upon information furnished to us by the Selling Securityholders; and, (iii)
to our knowledge, are accurate as of the date of this prospectus. The Selling Securityholders may sell all, some or none of their
Series X Warrants in this offering. See the disclosure under the heading &ldquo;<I>Plan of Distribution</I>&rdquo; elsewhere in
this prospectus. Information concerning the Selling Securityholders may change from time to time and, if necessary, we will amend
or supplement this prospectus accordingly and as required.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Warrant Table # 1</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Name
    of Selling Securityholder</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Number
    of &nbsp;<BR> Series X<BR> Warrants Offered(1)</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Percentage
    of<BR> Outstanding &nbsp;<BR> Series X Warrants</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Dubreville Family Trust, 7/1/97</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">280,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">16.55</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Doron Hay Saar</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.82</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">La Grossa Family Trust Dated January 29th 2008</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.91</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mark A. Romney</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,668</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.94</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Rooney &amp; Associates Communications LLC Pension Plan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,668</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.94</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">S&amp;S Borgardt Family Trust UTD 8/22/07</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.13</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Paige R. Dubreville</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.66</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Preston M. Dubreville</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.66</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Jacqueline Lindenbaum</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.36</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">The Ronald Shear Revocable Trust</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.55</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Lauren Smith</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.95</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Stephen L. Schwartz</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.95</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Eric Bland</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.02</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">C. Geoffrey Hampson</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,668</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.99</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Bradley Foster</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,668</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.94</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Krishna Nathan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,332</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.97</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Justin Steele</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,668</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.94</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Daniel Engelman</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,668</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.94</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">William S. Schreier</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.59</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Edward S. Gutman</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.95</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">UBS Financial Services FBO John C. Campeau, Jr., IRA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.91</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Stephen Sadove</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,668</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.94</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Marc W. Gerdisch</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,668</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.94</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Stephen Greenberg</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,336</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.97</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Allen D. Hamdan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,336</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.97</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">David Richer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.59</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Paul Spence</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,336</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.97</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Steven W. Boyce</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,668</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.94</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,691,352</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Subject to appropriate adjustment in the event of stock dividends, stock splits or similar events affecting the Common Stock.</TD></TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Warrant Table # 2</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Name
    of Selling Securityholder</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Number
    of &nbsp;<BR> Series X<BR> Warrants Offered(1)</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Percentage
    of<BR> Outstanding &nbsp;<BR> Series X Warrants</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Dubreville Family Trust, 7/1/97 </TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">420,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">16.55</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Doron Hay Saar </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.82</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">La Grossa Family Trust Dated January 29th 2008 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.91</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mark A. Romney </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.94</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Rooney &amp; Associates Communications LLC Pension Plan </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.94</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">S&amp;S Borgardt Family Trust UTD 8/22/07 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.13</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Paige R. Dubreville </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.66</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Preston M. Dubreville </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.66</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Jacqueline Lindenbaum </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.36</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">The Ronald Shear Revocable Trust </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.55</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Lauren Smith </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.95</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Stephen L. Schwartz </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.95</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Eric Bland </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.02</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">C. Geoffrey Hampson </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.99</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Bradley Foster </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.94</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Krishna Nathan </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.97</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Justin Steele </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.94</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Daniel Engelman </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.94</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">William S. Schreier </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.59</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Edward S. Gutman </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.95</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">UBS Financial Services FBO John C. Campeau, Jr., IRA </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.91</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Stephen Sadove </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.94</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Marc W. Gerdisch </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.94</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Stephen Greenberg </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,004</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.97</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Allen D. Hamdan </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,004</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.97</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">David Richer </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.59</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Paul Spence </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,004</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.97</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Steven W. Boyce </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.94</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Total </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,537,028</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Subject to appropriate adjustment in the event of stock dividends, stock splits or similar events affecting the Common Stock.</TD></TR></TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The holders of the Series A Warrants issued
in the Offering have rights to exercise their warrants or exchange each of their Series A Warrants for four (4) Series X Warrants
and the holders of the Series X Warrants have rights to solely exercise their Series X Warrants. We have described the material
terms of the Series A Warrants and Series X Warrants elsewhere in this prospectus. See the disclosures under the heading &ldquo;<I>Description
of Securities</I>&rdquo; in this prospectus for more information. In addition, the participants in the Offering have ongoing registration
rights related to the securities issued therein pursuant to the terms of the Registration Rights Agreement, which are described
in more detail elsewhere in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may be required to make payments to the
Investors in the Offering under certain circumstances pursuant to the terms of the Registration Rights Agreement. These potential
payments include: (i) partial damages for failure to register all of the securities required to be covered thereby; and (ii) payments
in respect of claims for which we provide indemnification or contribution. We intend to comply with the requirements of the Registration
Rights Agreement and do not currently expect to make any such payments; however, it is possible that such payments may be required.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_055"></A>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are registering the securities held by
the Selling Securityholders covered by this prospectus to permit issuance and/or the resale of those securities from time to time
after the date of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Selling Securityholders, which, as used
herein, includes donees, pledgees, transferees or other successors-in-interest selling shares of Common Stock underlying warrants
or interests in shares of Common Stock underlying such warrants received after the date of this prospectus from a Selling Securityholder
as a gift, pledge, partnership distribution or other transfer, may, from time to time, sell, transfer or otherwise dispose of any
or all of their securities or interests in such securities on any stock exchange, market or trading facility on which the securities
are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale,
at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Selling Securityholders may use any
one or more of the following methods when disposing of the securities or interests therein:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-left: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the over the counter market;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;block trades in which the broker-dealer will attempt to sell the securities as agent, but may position and resell a portion of the block as principal to facilitate the transaction;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an exchange distribution or other future transaction exchange-related transaction in accordance with the rules of the applicable exchange or exchange-related transaction;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;privately negotiated transactions;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;short sales;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;broker-dealers may agree with the Selling Securityholders to sell a specified number of such securities at a stipulated price per security;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a combination of any such methods of sale; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other method permitted pursuant to applicable law.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Selling Securityholders may, from time
to time, pledge or grant a security interest in some or all of the securities owned by them and, if they default in the performance
of their secured obligations, the pledgees or secured parties may offer and sell the pledged securities, from time to time, under
this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities
Act amending the list of Selling Securityholders to include the pledgee, transferee or other successors in interest as Selling
Securityholders under this prospectus. The Selling Securityholders also may transfer the securities in other circumstances, in
which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this
prospectus; provided, however, that prior to any such transfer the following information (or such other information as may be required
by the federal securities laws from time to time) with respect to each such selling beneficial owner must be added to the prospectus
by way of a prospectus supplement or post-effective amendment, as appropriate: (1)&nbsp;the name of the selling beneficial owner;
(2)&nbsp;any material relationship the selling beneficial owner has had within the past three years with us or any of our predecessors
or affiliates; (3)&nbsp;the amount of securities of the class owned by such security beneficial owner before the offering; (4)&nbsp;the
amount to be offered for the security beneficial owner&rsquo;s account; and (5)&nbsp;the amount and (if one percent or more) the
percentage of the class to be owned by such security beneficial owner after the offering is complete.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the sale of our securities
or interests therein, the Selling Securityholders may enter into hedging transactions with broker-dealers or other financial institutions,
which may in turn engage in short sales of the securities in the course of hedging the positions they assume. The Selling Securityholders
may also sell securities short and deliver these securities to close out their short positions, or loan or pledge securities to
broker-dealers that in turn may sell these securities. The Selling Securityholders may also enter into option or other transactions
with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery
to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The aggregate proceeds to the Selling Securityholders
from the sale of the securities offered by them will be the purchase price of the securities less discounts or commissions, if
any. Each of the Selling Securityholders reserves the right to accept and, together with their agents from time to time, to reject,
in whole or in part, any proposed purchase of securities to be made directly or through agents. We will not receive any of the
proceeds from the sale of securities offered by this prospectus. However, to the extent the warrants are exercised for cash, we
will receive the cash exercise price paid by the holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Selling Securityholders also may resell
all or a portion of the securities in open market transactions in reliance upon Rule 144 under the Securities Act of 1933, provided
that they meet the criteria and conform to the requirements of that rule.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Selling Securityholders and any underwriters,
broker-dealers or agents that participate in the sale of the securities or interests therein may be &ldquo;underwriters&rdquo;
within the meaning of Section&nbsp;2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on
any resale of the securities may be underwriting discounts and commissions under the Securities Act. Selling Securityholders who
are &ldquo;underwriters&rdquo; within the meaning of Section&nbsp;2(11) of the Securities Act will be subject to the prospectus
delivery requirements of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent required, the securities to
be sold, the names of the Selling Securityholders, the respective purchase prices and public offering prices, the names of any
agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer will be set forth in
an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes
this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The maximum amount of compensation to be
received by any FINRA member or independent broker-dealer for the sale of any securities registered under this prospectus will
not be greater than 8.0% of the gross proceeds from the sale of such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In order to comply with the securities laws
of some states, if applicable, the securities may be sold in these jurisdictions only through registered or licensed brokers or
dealers. In addition, in some states the securities may not be sold unless they have been registered or qualified for sale or an
exemption from registration or qualification requirements is available and is complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have advised the Selling Securityholders
that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of shares in the market and to the activities
of the Selling Securityholders and their affiliates. In addition, we will make copies of this prospectus (as it may be supplemented
or amended from time to time) available to the Selling Securityholders for the purpose of satisfying the prospectus delivery requirements
of the Securities Act. The Selling Securityholders may indemnify any broker-dealer that participates in transactions involving
the sale of the shares against certain liabilities, including liabilities arising under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the terms of the Series A Warrants
and the Series X Warrants, the shares of Common Stock to be issued upon exercise of such warrants will be distributed only to those
warrant holders who surrender the warrants or the certificates representing the warrants and provide payment of the exercise price
through their brokers to our warrant agent, Continental Stock Transfer &amp; Trust Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_056"></A>DESCRIPTION OF SECURITIES</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">We are authorized to issue 50,000,000
shares of Common Stock, par value $.001, and 20,000,000 shares of preferred stock, par value $.001.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">The following description of our capital
stock and certain provisions of our certificate of incorporation and bylaws are summaries and are qualified by reference to our
certificate of incorporation and our bylaws. Copies of these documents were filed with the SEC as exhibits to our registration
statement in connection with our IPO.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of March 21, 2017, we had 13,331,211
outstanding shares of our Common Stock and 422,838 outstanding shares of our Series A Preferred. As of such date, we also had outstanding
(i) 422,838 Series A Warrants at an exercise price of $8.00 per share (which may be exchanged for four (4) Series X Warrants with
an exercise price of $6.00 per share), (ii) 10,579,695 IPO Warrants at an exercise price of $5.00 per share, (iii) unit purchase
options entitling the holders thereof to purchase 53,000 IPO units at an exercise price of $5.50 per unit, which units are&nbsp;identical
to the units sold in the Company&rsquo;s IPO and consist of one share of Common Stock and one IPO Warrant to purchase a share of
Common Stock at $5.00 per share, and (iv) employee stock options entitling the holders thereof to purchase 1,883,313 shares of
Common Stock at a weighted average exercise price of $5.25 per share.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">Holders of Common Stock are entitled to
one vote per share on matters on which our stockholders vote. There are no cumulative voting rights. Subject to any preferential
dividend rights of any outstanding shares of preferred stock, holders of Common Stock are entitled to receive dividends, if declared
by our board of directors, out of funds that we may legally use to pay dividends. If we liquidate or dissolve, holders of Common
Stock are entitled to share ratably in our assets once our debts and any liquidation preference owed to any then-outstanding preferred
stockholders are paid. Our certificate of incorporation does not provide the Common Stock with any redemption, conversion or preemptive
rights. All shares of Common Stock that are outstanding as of the date of this prospectus will be fully-paid and non-assessable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Board of Directors has the authority,
without action by our stockholders, to designate and issue up to 20,000,000 shares, $0.001 par value per share, of preferred stock
in one or more series or classes and to designate the rights, preferences and privileges of each series or class, which may be
greater than the rights of our Common Stock. The Board&rsquo;s authority to issue preferred stock without stockholder approval
could make it more difficult for a third party to acquire control of our company, and could discourage such attempt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Series A Preferred Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 26, 2017,
in order to authorize the shares of Series A Preferred, the Company filed a Certificate of Designation of Preferences, Rights and
Limitations of Series A Convertible Preferred Stock (the &ldquo;Certificate of Designation&rdquo;) with the Delaware Secretary
of State. The Certificate of Designation fixes the rights, preferences, powers, restrictions and limitations of the Series A Preferred.
Capitalized terms in the description of the Series A Preferred herein have the definitions ascribed thereto in the Certificate
of Designation. The Certificate of Designation can be found as Exhibit 3.1 to the Form 8-K which the Company filed with the SEC
on February 1, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Series A Preferred is a component of
the units being offered pursuant to the Purchase Agreement (the &ldquo;Private Placement Units&rdquo;). As of March 21, 2017, 422,838
Private Placement Units have been sold.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each share of Series A Preferred shall
be convertible, at any time and from time to time, after the date  final stockholder approval has been obtained in order
to meet the requirement of Nasdaq Stock Market Rule 5635(d)  at the option of the holder thereof, into that number
of shares of Common Stock determined by dividing the Stated Value of such share of Series A Preferred ($6.00) by the conversion
price.&nbsp;The initial conversion price, which is also $6.00 shall be adjusted in the event the Company &nbsp;(i)
pays a stock dividend or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common
Stock or any other Common Stock Equivalents (which, for avoidance of doubt, shall not include any shares of Common Stock issued
by the Company upon conversion of, or payment of a dividend on, the Series A Preferred), (ii)&nbsp;subdivides outstanding shares
of Common Stock into a larger number of shares, (iii)&nbsp;combines (including by way of a reverse stock split) outstanding shares
of Common Stock into a smaller number of shares, or (iv)&nbsp;issues, in the event of a reclassification of shares of the Common
Stock, any shares of capital stock of the Company. In addition, the conversion price is subject to weighted average
anti-dilution protection which can cause an increase in the number of shares of Common Stock issuable upon conversion of the
Series A Preferred as a result of reductions in the conversion price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The holders of Series
A Preferred shall be entitled to receive, when, as and if declared by the Company&rsquo;s Board of Directors cumulative dividends
at the rate of 8% per annum of the Stated Value per share of Series A Preferred per annum. Such dividends shall accrue and cumulate
whether or not the Company has earnings or surplus, whether or not there are funds legally available for the payment of such dividends
and whether or not such dividends are declared by the Company&rsquo;s Board of Directors. All accumulated and unpaid dividends
shall compound quarterly at the rate of 8% of the Stated Value per annum. Through the Dividend Payment Date of April 1, 2021, the
dividends shall be payable in-kind in additional shares of Series A Preferred, rounded up to the nearest whole share. For Dividend
Payment Dates occurring after the April 1, 2021 Dividend Payment Date, such dividends shall be paid at the option of the Company
in any combination of shares of Series A Preferred, cash or shares of Common Stock. If the Company determines to pay any dividends
in shares of Common Stock, the number of shares of Common Stock payable shall be equal to the quotient of (i) the amount of the
dividend per share of Series A Preferred to be paid in shares of Common Stock and (ii) the average of the volume weighted average
price per share for the ten (10) consecutive Trading Days ending on the Trading Day that is immediately prior to the
applicable Dividend Payment Date determined as of the Dividend Payment Date.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The holders of Series
A Preferred shall have no voting rights. However, as long as any shares of Series A Preferred are outstanding, the Company shall
not, without the affirmative vote of holders representing at least two-thirds of the then outstanding shares of the Series A Preferred
, (i)&nbsp;alter or change adversely the powers, preferences or rights given to the Series A Preferred or alter or amend the
Certificate of Designation, (ii)&nbsp;amend its certificate of incorporation or other charter documents in any manner that
adversely affects any rights of the holders, (iii)&nbsp;increase the number of authorized shares of Series A Preferred except
as to pay dividends, (iv) create any class of equity security that would rank senior to the Series A Preferred as to dividends
or rights in a Liquidation (as defined in the Certificate of Designation), or (v)&nbsp;enter into any agreement with respect to
any of the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Company or Deemed Liquidation Event (as defined in the Certificate of Designation),
the holders of shares of Series A Preferred then outstanding shall be entitled to be paid out of the assets of the Company available
for distribution to its stockholders before any payment shall be made to the holders of Common Stock by reason of their ownership
thereof, an amount per share equal to the greater of (i) the Stated Value, plus any dividends accrued but unpaid thereon, or (ii)
such amount per share as would have been payable had all shares of Series A Preferred been converted into Common Stock in accordance
with the Certificate of Designation immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">We currently have 10,579,695 warrants
outstanding, consisting of 1,019,400 warrants sold in our IPO and 9,560,295 warrants issued in several private placements that
occurred prior to our IPO, all of which converted into identical warrants issued in the IPO (collectively, the &ldquo;IPO Warrants&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">Each IPO Warrant entitles the registered
holder to purchase one share of our Common Stock at a price of $5.00 per share, subject to adjustment as discussed below. Each
IPO Warrant is currently exercisable and will expire on January 29, 2022 at 5:00 p.m., New York City time. However, no IPO Warrants
will be exercisable for cash unless we have an effective and current registration statement covering the shares of Common Stock
issuable upon exercise of the IPO Warrants and a current prospectus relating to such shares of Common Stock. Notwithstanding the
foregoing, if a registration statement covering the shares of Common Stock issuable upon exercise of the IPO Warrants is not effective
when the IPO Warrants become exercisable, IPO Warrant holders may, until such time as there is an effective registration statement
and during any period when we shall have failed to maintain an effective registration statement, exercise IPO Warrants on a cashless
basis in the same manner as if we called the IPO Warrants for redemption and required all holders to exercise their IPO Warrants
on a &ldquo;cashless basis.&rdquo; In such event, each holder would pay the exercise price by surrendering the IPO Warrants for
that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common
Stock underlying the IPO Warrants, multiplied by the difference between the exercise price of the IPO Warrants and the &ldquo;fair
market value&rdquo; (defined below) by&nbsp;(y) the fair market value. The &ldquo;fair market value&rdquo; for this purpose will
mean the average reported last sale price of the shares of Common Stock for the 10 trading days ending on the trading day prior
to the date of exercise. Pursuant to an agreement between us and the founders, the 8,083,049 warrants originally issued to the
founders, which now constitute IPO Warrants shall be exercisable on a &ldquo;cashless&rdquo; basis in their hands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">Commencing April 28, 2017, we may redeem
the outstanding IPO Warrants (other than those outstanding prior to our IPO held by our management, founders and members thereof,
but including warrants held by the initial investors), at our option, in whole or in part, at a price of $0.01 per IPO Warrant:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at
                                         any time while the IPO Warrants are exercisable;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">upon
                                         a minimum of 30 days&rsquo; prior written notice of redemption;</TD>
</TR></TABLE>

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


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<P STYLE="font: 10pt Symbol; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if,
and only if, the volume weighted average price of our Common Stock equals or exceeds $10.00 (subject to adjustment) for any 20
consecutive trading days ending three business days before we send the notice of redemption, provided that the average daily trading
volume in the stock is at least 20,000 shares per day; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if,
and only if, there is a current registration statement in effect with respect to the shares of Common Stock underlying such IPO
Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">The right to exercise will be forfeited
unless the IPO Warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date,
a record holder of an IPO Warrant will have no further rights except to receive the redemption price for such holder&rsquo;s warrant
upon surrender of such IPO Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">The redemption criteria for our IPO Warrants
have been established at a price which is intended to provide IPO Warrant holders a reasonable premium to the initial exercise
price and provide a sufficient differential between the then-prevailing share price and the IPO Warrant exercise price so that
if the share price declines as a result of our redemption call, the redemption should not cause the share price to drop below the
exercise price of the IPO Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">If we call the IPO Warrants for redemption
as described above, we will have the option to require all holders that wish to exercise IPO Warrants to do so on a &ldquo;cashless
basis.&rdquo; In such event, each holder would pay the exercise price by surrendering the IPO Warrants for that number of shares
of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the
IPO Warrants, multiplied by the difference between the exercise price of the IPO Warrants and the &ldquo;fair market value&rdquo;
(defined below) by (y) the fair market value. In this case, the &ldquo;fair market value&rdquo; shall mean the average reported
last sale price of the shares of Common Stock for the ten (10) trading days ending on the third trading day prior to the date on
which the notice of redemption is sent to the holders of IPO Warrants. Whether we will exercise our option to require all holders
to exercise their IPO Warrants on a &ldquo;cashless basis&rdquo; will depend on a variety of factors including the price of our
shares of Common Stock at the time the IPO Warrants are called for redemption, our cash needs at such time and concerns regarding
dilutive stock issuances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">The IPO Warrants have been issued in registered
form under a Warrant Agreement between Continental Stock Transfer &amp; Trust Company (the &ldquo;IPO Warrant Agent&rdquo;), and
us (the &ldquo;IPO Warrant Agreement&rdquo;). The IPO Warrant Agreement provides that the terms of the IPO Warrants may be amended
without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval, by written
consent or vote, of the holders of a majority of the then outstanding IPO Warrants in order to make any change that adversely affects
the interests of the registered holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">The exercise price and number of shares
of Common Stock issuable on exercise of the IPO Warrants may be adjusted in certain circumstances including in the event of a share
dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, the IPO Warrants will
not be adjusted for issuances of shares of Common Stock at a price below their respective exercise prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The IPO Warrants may be exercised upon surrender
of the warrant certificate on or prior to the expiration date at the offices of the IPO Warrant Agent, with the exercise form on
the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price,
by certified or official bank check payable to us, for the number of IPO Warrants being exercised. The IPO Warrant holders do not
have the rights or privileges of holders of shares of Common Stock and any voting rights until they exercise their IPO Warrants and receive shares of Common Stock. After the issuance
of shares of Common Stock upon exercise of the IPO Warrants, each holder will be entitled to one vote for each share held of record
on all matters to be voted on by stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">Except as described above, no IPO Warrants
will be exercisable and we will not be obligated to issue shares of Common Stock unless at the time a holder seeks to exercise
such IPO Warrant, a prospectus relating to the shares of Common Stock issuable upon exercise of the IPO Warrants is current and
the shares of Common Stock have been registered or qualified or deemed to be exempt under the securities laws of the state of residence
of the holder of the IPO Warrants. Under the terms of the Warrant Agreement, we have agreed to use our commercially reasonable
best efforts to meet these conditions and to maintain a current prospectus relating to the shares of Common Stock issuable upon
exercise of the IPO Warrants until the expiration of the IPO Warrants.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20.15pt">No fractional shares will be issued upon
exercise of the IPO Warrants. If, upon exercise of the IPO Warrants, a holder would be entitled to receive a fractional interest
in a share, we will, upon exercise, round up to the nearest whole number the number of shares of Common Stock to be issued to the
IPO Warrant holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">Each Series A Warrant is exercisable
at any time after the date  final stockholder approval has been obtained in order to meet the requirement of Nasdaq
Stock Market Rule 5635(d). Such approval is required inasmuch as the potential exists for the Company issuing 20% or more
of its outstanding shares of Common Stock at a price below its current market price due to certain anti-dilution protections.
Each Series A Warrant will remain exercisable until April 30, 2024 and is exercisable for one (1) share of Common Stock at an
initial exercise price of $8.00 (the &ldquo;Series A Exercise Price&rdquo;).&nbsp;The Series A Exercise Price is subject
to weighted average anti-dilution protection which could cause the exercise price to decrease upon any issuances of shares of
Common Stock or common stock equivalents at less than the current exercise price. No such reduction, however, shall cause the
number of shares issuable upon exercise of a Series A Warrant to increase. Holders may exercise Series A Warrants by paying
the exercise price in cash or, if at any time after the six (6) month anniversary of the Closing Date, there is no effective registration
statement registering, or no current prospectus available for, the resale of the shares of Common Stock underlying the Series
A Warrants, then each Series A Warrant may also be exercised, in whole or in part, at such time by means of a &ldquo;cashless
exercise&rdquo;. In addition, each Series A Warrant can be exchanged through April 30, 2024 for four (4) Series X Warrants. As
of March 21, 2017, we have issued 422,838 Series A Warrants.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">Each Series X Warrant will&nbsp;be exercisable
for one (1) share of Common Stock at an exercise price of $6.00 per share, subject to adjustment as set forth in this prospectus,
commencing at 9:00 a.m., New York City time, on the first trading day following the later of (i) the date  final stockholder
approval has been obtained in order to meet the requirement of Nasdaq Stock Market Rule 5635(d)  and (ii) October
31, 2018 and ending at 5:00 p.m., New York City time, on April 30, 2024, or earlier upon redemption. The Series X Warrants
have no anti-dilution protection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders may exercise Series X Warrants
by paying the exercise price in cash or, if at any time after the six (6) month anniversary of the Closing Date, there is no effective
registration statement registering, or no current prospectus available for, the resale of the shares of Common Stock underlying
the Series X Warrants, then each Series X Warrant may also be exercised, in whole or in part, at such time by means of a &ldquo;cashless
exercise&rdquo;. At any time after April 30, 2019, the Company, may at its option, redeem all, but not less than all, of the outstanding
Series X Warrants at a price of $0.01 per Series X Warrant if the volume weighted average price per share of the Common Stock
has been at least $18.00 (as adjusted for stock splits, stock dividends, or similar events occurring after the Closing Date) for
twenty trading days out of the thirty trading day period ending three business days prior to the notice of redemption in addition
to certain other conditions.</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Series X Warrants will be issued in
registered form under a warrant agreement between Continental Stock Transfer &amp; Trust Company, as warrant agent, and us. The
warrant agreement requires the written consent of the Company and the holders of Series X Warrants representing at least two-thirds
of the shares of Common Stock issuable upon exercise of such Series X Warrants in order to make amend the terms of the Series
X Warrants. Under the terms of the warrant agreement, we have agreed to use our commercially reasonable best efforts to meet these
conditions and to maintain a current prospectus relating to the shares of Common Stock issuable upon exercise of the Series X
Warrants until the expiration of the Series X Warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 28, 2016, the Company issued unit purchase options
to the selling agents in the Company&rsquo;s IPO. The unit purchase options provide for the purchase of 53,000 units at an exercise
price of $5.50 per unit. Each unit covered by the unit purchase options is identical to the units sold in the Company&amp;rsquo;s
IPO and consists of one share of Common Stock and one IPO Warrant to purchase a share of Common Stock at $5.00 per share.</P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have not paid any cash dividends on our
shares of Common Stock to date. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if
any, capital requirements and general financial condition and will be within the discretion of our Board of Directors. It is the
present intention of our Board of Directors to retain all earnings, if any, for use in our business operations and, accordingly,
our Board of Directors does not anticipate declaring any dividends in the foreseeable future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transfer Agent and Registrar</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The transfer agent and registrar for our
Common Stock is, and if our application to list the Series X Warrants on NASDAQ, on the OTCQB Market or on another trading market
is granted, the transfer agent and registrar for the Series X Warrants will be Continental Stock Transfer&nbsp;&amp; Trust Company.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Listing of our Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in">Our Common Stock and IPO Warrants are traded
on the NASDAQ Capital Market under the symbols &ldquo;PAVM&rdquo; and &ldquo;PAVMW,&rdquo; respectively. We intend to apply to
list the Series X Warrants on the NASDAQ Capital Market. If we cannot secure approval for such listing, we intend to list the Series
X Warrants on the OTCQB Market or other trading market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_057"></A>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The validity of the securities offered in
this prospectus is being passed upon for us by Greenberg Traurig, LLP, McLean, Virginia.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_058"></A>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The consolidated financial statements of
PAVmed Inc. and Subsidiary as of and for the years ended December&nbsp;31, 2016 and 2015, which are incorporated in this prospectus
by reference to the Annual Report on Form 10-K for the year ended December&nbsp;31, 2016 have been so incorporated in reliance
on the report of Citrin Cooperman &amp; Company, LLP, an independent registered public accounting firm, given on the authority
of said firm as experts in auditing and accounting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_059"></A>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have filed with the SEC a registration
statement on Form S-1, which includes exhibits, schedules and amendments, under the Securities Act, with respect to this offering
of securities. Although this prospectus, which forms a part of the registration statement, contains all material information included
in the registration statement, parts of the registration statement have been omitted as permitted by rules and regulations of the
SEC. We refer you to the registration statement and its exhibits for further information about us, our securities and this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">We also file annual,
quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available to the public
over the Internet at the SEC&rsquo;s web site at http://www.sec.gov. You may also read and copy any document we file at the SEC&rsquo;s
public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information
about the public reference room. Our SEC filings are also available at http://ir.pavmed.com/sec-filings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">The SEC allows
us to incorporate by reference the information we file with it, which means that we can disclose important information to you by
referring you to those documents. Any statement contained in a document incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this prospectus to the extent that a statement contained herein modifies or supersedes such
statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part
of this prospectus. Any</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">information that we file with the SEC
after the date of the initial registration statement of which this prospectus forms a part and prior to effectiveness of the registration
statement will automatically update and supersede the information contained in this prospectus. This prospectus incorporates by
reference our documents listed below and any future filings we make with the SEC under Sections&nbsp;13(a), 13(c), 14 or 15(d)
of the Exchange Act until all of the securities are sold:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-left: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our annual report on Form 10-K for the fiscal year ended December&nbsp;31, 2016 filed with the SEC on February 16, 2017; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-left: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our current reports on Form 8-K filed with the SEC on February 1, 2017, February 23, 2017, March 13, 2017 and March 22, 2017.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">Notwithstanding
the foregoing, we are not incorporating any document or portion thereof or information deemed to have been furnished and not filed
in accordance with SEC rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;3,925,636 Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>2,537,028 Series X Warrants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>March
27, 2017 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.75pt"><B>No dealer, salesperson or any other
person is authorized to give any information or make any representations in connection with this offering other than those contained
in this prospectus and, if given or made, the information or representations must not be relied upon as having been authorized
by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any security other than the securities
offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction
in which the offer or solicitation is not authorized or is unlawful.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.75pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 13. Other Expenses of Issuance and Distribution.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The estimated expenses payable by us in
connection with the offering described in this registration statement will be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left; padding-left: -0.125in">SEC registration fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,707</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Printing and engraving expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Miscellaneous</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">43,707</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 14. Indemnification of Directors
and Officers.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PAVmed&rsquo;s certificate of incorporation
and by-laws provide that all directors and officers shall be entitled to be indemnified by such company to the fullest extent permitted
by law. The certificate of incorporation provides that PAVmed may indemnify to the fullest extent permitted by law all employees.
PAVmed&rsquo;s by-laws provide that, if authorized by the Board of Directors, it may indemnify any other person whom it has the
power to indemnify under section 145 of the Delaware General Company Law. Section 145 of the Delaware General Company Law concerning
indemnification of officers, directors, employees and agents is set forth below.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 20pt">&ldquo;Section 145. Indemnification
of officers, directors, employees and agents; insurance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;A
corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action
by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of
the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses (including attorneys&rsquo; fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if
the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of
the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person&rsquo;s
conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea
of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and
in a manner which the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect
to any criminal action or proceeding, had reasonable cause to believe that the person&rsquo;s conduct was unlawful.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;A
corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact
that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the
corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise
against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by the person in connection with the defense
or settlement of such action or suit if the person acted in good faith and in a manner the person reasonably believed to be in
or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claim,
issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent
that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to
indemnity for such expenses which the Court of Chancery or such other court shall deem proper.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;To
the extent that a present or former director or officer of a corporation has been successful on the merits or otherwise in defense
of any action, suit or proceeding referred to in subsections (a) and (b) of this section, or in defense of any claim, issue or
matter therein, such person shall be indemnified against expenses (including attorneys&rsquo; fees) actually and reasonably incurred
by such person in connection therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;Any
indemnification under subsections (a) and (b) of this section (unless ordered by a court) shall be made by the corporation only
as authorized in the specific case upon a determination that indemnification of the present or former director, officer, employee
or agent is proper in the circumstances because the person has met the applicable standard of conduct set forth in subsections
(a) and (b) of this section. Such determination shall be made, with respect to a person who is a director or officer of the corporation
at the time of such determination, (1) by a majority vote of the directors who are not parties to such action, suit or proceeding,
even though less than a quorum, or (2) by a committee of such directors designated by majority vote of such directors, even though
less than a quorum, or (3) if there are no such directors, or if such directors so direct, by independent legal counsel in a written
opinion, or (4) by the stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;Expenses
(including attorneys&rsquo; fees) incurred by an officer or director of the corporation in defending any civil, criminal, administrative
or investigative action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action,
suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall
ultimately be determined that such person is not entitled to be indemnified by the corporation as authorized in this section. Such
expenses (including attorneys&rsquo; fees) incurred by former directors and officers or other employees and agents of the corporation
or by persons serving at the request of the corporation as directors, officers, employees or agents of another corporation, partnership,
joint venture, trust or other enterprise may be so paid upon such terms and conditions, if any, as the corporation deems appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;The
indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not
be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under
any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person&amp;rsquo;s
official capacity and as to action in another capacity while holding such office. A right to indemnification or to advancement
of expenses arising under a provision of the certificate of incorporation or a bylaw shall not be eliminated or impaired by an
amendment to such provision after the occurrence of the act or omission that is the subject of the civil, criminal,
administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought,
unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment after
such action or omission has occurred.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;A
corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee
or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and
incurred by such person in any such capacity, or arising out of such person&rsquo;s status as such, whether or not the corporation
would have the power to indemnify such person against such liability under this section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;For
purposes of this section, references to &ldquo;the corporation&rdquo; shall include, in addition to the resulting corporation,
any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate
existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that
any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request
of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust
or other enterprise, shall stand in the same position under this section with respect to the resulting or surviving corporation
as such person would have with respect to such constituent corporation if its separate existence had continued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;For
purposes of this section, references to &ldquo;other enterprises&rdquo; shall include employee benefit plans; references to &ldquo;fines&rdquo;
shall include any excise taxes assessed on a person with respect to any employee benefit plan; and references to &ldquo;serving
at the request of the corporation&rdquo; shall include any service as a director, officer, employee or agent of the corporation
which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit
plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to
be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner
&ldquo;not opposed to the best interests of the corporation&rdquo; as referred to in this section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;The
indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided
when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure
to the benefit of the heirs, executors and administrators of such a person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;The
Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine all actions for advancement of expenses or
indemnification brought under this section or under any bylaw, agreement, vote of stockholders or disinterested directors, or otherwise.
The Court of Chancery may summarily determine a corporation&rsquo;s obligation to advance expenses (including attorneys&rsquo;
fees).&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to our directors, officers, and controlling persons pursuant
to the foregoing provisions, or otherwise, we have been advised that, in the opinion of the SEC, such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment of expenses incurred or paid by a director, officer or controlling person in a
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, we will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to the court of appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Paragraph B of Article
Eight of PAVmed&rsquo;s certificate of incorporation provides:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;The Company,
to the full extent permitted by Section 145 of the GCL, as amended from time to time, shall indemnify all persons whom it may indemnify
pursuant thereto. Expenses (including attorneys&rsquo; fees) incurred by an officer or director in defending any civil,
criminal, administrative, or investigative action, suit or proceeding for which such officer or director may be entitled to indemnification
hereunder shall be paid by the Company in advance of the final disposition of such action, suit or proceeding upon receipt of an
undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that he is not
entitled to be indemnified by the Company as authorized hereby.&rdquo;</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 15. Recent Sales of Unregistered
Securities. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Set forth below is
information regarding shares of capital stock issued by us during the period since our inception on June&nbsp;26, 2014. Also included
is the consideration received by us for such shares and information relating to the section of the Securities Act, or rule of the
Securities and Exchange Commission, under which exemption from registration was claimed. The information set forth below with respect
to our Common Stock gives effect to a 2.7872582-for-1 stock split effected in the form of a stock dividend on September&nbsp;21,
2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June&nbsp;2014 in
connection with our organization, we issued (i) 5,658,134 shares of Common Stock for proceeds of $2,030.00 and warrants to purchase
an additional 6,097,127 shares of Common Stock, at an exercise price of&thinsp; $0.90 per share, for proceeds of $218.75, for an
aggregate purchase price and total consideration of&thinsp; $2,248.75, to HCFP/Capital Partners III LLC and (ii) 2,424,915 shares
of Common Stock for proceeds of $870.00 and warrants to purchase an additional 2,613,054 shares of Common Stock, at an exercise
price of&thinsp;&thinsp; $0.90 per share, for proceeds of $93.75, for an aggregate purchase price and total consideration of&thinsp;
$963.75, to Pavilion Venture Partners LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In July&nbsp;2014,
we issued an aggregate of 418,089 units, each consisting of one (1) share of Common Stock and one (1) warrant to purchase one (1)
share of Common Stock, for $75,000 in cash, or a purchase price of&thinsp; $0.18 per unit, to nine investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In October&nbsp;2014,
HCFP/Capital Partners III LLC and Pavilion Venture Partners LLC agreed to contribute 627,133 warrants back to the Company at no
cost.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November&nbsp;2014,
we issued an aggregate of 2,355,233 units, each consisting of one (1) share of Common Stock and one (1) warrant to purchase one
(1) share of Common Stock, for $845,000 in cash, or a purchase price of&thinsp;$0.36 per unit, to 13 investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During August&nbsp;2015,
we issued 97,554 warrants in exchange for services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During September&nbsp;2015,
we issued an aggregate of 1,393,629 shares of Common Stock from the exercise of warrants receiving $1.25 million of proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In September&nbsp;2015,
we effectuated a forward stock split of 2.7872582-for-1 by way of a stock dividend of 1.7872582 shares for each outstanding share,
resulting in there being 12,250,000 shares of Common Stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of the securities
described above were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act and
Regulation D promulgated thereunder, as fewer than 35 investors were non-accredited investors. No underwriting discounts or commissions
were paid with respect to such sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November 2016, 40,000
warrants were exercised on a cashless basis, resulting in the issuance of 20,732 shares of Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The shares issued upon
exercise of the warrants were issued pursuant to the exemption from registration contained in Section 3(a)(9) of the Securities
Act, as the warrants were exchanged for shares exclusively, and no commission or other remuneration was paid or given directly
or indirectly for soliciting such exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In January 2017, we
issued an aggregate of 251,334 Private Placement Units, each consisting of one (1) share of Series A Preferred and one (1) Series
A Warrant that is exercisable for one (1) share of Common Stock or exchangeable for four (4) Series X Warrants, for $1,508,004
in cash, or a purchase price of&thinsp;$6.00 per Private Placement Unit, to 13 investors.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March 2017, we issued
an aggregate of 171,504 Private Placement Units, each consisting of one (1) share of Series A Preferred and one (1) Series A Warrant
that is exercisable for one (1) share of Common Stock or exchangeable for four (4) Series X Warrants, for $1,029,024 in cash, or
a purchase price of&thinsp;$6.00 per Private Placement Unit, to 15 investors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 28,
2016, the Company granted to certain of its officers, directors and members of its medical advisory board, stock options to
purchase an aggregate of 1,588,313 shares of Common Stock at an exercise price of $5.00 per share for an aggregate purchase
price of $7,941,565.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 7,
2016, the Company granted stock options to a member of its medical advisory board to purchase an aggregate of
25,000 shares of Common Stock at an exercise price of $10.50 per share for an aggregate purchase price of $262,500.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November
28, 2016, the Company granted stock options to a consultant to purchase an aggregate of 20,000 shares of Common Stock
at an exercise price of $9.50 per share for an aggregate purchase price of $190,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 20,
2017, the Company granted to an officer stock options outside the Company&rsquo;s 2014 Long-Term Equity Incentive Plan, to
purchase 250,000 shares of Common Stock at an exercise price of $5.95 per share for an aggregate purchase price of $
1,487,500.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The stock
options and Common Stock issuable upon the exercise of such stock options as described above were issued pursuant to written
compensatory plans or arrangements with our officers, directors,  medical advisory board members, and consultants, in
reliance on the exemption set forth in Section 4(a)(2) under the Securities Act.</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 16. Exhibits and Financial Statement
Schedules.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) The following exhibits
are filed as part of this Registration Statement:</P>

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



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; text-decoration: none; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Exhibit No.</FONT></TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 78%; text-decoration: none; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certificate of Incorporation(1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certificate of Amendment to Certificate of Incorporation (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Certificate of Designation of Preferences, Rights and Limitations of Series A
    Convertible Preferred Stock (2)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Bylaws (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Specimen Common Stock Certificate (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Specimen Warrant Certificate (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Series A Warrant (2)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Series X Warrant (2)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Warrant Agreement, dated April 28, 2016, between Continental Stock Transfer &amp; Trust
    Company and PAVmed (3)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">2014 Long-Term Equity Incentive Plan (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Unit Purchase Option (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Greenberg Traurig, LLP *</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Patent Option Agreement (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.2.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Employment Agreement between PAVmed and Dr. Aklog (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.2.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Amendment to Employment Agreement between PAVmed and Dr. Aklog (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.2.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Second Amendment to Employment Agreement between PAVmed and Dr. Aklog (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.2.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Third Amendment to Employment Agreement between PAVmed and Dr. Aklog (7)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Subscription Agreement (July 2014) (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.3.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Subscription Agreement (November 2014) (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Letter Agreement with HCFP Capital Partners III LLC (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Letter Agreement with Pavilion Venture Partners LLC (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.5.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Letter agreement regarding corporate opportunities executed by Dr. Lishan Aklog (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.5.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Letter agreement regarding corporate opportunities executed by Michael Glennon (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.5.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Letter agreement regarding corporate opportunities executed by Dr. Brian deGuzman (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Management services agreement between PAVmed and HCP/Advisors LLC (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Employment Agreement between PAVmed and Richard Fitzgerald (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Employment Agreement between PAVmed and Dr. Brian deGuzman (4)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.9.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consulting Agreement between PAVmed and Michael Glennon (5)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.9.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Amendment to Consulting Agreement between PAVmed and Michael Glennon (7)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Securities Purchase Agreement (6)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.11</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Registration Rights Agreement (6)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Separation Agreement between PAVmed and Richard Fitzgerald *</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">10.13</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Employment Agreement between PAVmed and Dennis M. McGrath *</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Citrin Cooperman &amp; Company, LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Greenberg Traurig, LLP (included in Exhibit 5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Power of Attorney (included on the signature pages hereto)</FONT></TD></TR>
</TABLE>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in"></P>

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<TD STYLE="width: 15pt; text-align: left">(1)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Incorporated
                                         by reference to the Registrant&rsquo;s Registration Statement on Form S-1 (SEC File No.
                                         333-203569).</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">(2)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Incorporated
                                         by reference to the Registrant&rsquo;s Current Report on Form 8-K filed on February 1,
                                         2017.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">(3)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Incorporated
                                         by reference to the Registrant&rsquo;s Current Report on Form 8-K filed on May 3, 2016.</TD>
</TR></TABLE>

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<TD STYLE="width: 15pt; text-align: left">(4)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Incorporated
                                         by reference to the Registrant&rsquo;s Current Report on Form 8-K filed on July 19, 2016.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left">(5)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Incorporated
                                         by reference to the Registrant&rsquo;s Current Report on Form 8-K filed on October 14,
                                         2016.</TD>
</TR></TABLE>

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<TD STYLE="width: 15pt; text-align: left">(6)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Incorporated
                                         by reference to the Registrant&rsquo;s Current Report on Form 8-K filed on February 1,
                                         2017.</TD>
</TR></TABLE>


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<TD STYLE="width: 15pt; text-align: left">(7)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Incorporated
                                         by reference to the Registrant&rsquo;s Annual Report on Form 10-K filed on February 16,
                                         2017.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">* To be filed by subsequent amendment.</P>

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






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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A>&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 17. Undertakings.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) The undersigned registrant hereby undertakes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1) To file, during any period in which offers
or sales are being made, a post-effective amendment to this registration statement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i) To include any prospectus required by
Section 10(a)(3) of the Securities Act of 1933;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii) To reflect in the prospectus any facts
or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes
in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation
of Registration Fee&rdquo; table in the effective registration statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii) To include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Provided</I>, <I>however</I>,&nbsp;that
paragraphs (a)(1)(i), (ii), and (iii) do not apply if the registration statement is on Form S-1, Form S-3, Form SF-3 or Form F-3
and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with
or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities&nbsp;Exchange Act&nbsp;of
1934 that are incorporated by reference in the registration statement, or, as to a registration statement on Form S-3, Form SF-3
or Form F-3, is contained in a form of prospectus filed pursuant to 424(b)&nbsp;of this chapter that is part of the registration
statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2) That, for the purpose of determining any
liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial&nbsp;<I>bona
fide</I>&nbsp;offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(3) To remove from registration by means of
a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(4) That for the purpose of determining any
liability under the Securities Act of 1933 in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or
sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser
and will be considered to offer or sell such securities to such purchaser:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i) Any preliminary prospectus or prospectus
of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii) Any free writing prospectus relating
to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii) The portion of any other free writing
prospectus relating to the offering containing material information about the undersigned registrant or its securities provided
by or on behalf of the undersigned registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iv) Any other communication that is an
offer in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule
424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or
other than prospectuses filed in reliance on Rule 430A (&sect; 230.430A of this chapter), shall be deemed to be part of and included
in the registration statement as of the date it is first used after effectiveness. <I>Provided, however,</I> that no statement
made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or
deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will,
as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior
to such date of first use.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;The undersigned hereby
undertakes to provide to the underwriter at the closing specified in the underwriting agreements, certificates in such denominations
and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed
by the final adjudication of such issue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;The undersigned registrant
hereby undertakes that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1) For purposes of determining any liability
under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement
in reliance upon&nbsp;Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4)
or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2) For the purpose of determining any liability
under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial&nbsp;<I>bona fide</I>&nbsp;offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;The undersigned registrant
hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's
annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing
of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated
by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

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


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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of New York, State of New York, on the 27th day of March, 2017.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-size: 10pt">PAVMED INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Lishan Aklog, M.D.&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Lishan Aklog, M.D.&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chairman and Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(Principal Executive Officer)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">KNOW ALL MEN BY THESE
PRESENTS, that each person whose signature appears below constitutes and appoints each Lishan Aklog, M.D. and Dennis M. McGrath
his true and lawful attorney-in-fact, with full power of substitution and resubstitution for him and in his name, place and stead,
in any and all capacities to sign any and all amendments including post-effective amendments to this registration statement, and
to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission,
hereby ratifying and confirming all that said attorney-in-fact or his substitute, each acting alone, may lawfully do or cause to
be done by virtue thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the
dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 40%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Name</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 40%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Position</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 18%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Lishan Aklog, M.D.</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Chairman and Chief Executive Officer </FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">March 27, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Lishan Aklog, M.D.</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">(Principal Executive Officer)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Dennis M. McGrath</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Chief Financial Officer (Principal Accounting </FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">March 27, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Dennis M. McGrath</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">and Financial Officer) and Secretary</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid">*</P></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Vice Chairman</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 17.65pt; text-align: right"><FONT STYLE="font-size: 10pt">March 27, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Michael Glennon &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">March 27, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">James L. Cox, M.D.</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">March 27, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Ira Scott Greenspan</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">March 27, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Joshua R. Lamstein</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">March 27, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Ronald M. Sparks</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">March 27, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">David Weild IV</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">*&nbsp;&nbsp;By Dennis M. McGrath, Power of Attorney</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
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[{"type": "S-1", "sequence": "1", "filename": "t1700855_s1.htm", "description": "FORM S-1", "secsgml_size_bytes": 340835}]
{"company-data": {"conformed-name": "PAVmed Inc.", "cik": "0001624326", "assigned-sic": "3841", "irs-number": "471214177", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-216963", "film-number": "17715760"}, "business-address": {"street1": "ONE GRAND CENTRAL PLACE", "street2": "SUITE 4600", "city": "NEW YORK", "state": "NY", "zip": "10165", "phone": "212-949-4319"}, "mail-address": {"street1": "ONE GRAND CENTRAL PLACE", "street2": "SUITE 4600", "city": "NEW YORK", "state": "NY", "zip": "10165"}, "former-company": {"former-conformed-name": "PAXmed Inc.", "date-changed": "20141105"}}
As
filed with the Securities and Exchange Commission on March 27, 2017
Registration No. 333-
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
PAVMED
INC.
(Exact name of registrant as specified in
its constitutional documents)
Delaware
3841
47-1214177
(State or other jurisdiction of
incorporation or organization)
(Primary Standard Industrial Classification
Code Number)
(I.R.S. Employer Identification Number)
One Grand Central Place, Suite 4600
New York, New York 10165
(212) 949-4319
(Address, including zip code, and telephone
number, including area code, of registrant's principal executive offices)
Lishan Aklog, M.D.
Chairman and Chief Executive Officer
PAVmed Inc.
One Grand Central Place, Suite 4600
New York, New York 10165
(212) 949-4319
(Name, address, including zip code, and
telephone number, including area code, of agent for service)
Copies to:
Mark J. Wishner, Esq.
Christopher A. Bugel, Esq.
Greenberg Traurig, LLP
1750 Tysons Boulevard
Suite 1000
McLean, Virginia 22102
(703) 749-1300
(703) 749-1301 - Facsimile
Approximate date of commencement of proposed
sale to the public:
From time to time after the effective date of this Registration Statement.
If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the
following box.
¨
If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering.
¨
If this Form is a post-effective amendment
filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering.
¨
If this Form is a post-effective amendment
filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering.
¨
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of "large accelerated filer," "accelerated filer" and "smaller reporting company" in
Rule 12b-2 of the Exchange Act.
Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
¨
(Do not check if a smaller reporting company)
Smaller reporting company
x
CALCULATION OF REGISTRATION FEE
Title of each Class
    of
Security being registered
Amount being
Registered
Proposed
Maximum
Offering Price
Per Security
Proposed
Maximum
Aggregate
Offering Price(1)
Amount of
Registration
Fee(2)
Common Stock issuable upon the conversion of the Series A Convertible Preferred Stock (3)
1,388,608 Shares
$
5.95
$
8,262,218
$
957.59
Series X Warrants to Purchase Common Stock (3)(4)
2,537,028 Warrants
$
—
$
—
$
—
Common Stock Issuable Upon Exercise of  Series X Warrants (3)
2,537,028 Shares
$
5.95
$
15,095,317
1,749.55
Total
$
23,357,535
$
2,707.14
(1)
Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended (the "Securities Act").
(2)
Calculated pursuant to Rule 457(c) under the Securities Act based on an estimate of the proposed maximum aggregate offering price.
(3)
In the event of a stock split, reverse stock split, stock dividend or similar transaction involving our Common Stock, the number of shares registered shall automatically be adjusted to cover the additional shares of Common Stock issuable pursuant to Rule 416 under the Securities Act.
(4)
No fee pursuant to Rule 457(g) under the Securities
Act.
The registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment
which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant
to said Section 8(a), may determine.
The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
SUBJECT
TO COMPLETION, DATED
MARCH 27,
2017
PROSPECTUS
PAVmed Inc.
3,925,636 Shares of Common Stock
2,537,028 Series X Warrants
This prospectus relates
to the resale by the selling securityholders of PAVmed Inc., a Delaware corporation (the "Company") named herein (the
"Selling Securityholders") of up to 3,925,636 shares of common stock, par value $0.001 per share ("Common Stock")
and of up to 2,537,028 Series X Warrants.
The shares covered
by this prospectus include:
·
Up
to 1,388,608 shares of Common Stock underlying the Series A Convertible Preferred Stock (the "Series A Preferred")
held by the Selling Securityholders. Of these 1,388,608 shares:
o
925,733 of the shares are allocable to (i) the conversion of all outstanding shares of Series A
Preferred (issued pursuant to the Offering (as defined below)) and (ii) the shares issuable upon conversion of shares of Series
A Preferred issued as payment-in-kind dividends on the Series A Preferred during the next ten years (the "Series A Dividends");
and
o
462,875 of the shares are being registered to comply with the terms of the Registration Rights
Agreement (as defined below) which require the Company to register 150% of (i) the number of shares of Common Stock issuable upon
the conversion of all shares of outstanding shares of Series A Preferred (issued pursuant to the Offering) and (ii) the number
of shares issuable upon conversion of the shares of Series A Preferred issued as Series A Dividends.
·
Up
to 2,537,028 shares of Common Stock underlying the Series A Warrants and Series X Warrants held by the Selling Securityholders.
Of these 2,537,028 shares:
o
1,691,352 of the shares are allocable to the number of shares of Common Stock issuable upon the
assumed exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding
Series A Warrants not exchanged and all Series X Warrants held by the Selling Securityholders; and
o
845,676 of the shares of Common Stock being registered to comply with the terms of the Registration
Rights Agreement which require the Company to register 150% of the number of shares of Common Stock issuable upon the assumed exchange
of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series A Warrants
not exchanged and all Series X Warrants held by the Selling Securityholders.
The Series X Warrants covered
by this prospectus include:
·
Up to 2,537,028 Series X Warrants. Of
these 2,537,028 Series X Warrants:
o
1,691,352 are allocable to the number of Series X Warrants issuable upon the assumed exchange of
each outstanding Series A Warrant for four (4) Series X Warrants; and
o
845,676 are being registered to comply with the terms of the Registration Rights Agreement which
requires the Company to register 150% of the number of Series X Warrants issuable upon the assumed exchange of each outstanding
Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series A Warrants not exchanged
and all Series X Warrants held by the Selling Securityholders.
The Series A Preferred
and Series A Warrants (the "Series A Warrants") were initially issued and sold in a private placement offering with
closings on January 26, 2017, January 31, 2017 and March 8, 2017 (collectively, the "Offering"). The Series A Preferred
and Series A Warrants issued in the Offering were sold as a unit ("Private Placement Unit") consisting of one (1) share
of Series A Preferred and one (1) Series A Warrant at a purchase price of $6.00 per Private Placement Unit. Each Series A Warrant
is exchangeable for four (4) Series X Warrants. We have described the material terms of the Series A Warrants and Series X Warrants
elsewhere in this prospectus See the disclosures under the heading "
Description of Securities
" in this prospectus
for more information.
The Selling Securityholders may sell the
Series X Warrants or the shares of Common Stock to be registered hereby from time to time on any national securities exchange or
quotation service on which the securities may be listed or quoted at the time of sale, in one or more transactions otherwise than
on these exchanges or services, such as privately negotiated transactions, or using a combination of these methods, and at fixed
prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated
prices. See the disclosures under the heading "
Plan of Distribution
" in this prospectus for more information.
We will not receive any proceeds from the
resale of Common Stock or the Series X Warrants by the Selling Securityholders. We will however, receive a maximum of $10,148,112
from the Selling Stockholders assuming the Selling Securityholders exchange all of their Series A Warrants for Series
X Warrants and all such Series X Warrants are exercised on a cash basis.
Our Common Stock and IPO Warrants (as defined
below) are traded on the NASDAQ Capital Market under the symbols "PAVM" and "PAVMW," respectively. On March
21, 2017, the closing price of our Common Stock was $5.65 per share. We intend to apply to list the Series X Warrants on the NASDAQ
Capital Market. If we cannot secure approval for such listing, we intend to list the Series X Warrants on the OTCQB Market or other
trading market.
We offered and sold the securities issued
in the Offering pursuant to exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities
Act"), afforded by Section 4(a)(2) and Rule 506 of Regulation D promulgated thereunder.
Investing in our securities involves
risks. See "Risk Factors" beginning on page 6 to read about factors you should consider before buying our securities.
Neither the Securities and Exchange Commission
(the "SEC") nor any state or foreign securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus is March
27, 2017.
PAVMED INC.
TABLE OF CONTENTS
PROSPECTUS SUMMARY
2
THE OFFERING
4
RISK FACTORS
6
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
6
USE OF PROCEEDS
7
SELLING SECURITYHOLDERS
7
PLAN OF DISTRIBUTION
14
DESCRIPTION OF SECURITIES
16
LEGAL MATTERS
21
EXPERTS
21
WHERE YOU CAN FIND ADDITIONAL INFORMATION
21
ABOUT
THIS PROSPECTUS
Unless the context requires otherwise, in
this prospectus, we use the terms "our company," "the company," "we," "us," "our,"
and similar references to refer to PAVmed Inc. and its subsidiaries.
We and the Selling Securityholders have
not authorized anyone to provide any information other than that contained in this prospectus or in any prospectus supplement prepared
by us or on our behalf or to which we may have referred you. We do not take any responsibility for, and cannot provide any assurance
as to the reliability of, any other information that others may give you. We have not authorized any other person to provide you
with different or additional information, and none of us are making an offer to sell the securities in any jurisdiction where the
offer or sale thereof is not permitted. This offering is being made solely on the basis of the information contained in this prospectus.
You should assume that the information appearing in this prospectus is accurate only as of the date on the front cover of this
prospectus, regardless of the time of delivery of the prospectus or of any sale of the securities. Our business, financial condition,
results of operations and prospects may have changed since the date on the front cover of this prospectus.
We have proprietary rights to trademarks
used in this prospectus, including PAVmed, PortIO, Caldus, CarpX, NextCath, NextFlo and "Innovating at the Speed of Life."
Solely for our convenience, trademarks and trade names referred to in this prospectus may appear without the "®"
or "™" symbols, but such references are not intended to indicate, in any way, that we will not assert, to the
fullest extent possible under applicable law, our rights or the rights to these trademarks and trade names. We do not intend our
use or display of other companies' trade names, trademarks or service marks to imply a relationship with, or endorsement
or sponsorship of us by, any other companies. Each trademark, trade name, or service mark of any other company appearing in this
prospectus is the property of its respective holder.
PROSPECTUS SUMMARY
This prospectus is part of a registration
statement on Form S-1 that we filed with the SEC. From time to time, we may file one or more prospectus supplements to add, update
or change information included in this prospectus. You should read both this prospectus and any applicable prospectus supplements,
together with additional information described below under the caption "Where You Can Find Additional Information."
You should also carefully consider, among other things, the matters discussed in the section entitled "Risk Factors."
Overview
We are a highly-differentiated multi-product
medical device company organized to conceive, develop and commercialize a diversified pipeline of innovative products we believe
address unmet clinical needs and possess attractive market opportunities. Our goal is to enhance and accelerate value creation
by employing a business model focused on capital and time efficiency. We intend to continuously explore promising ideas and
opportunities that fulfill our project selection criteria without limiting ourselves to any target specialty or condition. Our
current pipeline includes the following six lead projects, all of which are the subject of filed patent applications. One of
these projects, NextFlo, also has two issued patents and one, DisappEAR is based on a family of patents and patent
applications licensed from a group of academic centers. These projects are all in the development phase and have not yet
received regulatory approval.
2
Table of Contents
·
PortIO:
A novel long-term implantable intraosseous vascular access device with no indwelling intravascular component.
·
CarpX:
Completely percutaneous device to treat carpal tunnel syndrome.
·
NextCath:
Self-anchoring catheters which do not require suturing, traditional anchoring techniques or costly add-on catheter securement devices.
·
DisappEAR:
Antibiotic-eluting resorbable ear tubes, developed from a proprietary aqueous silk technology.
·
NextFlo:
Highly accurate disposable infusion pumps using stored potential energy and variable flow resistors.
·
Caldus:
Completely disposable tissue ablation devices which can also be used for renal denervation to treat hypertension.
In addition to our six lead projects, we
are working on projects which are currently in the conceptual phase. As is the case with our lead projects, these additional projects
cover a wide range of clinical conditions and procedures, including sleep apnea, extracorporeal membrane oxygenation (ECMO), laparoscopic
hernia repair, cardiac surgery, interventional cardiology and endotracheal intubation.
Corporate History and Organizational Structure
We were incorporated on June 26, 2014 in
the State of Delaware under the name PAXmed Inc. In April 2015, we changed our name to PAVmed Inc. In January 2016, the registration
statement on SEC Form S-1 (File No. 333-203569) for our initial public offering ("IPO") was declared effective
by the SEC. On April 28, 2016, we consummated the initial public offering of 1,060,000 units, each unit consisting of one
share of common stock and one warrant. The units were sold at an offering price of $5.00 per unit, generating gross proceeds of
$5.3 million, and net cash proceeds of $4.2 million, after deducting cash selling agent discounts and commissions and offering
expenses. Each warrant entitles the holder to purchase one share of common stock at $5.00 per share until January 29, 2022, or
earlier upon redemption.
Office Location
Our business address is One Grand
Central Place, Suite 4600, New York, New York 10165, and our telephone number is (212) 949-4319. Our corporate website is
www.pavmed.com
.
The information contained on or that can be assessed through our website is not incorporated by reference into this prospectus
and you should not consider information on our website to be part of this prospectus or in deciding whether to purchase our securities.
Risks Affecting Our Company
In evaluating an investment in our
securities, you should carefully read this prospectus and especially consider the factors discussed in the section titled "
Risk
Factors
" commencing on page 6.
Background of this Prospectus
On January 26, 2017 (the "Closing
Date"), the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") in connection with
the Offering. At closings which took place on January 26, 2017, January 31, 2017 and March 8, 2017 with 28 accredited investors
(the "Investors"), 422,838 Private Placement Units were sold at a purchase price of $6.00 per Private Placement Unit.
Each Private Placement Unit consists of (i) one (1) share of Series A Preferred, that is initially convertible into
one (1) share of the Company's Common Stock and (ii) one (1) Series A Warrant exercisable for one (1) share of Common Stock.
Each Series A Warrant is exchangeable for four (4) Series X Warrants. We have described the material terms of the Series A Warrants
and Series X Warrants elsewhere in this prospectus. See the disclosures under the heading "
Description of Securities
"
in this prospectus for more information.
3
Table of Contents
We engaged Xzerta
Trading LLC d/b/a HCFP Capital Markets ("Xzerta") as our exclusive placement agent in connection with the Offering,
and in consideration for the services provided by it, Xzerta was entitled to receive a commission equal to 7.0% of the gross proceeds
received by us, as well as reimbursement for all reasonable expenses incurred by it in connection with its engagement. We received
gross proceeds of approximately $2,537,028.
In connection with the Offering, we entered
into a registration rights agreement with the Investors (the "Registration Rights Agreement"), pursuant to which we
became obligated, as soon as practicable, but in any event by the date that is sixty (60) days after the Closing Date, to file
a registration statement covering the resale of the shares of Common Stock and Series X Warrants issuable pursuant to the terms
of the securities issued in the Offering, including securities that may be issued in the future as dividends on the Series A Preferred.
The Company is obligated to use its commercially reasonable best efforts to cause the registration statement to be declared effective
by the SEC as soon as practicable, but in no event later than the date that is 150 days after the Closing Date.
Under the Registration Rights Agreement,
we have agreed to keep each registration statement effective at all times until the earlier of (i) the date as of which the Investors
may sell all of the securities covered by such registration statement without volume or manner-of-sale limitations pursuant to
Rule 144 (or any successor thereto) promulgated under the Securities Act or (ii) the date on which the Investors shall have sold
all of the securities covered by such registration statement.
THE OFFERING
This prospectus relates to the resale from
time to time by the Selling Securityholders identified in this prospectus of up to (i) 3,925,636 shares of Common Stock underlying
the Series A Preferred, the Series A Warrants and the Series X Warrants and up to (ii) 2,537,028 Series X Warrants. None of the
shares or warrants to be registered hereby are being offered for sale by us.
Common Stock outstanding prior to March 21, 2017
13,331,211
Common Stock offered by the Selling Securityholders
3,925,636(1)
Common Stock to be outstanding after the offering
17,256,847(2)
Series X Warrants
2,537,028(3)
The Series X Warrants are exercisable at any time after the
    later of (i) the date the final stockholder approval requirement has been obtained in order to meet the requirement of
    Nasdaq Stock Market Rule 5635(d) and (ii) October 31, 2018, and until April 30, 2024.  The Series X Warrant
    exercise price and number of shares of Common Stock issuable upon exercise of a Series X Warrant are subject to appropriate
    adjustment in the event of stock dividends, stock splits or similar events affecting the Common Stock.
4
Table of Contents
Holders may exercise Series X Warrants by paying the exercise price in cash or, at any time after the six (6) month anniversary of the Closing Date if there is no effective registration statement registering, or no current prospectus available for, the resale of the Series X Warrant shares by the holder, then the Series X Warrant may also be exercised, in whole or in part, at such time by means of a "cashless exercise".
At any time after April 30, 2019, the Company, may at its option, redeem all, but not less than all, of the outstanding Series X Warrants at a price of $0.01 per Series X Warrant if the volume weighted average price per share of the Common Stock has been at least $18.00  (as adjusted for stock splits, stock dividends, or similar events occurring after the Closing Date) for twenty (20) trading days out of the thirty (30) trading day period ending three (3) business days prior to the notice of redemption in addition to other conditions set forth in each Series X Warrant.
Trading Symbols
Our Common Stock and IPO Warrants are traded on the Nasdaq Capital Market under the symbols "PAVM" and "PAVMW," respectively. We intend to apply to list the Series X Warrants on the Nasdaq Capital Market.  If we cannot secure approval for such listing, we intend to list the Series X Warrants on the OTCQB Market or other trading market.
Use of proceeds
We will not receive any proceeds from the resale of Common
    Stock or the Series X Warrants by the Selling Securityholders. We will however, receive a maximum of $10,148,112
    from the Selling Securityholders assuming the Selling Securityholders exchange all of their Series A Warrants
    for Series X Warrants and all such Series X Warrants are exercised on a cash basis.  See the section
    titled "
Use of Proceeds
" for further information on our use of proceeds from this offering.
Risk Factors
Prospective investors should carefully consider "
Risk
    Factors
" beginning on page 6 before buying the shares of Common Stock or the Series X Warrants.
(1)
The aggregate amount of shares to be registered is based on 150% of (i) the number of shares of
Common Stock issuable upon the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to
Common Stock and (ii) the shares issuable upon conversion of shares of Series A Preferred issued as Series A Dividends, plus (iii)
150% of the number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series
X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders.
5
Table of Contents
(2)
Assumes that (i) the Series A Preferred is exercisable within sixty (60) days as a result of the Company's information
statement being filed with the SEC in order to meet the stockholder approval requirement under Nasdaq Rule 5635(d) and mailed to
stockholders and (ii) each Series A Warrant has been exchanged for four (4) Series X Warrants.
(3)
The aggregate amount of Series X Warrants to be registered is based on 150% of the number of Series X Warrants issuable upon
the assumed exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding
Series A Warrants not exchanged and all Series X Warrants held by the Selling Securityholders.
RISK FACTORS
An investment in our securities involves
significant risks. You should consider the "
Risk Factors
" included in our Annual Report on Form 10-K
for the fiscal year ended December 31, 2016, filed with the SEC on February 16, 2017 and, which is incorporated by reference in
this prospectus. The market or trading price of our securities could decline due to any of these risks. In addition, please read
"
Cautionary Note Regarding Forward-Looking Statements
" in this prospectus, where we describe additional uncertainties
associated with our business and the forward-looking statements included or incorporated by reference in this prospectus. Our
business, financial position, results of operations or liquidity could be adversely affected by any of those risks. The risks
and uncertainties we describe are not the only ones facing us. Additional risks and uncertainties not presently known to us or
that we currently deem immaterial may also impair our business or operations. Any adverse effect on our business, financial condition
or operating results could result in a decline in the value of our shares of Common Stock and other securities and the loss of
all or part of your investment.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
The statements contained in this prospectus
and in the documents incorporated by reference in this prospectus that are not purely historical are forward-looking statements.
Forward-looking statements include, but are not limited to, statements regarding expectations, hopes, beliefs, intentions or strategies
regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events
or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipates," "believes,"
"continues," "could," "estimates," "expects," "intends," "may,"
"might," "plans," "possible," "potential," "predicts," "projects,"
"should," "would" and similar expressions may identify forward-looking statements, but the absence of these
words does not mean that a statement is not forward-looking. Forward-looking statements in this registration statement and in the
documents incorporated by reference in this prospectus may include, for example, statements about our:
·
limited operating history;
·
ability to generate revenue;
·
ability of our products to achieve regulatory approval and market acceptance;
·
success in retaining or recruiting, or changes required in, our officers, key employees or directors;
·
expectation that our existing capital resources will be sufficient to enable us to successfully meet the capital requirements for all of our current and future products;
·
potential ability to obtain additional financing when and if needed;
·
ability to sustain status as a going concern;
6
Table of Contents
·
ability to protect our intellectual property rights;
·
ability to complete strategic acquisitions;
·
ability to manage growth and integrate acquired operations;
·
potential liquidity and trading of our securities;
·
regulatory or operational risks;
·
estimates regarding expenses, future revenue, capital requirements and needs for additional financing; or
·
expectations
    regarding the time during which we will be an Emerging Growth Company under the JOBS Act.
The forward-looking statements contained in this prospectus
and in the documents incorporated by reference in this prospectus are based on current expectations and beliefs concerning future
developments and their potential effects on us. There can be no assurance that future developments will be those that have been
anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or
other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading
"
Risk Factors
." Should one or more of these risks or uncertainties materialize, or should any of our assumptions
prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We do not
undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities laws.
USE OF PROCEEDS
We will not receive proceeds from the sale
of Common Stock under this prospectus. We will not receive any proceeds from the resale of Common Stock or the Series X Warrants
by the Selling Securityholders. We will however, receive a maximum of $10,148,112 from the Selling Securityholders
assuming the Selling Securityholders exchange all of their Series A Warrants for Series X Warrants and all such
Series X Warrants are exercised on a cash basis. Any proceeds we receive will be used for working capital.
SELLING SECURITYHOLDERS
This prospectus covers the resale from time
to time by the Selling Securityholders identified in the table below of:
·
Up
to 1,388,608 shares of Common Stock underlying the Series A Preferred held by the Selling Securityholders. Of these 1,388,608 shares:
o
925,733 of the shares are allocable to (i) the conversion of all outstanding shares of Series A
Preferred (issued pursuant to the Offering) and (ii) the number of shares issuable upon conversion of the shares of Series A Preferred
issued as Series A Dividends; and
o
462,875 of the shares are being registered to comply with the terms of the Registration Rights
Agreement which require the Company to register 150% of (i) the number of shares of Common Stock issuable upon the conversion of
all shares of outstanding shares of Series A Preferred (issued pursuant to the Offering) and (ii) the number of shares issuable
upon conversion of the shares of Series A Preferred issued as Series A Dividends.
7
Table of Contents
·
Up
to 2,537,028 shares of Common Stock underlying the Series A Warrants and Series X Warrants held by the Selling Securityholders.
Of these 2,537,028 shares:
o
1,691,352 of the shares are allocable to the number of shares of Common Stock issuable upon the
assumed exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding
Series A Warrants not exchanged and all Series X Warrants held by the Selling Securityholders; and
o
845,676 of the shares of Common Stock being registered to comply with the terms of the Registration
Rights Agreement which require the Company to register 150% of the number of shares of Common Stock issuable upon the assumed exchange
of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series A Warrants
not exchanged and all Series X Warrants held by the Selling Securityholders.
·
Up to 2,537,028 Series X Warrants. Of
these 2,537,028 Series X Warrants:
o
1,691,352 are allocable to the number of Series X Warrants issuable upon the assumed exchange of
each outstanding Series A Warrant for four (4) Series X Warrants; and
o
845,676 are being registered to comply with the terms of the Registration Rights Agreement which
requires the Company to register 150% of the number of Series X Warrants issuable upon the assumed exchange of each outstanding
Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series A Warrants not exchanged
and all Series X Warrants held by the Selling Securityholders.
For additional information regarding the
issuance of the shares of Series A Preferred, the Series A Warrants and the Series X Warrants. See the disclosures under "
Prospectus
Summary – The Offering
" elsewhere in this prospectus.
We are registering the shares of Common
Stock hereby pursuant to the terms of the Registration Rights Agreement among us and the Investors in order to permit the Selling
Securityholders identified in the table below to offer the shares for resale from time to time. In accordance with the Registration
Rights Agreement, this prospectus covers the resale of (i) 150% of the maximum number of shares of Common Stock issuable upon the
conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock and (ii) 150% of the
maximum shares of Common Stock issuable upon exercise of the Series X Warrants held by the Selling Securityholders. Because the
shares of Common Stock issuable upon the conversion of the Series A Preferred and the exercise of our Series X Warrants are subject
to adjustments if our shares of Common Stock are subdivided or combined (by any stock split, stock dividend, recapitalization,
reorganization, scheme, arrangement or otherwise) and our Series X Warrants permit, in certain circumstances, the "cashless"
exercise thereof, the number of shares that will actually be issuable upon any exercise thereof may be more or less than the number
of shares being offered by this prospectus.
Shares of our Common Stock Offered (underlying the Series
A Preferred and the Series X Warrants)
Common Stock Table
# 1 sets forth the (i) number of shares of Common Stock issuable upon the conversion of all shares of outstanding Series A Preferred
(issued pursuant to the Offering) to Common Stock, (ii) number of shares of Common Stock issuable upon the payment of the Series
A Dividends; and (iii) number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four
(4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders.
Common Stock Table
# 2 sets forth 150% of the (i) number of shares of Common Stock issuable upon the conversion of all shares of outstanding Series
A Preferred (issued pursuant to the Offering) to Common Stock, (ii) number of shares of Common Stock issuable upon the payment
of the Series A Dividends; and (iii) number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant
for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders.
8
Table of Contents
In addition, both tables
below (i) list the Selling Securityholders and other information regarding the beneficial ownership (except with respect to Column
2, as determined under Section 13(d) of the Exchange Act of 1934, as amended (the "Exchange Act") and the rules and
regulations thereunder) of our Common Stock by each of the Selling Securityholders; (ii) have been prepared based upon information
furnished to us by the Selling Securityholders; and, (iii) are to our knowledge, is accurate as of the date of this prospectus.
The Selling Securityholders may sell all, some or none of their shares in this offering. See the disclosure under the heading "
Plan
of Distribution
" elsewhere in this prospectus. The Selling Securityholders identified in the table below may have sold,
transferred or otherwise disposed of some or all of their shares since the date of this prospectus in transactions exempt from
or not subject to the registration requirements of the Securities Act. Information concerning the Selling Securityholders may change
from time to time and, if necessary, we will amend or supplement this prospectus accordingly and as required.
Common Stock Table # 1
Column
    1
Column
    2
Column
    3
Column
    4
Column
    5
Column
    6
Name of Selling Securityholder
Number of
Shares of
Common Stock
Issued and
Issuable (1)
Number of
Shares of
Common Stock
Beneficially
Owned Prior to
this Offering (1)
Maximum
Number of
Shares of
Common Stock
to be Sold
Pursuant to this
Prospectus (1)
Number of
Shares of
Common Stock
Beneficially
Owned After
This Offering
Percentage of
Shares
    of
Common Stock
Beneficially
Owned After
This Offering (2)
Dubreville Family Trust, 7/1/97
433,714
433,714
433,714
0
0.00
%
Doron Hay Saar
309,810
309,810
309,810
0
0.00
%
La Grossa Family Trust Dated January 29th 2008
154,917
154,917
154,917
0
0.00
%
Mark A. Romney(3)
111,291
111,291
103,291
8,000
0.06
%
Rooney & Associates Communications LLC Pension Plan
103,291
103,291
103,291
0
0.00
%
S&S Borgardt Family Trust UTD 8/22/07
55,785
55,785
55,785
0
0.00
%
Paige R. Dubreville
43,394
43,394
43,394
0
0.00
%
Preston M. Dubreville
43,394
43,394
43,394
0
0.00
%
Jacqueline Lindenbaum
61,986
61,986
61,986
0
0.00
%
The Ronald Shear Revocable Trust
92,933
92,933
92,933
0
0.00
%
Lauren Smith
24,803
24,803
24,803
0
0.00
%
Stephen L. Schwartz
24,803
24,803
24,803
0
0.00
%
Eric Bland
105,310
105,310
105,310
0
0.00
%
C. Geoffrey Hampson
25,767
25,767
25,767
0
0.00
%
Bradley Foster
102,965
102,965
102,965
0
0.00
%
Krishna Nathan
51,494
51,494
51,494
0
0.00
%
Justin Steele
102,965
102,965
102,965
0
0.00
%
Daniel Engelman
102,965
102,965
102,965
0
0.00
%
William S. Schreier
15,471
15,471
15,471
0
0.00
%
Edward S. Gutman
24,739
24,739
24,739
0
0.00
%
UBS Financial Services FBO John C. Campeau, Jr., IRA
154,422
154,422
154,422
0
0.00
%
Stephen Sadove(4)
660,417
660,417
102,965
557,452
4.18
%
Marc W. Gerdisch(5)
664,267
664,267
102,965
561,302
4.21
%
Stephen Greenberg
51,500
51,500
51,500
0
0.00
%
Allen D. Hamdan
51,500
51,500
51,500
0
0.00
%
David Richer
15,471
15,471
15,471
0
0.00
%
Paul Spence(6)
59,200
59,200
51,500
7,700
0.06
%
Steven W. Boyce
102,965
102,965
102,965
0
0.00
%
Total
3,751,539
3,751,539
2,617,085
1,134,454
8.51
%
9
Table of Contents
(1) Assumes that (i) the Series A Preferred is exercisable within 60 days as a result of the Company's information statement being filed with the SEC in order to meet the stockholder approval requirement under Nasdaq Rule 5635(d) and mailed to stockholders and (ii) each Series A Warrant has been exchanged for four (4) Series X Warrants.
(2) Percentage ownership for each Selling Stockholder is determined in accordance with Section 13(d) of the Exchange Act and is based on 13,331,211 outstanding shares of our Common Stock as of March 21, 2017.
(3) Mr. Romney may be deemed to have beneficial ownership of 111,291 shares of Common Stock, which consists of the following: (i) 103,291 shares of Common Stock issuable upon (A) the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock, (B) the number of shares of Common Stock issuable upon the payment of the Series A Dividends; and (C) the number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders, (ii) 4,000 shares of Common Stock and (iii) 4,000 IPO Warrants.
(4) Mr. Sadove may be deemed to have beneficial ownership of 660,417 shares of Common Stock, which consists of the following: (i) 102,965 shares of Common Stock issuable upon (A) the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock, (B) the number of shares of Common Stock issuable upon the payment of the Series A Dividends; and (C) the number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders and (ii) 557,452 shares of Common Stock.
(5) Dr. Gerdisch may be deemed to have beneficial ownership of 664,267 shares of Common Stock, which consists of the following: (i) 102,965 shares of Common Stock issuable upon (A) the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock, (B) the number of shares of Common Stock issuable upon the payment of the Series A Dividends; and (C) the number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders, (ii) 561,252 shares of Common Stock and (iii) 50 IPO Warrants.
(6) Dr. Spence may be deemed to have beneficial ownership of 59,200 shares of Common Stock, which consists of the following: (i) 51,500 shares of Common Stock issuable upon (A) the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock, (B) the number of shares of Common Stock issuable upon the payment of the Series A Dividends; and (C) the number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders, (ii) 3,900 shares of Common Stock and (iii) 3,800 IPO Warrants.
10
Table of Contents
Common Stock Table # 2
Column 1
Column 2
Column 3
Column 4
Column 5
Column 6
Name of Selling Securityholder
Number of
Shares
    of
Common Stock
Issued and
Issuable (1)
Number of
Shares
    of
Common Stock
Beneficially
Owned Prior to
this Offering (1)
Maximum
Number of
Shares of
Common Stock
to be Sold
Pursuant to this
Prospectus (1)
Number of
Shares
    of
Common Stock
Beneficially
Owned After
This Offering
Percentage of
Shares
    of
Common Stock
Beneficially
Owned After
This Offering (2)
Dubreville Family Trust, 7/1/97
650,571
650,571
650,571
0
0.00
%
Doron Hay Saar
464,715
464,715
464,715
0
0.00
%
La Grossa Family Trust Dated January 29th 2008
232,376
232,376
232,376
0
0.00
%
Mark A. Romney(3)
162,937
162,937
154,937
8,000
0.06
%
Rooney & Associates Communications LLC Pension Plan
154,937
154,937
154,937
0
0.00
%
S&S Borgardt Family Trust UTD 8/22/07
83,678
83,678
83,678
0
0.00
%
Paige R. Dubreville
65,091
65,091
65,091
0
0.00
%
Preston M. Dubreville
65,091
65,091
65,091
0
0.00
%
Jacqueline Lindenbaum
92,979
92,979
92,979
0
0.00
%
The Ronald Shear Revocable Trust
139,400
139,400
139,400
0
0.00
%
Lauren Smith
37,205
37,205
37,205
0
0.00
%
Stephen L. Schwartz
37,205
37,205
37,205
0
0.00
%
Eric Bland
157,965
157,965
157,965
0
0.00
%
C. Geoffrey Hampson
38,651
38,651
38,651
0
0.00
%
Bradley Foster
154,448
154,448
154,448
0
0.00
%
Krishna Nathan
77,241
77,241
77,241
0
0.00
%
Justin Steele
154,448
154,448
154,448
0
0.00
%
Daniel Engelman
154,448
154,448
154,448
0
0.00
%
William S. Schreier
23,207
23,207
23,207
0
0.00
%
Edward S. Gutman
37,109
37,109
37,109
0
0.00
%
UBS Financial Services FBO John C. Campeau, Jr., IRA
231,633
231,633
231,633
0
0.00
%
Stephen Sadove(4)
711,900
711,900
154,448
557,452
4.18
%
Marc W. Gerdisch(5)
715,750
715,750
154,448
561,302
4.21
%
Stephen Greenberg
77,250
77,250
77,250
0
0.00
%
Allen D. Hamdan
77,250
77,250
77,250
0
0.00
%
David Richer
23,207
23,207
23,207
0
0.00
%
Paul Spence(6)
84,950
84,950
77,250
7,700
0.06
%
Steven W. Boyce
154,448
154,448
154,448
0
0.00
%
Total
5,060,090
5,060,090
3,925,636
1,134,454
8.51
%
(1) Assumes that (i) the Series A Preferred is exercisable within 60 days as a result of the Company's information statement being filed with the SEC in order to meet the stockholder approval requirement under Nasdaq Rule 5635(d) and mailed to stockholders and (ii) each Series A Warrant has been exchanged for four (4) Series X Warrants.
(2) Percentage ownership for each Selling Stockholder is determined in accordance with Section 13(d) of the Exchange Act and is based on 13,331,211 outstanding shares of our Common Stock as of March 21, 2017.
(3) Mr. Romney may be deemed to have beneficial ownership of 162,937 shares of Common Stock, which consists of the following: (i) 154,937 shares of Common Stock issuable upon 150% of (A) the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock, (B)  the number of shares of Common Stock issuable upon the payment of the Series A Dividends; and (C) number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders, (ii) 4,000 shares of Common Stock and (iii) 4,000 IPO Warrants.
(4) Mr. Sadove may be deemed to have beneficial ownership of 711,900 shares of Common Stock, which consists of the following: (i) 154,448 shares of Common Stock issuable upon 150% of (A) the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock, (B)  the number of shares of Common Stock issuable upon the payment of the Series A Dividends; and (C) the number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders and (ii) 557,452 shares of Common Stock.
11
Table of Contents
(5) Dr. Gerdisch may be deemed to have beneficial ownership of 715,750 shares of Common Stock, which consists of the following: (i) 154,448 shares of Common Stock issuable upon 150% of (A) the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock, (B)  the number of shares of Common Stock issuable upon the payment of the Series A Dividends; and (C) the number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders, (ii) 561,252 shares of Common Stock and (iii) 50 IPO Warrants.
(6) Dr. Spence may be deemed to have beneficial ownership of 84,950 shares of Common Stock, which consists of the following: (i) 77,250 shares of Common Stock issuable upon 150% of (A) the conversion of all shares of outstanding Series A Preferred (issued pursuant to the Offering) to Common Stock, (B)  the number of shares of Common Stock issuable upon the payment of the Series A Dividends; and (C) the number of shares of Common Stock issuable upon the exchange of each outstanding Series A Warrant for four (4) Series X Warrants and the subsequent exercise of all outstanding Series X Warrants held by the Selling Securityholders, (ii) 3,900 shares of Common Stock and (iii) 3,800 IPO Warrants.
Series X Warrants Offered
Warrant Table #1 below sets forth the number
of Series X Warrants issuable upon the assumed exchange of each outstanding Series A Warrant issued in the Offering for four (4)
Series X Warrants.
Warrant Table #2 below sets forth 150% of
the number of Series X Warrants issuable upon the assumed exchange of each outstanding Series A Warrant issued in the Offering
for four (4) Series X Warrants.
In addition, both tables below also (i)
list the Selling Securityholders and other information regarding the beneficial ownership of our Series X Warrants by each of the
Selling Securityholders; (ii) have been prepared based upon information furnished to us by the Selling Securityholders; and, (iii)
to our knowledge, are accurate as of the date of this prospectus. The Selling Securityholders may sell all, some or none of their
Series X Warrants in this offering. See the disclosure under the heading "
Plan of Distribution
" elsewhere in
this prospectus. Information concerning the Selling Securityholders may change from time to time and, if necessary, we will amend
or supplement this prospectus accordingly and as required.
Warrant Table # 1
Name
    of Selling Securityholder
Number
    of
Series X
Warrants Offered(1)
Percentage
    of
Outstanding
Series X Warrants
Dubreville Family Trust, 7/1/97
280,000
16.55
%
Doron Hay Saar
200,000
11.82
%
La Grossa Family Trust Dated January 29th 2008
100,000
5.91
%
Mark A. Romney
66,668
3.94
%
Rooney & Associates Communications LLC Pension Plan
66,668
3.94
%
S&S Borgardt Family Trust UTD 8/22/07
36,000
2.13
%
Paige R. Dubreville
28,000
1.66
%
Preston M. Dubreville
28,000
1.66
%
Jacqueline Lindenbaum
40,000
2.36
%
The Ronald Shear Revocable Trust
60,000
3.55
%
Lauren Smith
16,000
0.95
%
Stephen L. Schwartz
16,000
0.95
%
Eric Bland
68,000
4.02
%
C. Geoffrey Hampson
16,668
0.99
%
Bradley Foster
66,668
3.94
%
Krishna Nathan
33,332
1.97
%
Justin Steele
66,668
3.94
%
Daniel Engelman
66,668
3.94
%
William S. Schreier
10,000
0.59
%
Edward S. Gutman
16,000
0.95
%
UBS Financial Services FBO John C. Campeau, Jr., IRA
100,000
5.91
%
Stephen Sadove
66,668
3.94
%
Marc W. Gerdisch
66,668
3.94
%
Stephen Greenberg
33,336
1.97
%
Allen D. Hamdan
33,336
1.97
%
David Richer
10,000
0.59
%
Paul Spence
33,336
1.97
%
Steven W. Boyce
66,668
3.94
%
Total
1,691,352
100.00
%
(1)
Subject to appropriate adjustment in the event of stock dividends, stock splits or similar events affecting the Common Stock.
12
Table of Contents
Warrant Table # 2
Name
    of Selling Securityholder
Number
    of
Series X
Warrants Offered(1)
Percentage
    of
Outstanding
Series X Warrants
Dubreville Family Trust, 7/1/97
420,000
16.55
%
Doron Hay Saar
300,000
11.82
%
La Grossa Family Trust Dated January 29th 2008
150,000
5.91
%
Mark A. Romney
100,002
3.94
%
Rooney & Associates Communications LLC Pension Plan
100,002
3.94
%
S&S Borgardt Family Trust UTD 8/22/07
54,000
2.13
%
Paige R. Dubreville
42,000
1.66
%
Preston M. Dubreville
42,000
1.66
%
Jacqueline Lindenbaum
60,000
2.36
%
The Ronald Shear Revocable Trust
90,000
3.55
%
Lauren Smith
24,000
0.95
%
Stephen L. Schwartz
24,000
0.95
%
Eric Bland
102,000
4.02
%
C. Geoffrey Hampson
25,002
0.99
%
Bradley Foster
100,002
3.94
%
Krishna Nathan
49,998
1.97
%
Justin Steele
100,002
3.94
%
Daniel Engelman
100,002
3.94
%
William S. Schreier
15,000
0.59
%
Edward S. Gutman
24,000
0.95
%
UBS Financial Services FBO John C. Campeau, Jr., IRA
150,000
5.91
%
Stephen Sadove
100,002
3.94
%
Marc W. Gerdisch
100,002
3.94
%
Stephen Greenberg
50,004
1.97
%
Allen D. Hamdan
50,004
1.97
%
David Richer
15,000
0.59
%
Paul Spence
50,004
1.97
%
Steven W. Boyce
100,002
3.94
%
Total
2,537,028
100.00
%
(1)
Subject to appropriate adjustment in the event of stock dividends, stock splits or similar events affecting the Common Stock.
13
Table of Contents
The holders of the Series A Warrants issued
in the Offering have rights to exercise their warrants or exchange each of their Series A Warrants for four (4) Series X Warrants
and the holders of the Series X Warrants have rights to solely exercise their Series X Warrants. We have described the material
terms of the Series A Warrants and Series X Warrants elsewhere in this prospectus. See the disclosures under the heading "
Description
of Securities
" in this prospectus for more information. In addition, the participants in the Offering have ongoing registration
rights related to the securities issued therein pursuant to the terms of the Registration Rights Agreement, which are described
in more detail elsewhere in this prospectus.
We may be required to make payments to the
Investors in the Offering under certain circumstances pursuant to the terms of the Registration Rights Agreement. These potential
payments include: (i) partial damages for failure to register all of the securities required to be covered thereby; and (ii) payments
in respect of claims for which we provide indemnification or contribution. We intend to comply with the requirements of the Registration
Rights Agreement and do not currently expect to make any such payments; however, it is possible that such payments may be required.
PLAN OF DISTRIBUTION
We are registering the securities held by
the Selling Securityholders covered by this prospectus to permit issuance and/or the resale of those securities from time to time
after the date of this prospectus.
The Selling Securityholders, which, as used
herein, includes donees, pledgees, transferees or other successors-in-interest selling shares of Common Stock underlying warrants
or interests in shares of Common Stock underlying such warrants received after the date of this prospectus from a Selling Securityholder
as a gift, pledge, partnership distribution or other transfer, may, from time to time, sell, transfer or otherwise dispose of any
or all of their securities or interests in such securities on any stock exchange, market or trading facility on which the securities
are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale,
at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.
The Selling Securityholders may use any
one or more of the following methods when disposing of the securities or interests therein:
·
on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;
·
ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;
·
in the over the counter market;
·
block trades in which the broker-dealer will attempt to sell the securities as agent, but may position and resell a portion of the block as principal to facilitate the transaction;
·
purchases by a broker-dealer as principal and resale by the broker-dealer for its account;
14
Table of Contents
·
an exchange distribution or other future transaction exchange-related transaction in accordance with the rules of the applicable exchange or exchange-related transaction;
·
privately negotiated transactions;
·
short sales;
·
through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;
·
broker-dealers may agree with the Selling Securityholders to sell a specified number of such securities at a stipulated price per security;
·
a combination of any such methods of sale; and
·
any other method permitted pursuant to applicable law.
The Selling Securityholders may, from time
to time, pledge or grant a security interest in some or all of the securities owned by them and, if they default in the performance
of their secured obligations, the pledgees or secured parties may offer and sell the pledged securities, from time to time, under
this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities
Act amending the list of Selling Securityholders to include the pledgee, transferee or other successors in interest as Selling
Securityholders under this prospectus. The Selling Securityholders also may transfer the securities in other circumstances, in
which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this
prospectus; provided, however, that prior to any such transfer the following information (or such other information as may be required
by the federal securities laws from time to time) with respect to each such selling beneficial owner must be added to the prospectus
by way of a prospectus supplement or post-effective amendment, as appropriate: (1) the name of the selling beneficial owner;
(2) any material relationship the selling beneficial owner has had within the past three years with us or any of our predecessors
or affiliates; (3) the amount of securities of the class owned by such security beneficial owner before the offering; (4) the
amount to be offered for the security beneficial owner's account; and (5) the amount and (if one percent or more) the
percentage of the class to be owned by such security beneficial owner after the offering is complete.
In connection with the sale of our securities
or interests therein, the Selling Securityholders may enter into hedging transactions with broker-dealers or other financial institutions,
which may in turn engage in short sales of the securities in the course of hedging the positions they assume. The Selling Securityholders
may also sell securities short and deliver these securities to close out their short positions, or loan or pledge securities to
broker-dealers that in turn may sell these securities. The Selling Securityholders may also enter into option or other transactions
with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery
to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
The aggregate proceeds to the Selling Securityholders
from the sale of the securities offered by them will be the purchase price of the securities less discounts or commissions, if
any. Each of the Selling Securityholders reserves the right to accept and, together with their agents from time to time, to reject,
in whole or in part, any proposed purchase of securities to be made directly or through agents. We will not receive any of the
proceeds from the sale of securities offered by this prospectus. However, to the extent the warrants are exercised for cash, we
will receive the cash exercise price paid by the holders.
The Selling Securityholders also may resell
all or a portion of the securities in open market transactions in reliance upon Rule 144 under the Securities Act of 1933, provided
that they meet the criteria and conform to the requirements of that rule.
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The Selling Securityholders and any underwriters,
broker-dealers or agents that participate in the sale of the securities or interests therein may be "underwriters"
within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on
any resale of the securities may be underwriting discounts and commissions under the Securities Act. Selling Securityholders who
are "underwriters" within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus
delivery requirements of the Securities Act.
To the extent required, the securities to
be sold, the names of the Selling Securityholders, the respective purchase prices and public offering prices, the names of any
agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer will be set forth in
an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes
this prospectus.
The maximum amount of compensation to be
received by any FINRA member or independent broker-dealer for the sale of any securities registered under this prospectus will
not be greater than 8.0% of the gross proceeds from the sale of such securities.
In order to comply with the securities laws
of some states, if applicable, the securities may be sold in these jurisdictions only through registered or licensed brokers or
dealers. In addition, in some states the securities may not be sold unless they have been registered or qualified for sale or an
exemption from registration or qualification requirements is available and is complied with.
We have advised the Selling Securityholders
that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of shares in the market and to the activities
of the Selling Securityholders and their affiliates. In addition, we will make copies of this prospectus (as it may be supplemented
or amended from time to time) available to the Selling Securityholders for the purpose of satisfying the prospectus delivery requirements
of the Securities Act. The Selling Securityholders may indemnify any broker-dealer that participates in transactions involving
the sale of the shares against certain liabilities, including liabilities arising under the Securities Act.
Pursuant to the terms of the Series A Warrants
and the Series X Warrants, the shares of Common Stock to be issued upon exercise of such warrants will be distributed only to those
warrant holders who surrender the warrants or the certificates representing the warrants and provide payment of the exercise price
through their brokers to our warrant agent, Continental Stock Transfer & Trust Company.
DESCRIPTION OF SECURITIES
General
We are authorized to issue 50,000,000
shares of Common Stock, par value $.001, and 20,000,000 shares of preferred stock, par value $.001.
The following description of our capital
stock and certain provisions of our certificate of incorporation and bylaws are summaries and are qualified by reference to our
certificate of incorporation and our bylaws. Copies of these documents were filed with the SEC as exhibits to our registration
statement in connection with our IPO.
As of March 21, 2017, we had 13,331,211
outstanding shares of our Common Stock and 422,838 outstanding shares of our Series A Preferred. As of such date, we also had outstanding
(i) 422,838 Series A Warrants at an exercise price of $8.00 per share (which may be exchanged for four (4) Series X Warrants with
an exercise price of $6.00 per share), (ii) 10,579,695 IPO Warrants at an exercise price of $5.00 per share, (iii) unit purchase
options entitling the holders thereof to purchase 53,000 IPO units at an exercise price of $5.50 per unit, which units are identical
to the units sold in the Company's IPO and consist of one share of Common Stock and one IPO Warrant to purchase a share of
Common Stock at $5.00 per share, and (iv) employee stock options entitling the holders thereof to purchase 1,883,313 shares of
Common Stock at a weighted average exercise price of $5.25 per share.
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Common Stock
Holders of Common Stock are entitled to
one vote per share on matters on which our stockholders vote. There are no cumulative voting rights. Subject to any preferential
dividend rights of any outstanding shares of preferred stock, holders of Common Stock are entitled to receive dividends, if declared
by our board of directors, out of funds that we may legally use to pay dividends. If we liquidate or dissolve, holders of Common
Stock are entitled to share ratably in our assets once our debts and any liquidation preference owed to any then-outstanding preferred
stockholders are paid. Our certificate of incorporation does not provide the Common Stock with any redemption, conversion or preemptive
rights. All shares of Common Stock that are outstanding as of the date of this prospectus will be fully-paid and non-assessable.
Preferred Stock
Our Board of Directors has the authority,
without action by our stockholders, to designate and issue up to 20,000,000 shares, $0.001 par value per share, of preferred stock
in one or more series or classes and to designate the rights, preferences and privileges of each series or class, which may be
greater than the rights of our Common Stock. The Board's authority to issue preferred stock without stockholder approval
could make it more difficult for a third party to acquire control of our company, and could discourage such attempt.
Series A Preferred Stock
On January 26, 2017,
in order to authorize the shares of Series A Preferred, the Company filed a Certificate of Designation of Preferences, Rights and
Limitations of Series A Convertible Preferred Stock (the "Certificate of Designation") with the Delaware Secretary
of State. The Certificate of Designation fixes the rights, preferences, powers, restrictions and limitations of the Series A Preferred.
Capitalized terms in the description of the Series A Preferred herein have the definitions ascribed thereto in the Certificate
of Designation. The Certificate of Designation can be found as Exhibit 3.1 to the Form 8-K which the Company filed with the SEC
on February 1, 2017.
The Series A Preferred is a component of
the units being offered pursuant to the Purchase Agreement (the "Private Placement Units"). As of March 21, 2017, 422,838
Private Placement Units have been sold.
Each share of Series A Preferred shall
be convertible, at any time and from time to time, after the date  final stockholder approval has been obtained in order
to meet the requirement of Nasdaq Stock Market Rule 5635(d)  at the option of the holder thereof, into that number
of shares of Common Stock determined by dividing the Stated Value of such share of Series A Preferred ($6.00) by the conversion
price. The initial conversion price, which is also $6.00 shall be adjusted in the event the Company  (i)
pays a stock dividend or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common
Stock or any other Common Stock Equivalents (which, for avoidance of doubt, shall not include any shares of Common Stock issued
by the Company upon conversion of, or payment of a dividend on, the Series A Preferred), (ii) subdivides outstanding shares
of Common Stock into a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding shares
of Common Stock into a smaller number of shares, or (iv) issues, in the event of a reclassification of shares of the Common
Stock, any shares of capital stock of the Company. In addition, the conversion price is subject to weighted average
anti-dilution protection which can cause an increase in the number of shares of Common Stock issuable upon conversion of the
Series A Preferred as a result of reductions in the conversion price.
The holders of Series
A Preferred shall be entitled to receive, when, as and if declared by the Company's Board of Directors cumulative dividends
at the rate of 8% per annum of the Stated Value per share of Series A Preferred per annum. Such dividends shall accrue and cumulate
whether or not the Company has earnings or surplus, whether or not there are funds legally available for the payment of such dividends
and whether or not such dividends are declared by the Company's Board of Directors. All accumulated and unpaid dividends
shall compound quarterly at the rate of 8% of the Stated Value per annum. Through the Dividend Payment Date of April 1, 2021, the
dividends shall be payable in-kind in additional shares of Series A Preferred, rounded up to the nearest whole share. For Dividend
Payment Dates occurring after the April 1, 2021 Dividend Payment Date, such dividends shall be paid at the option of the Company
in any combination of shares of Series A Preferred, cash or shares of Common Stock. If the Company determines to pay any dividends
in shares of Common Stock, the number of shares of Common Stock payable shall be equal to the quotient of (i) the amount of the
dividend per share of Series A Preferred to be paid in shares of Common Stock and (ii) the average of the volume weighted average
price per share for the ten (10) consecutive Trading Days ending on the Trading Day that is immediately prior to the
applicable Dividend Payment Date determined as of the Dividend Payment Date.
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The holders of Series
A Preferred shall have no voting rights. However, as long as any shares of Series A Preferred are outstanding, the Company shall
not, without the affirmative vote of holders representing at least two-thirds of the then outstanding shares of the Series A Preferred
, (i) alter or change adversely the powers, preferences or rights given to the Series A Preferred or alter or amend the
Certificate of Designation, (ii) amend its certificate of incorporation or other charter documents in any manner that
adversely affects any rights of the holders, (iii) increase the number of authorized shares of Series A Preferred except
as to pay dividends, (iv) create any class of equity security that would rank senior to the Series A Preferred as to dividends
or rights in a Liquidation (as defined in the Certificate of Designation), or (v) enter into any agreement with respect to
any of the foregoing.
In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Company or Deemed Liquidation Event (as defined in the Certificate of Designation),
the holders of shares of Series A Preferred then outstanding shall be entitled to be paid out of the assets of the Company available
for distribution to its stockholders before any payment shall be made to the holders of Common Stock by reason of their ownership
thereof, an amount per share equal to the greater of (i) the Stated Value, plus any dividends accrued but unpaid thereon, or (ii)
such amount per share as would have been payable had all shares of Series A Preferred been converted into Common Stock in accordance
with the Certificate of Designation immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event.
IPO Warrants
We currently have 10,579,695 warrants
outstanding, consisting of 1,019,400 warrants sold in our IPO and 9,560,295 warrants issued in several private placements that
occurred prior to our IPO, all of which converted into identical warrants issued in the IPO (collectively, the "IPO Warrants").
Each IPO Warrant entitles the registered
holder to purchase one share of our Common Stock at a price of $5.00 per share, subject to adjustment as discussed below. Each
IPO Warrant is currently exercisable and will expire on January 29, 2022 at 5:00 p.m., New York City time. However, no IPO Warrants
will be exercisable for cash unless we have an effective and current registration statement covering the shares of Common Stock
issuable upon exercise of the IPO Warrants and a current prospectus relating to such shares of Common Stock. Notwithstanding the
foregoing, if a registration statement covering the shares of Common Stock issuable upon exercise of the IPO Warrants is not effective
when the IPO Warrants become exercisable, IPO Warrant holders may, until such time as there is an effective registration statement
and during any period when we shall have failed to maintain an effective registration statement, exercise IPO Warrants on a cashless
basis in the same manner as if we called the IPO Warrants for redemption and required all holders to exercise their IPO Warrants
on a "cashless basis." In such event, each holder would pay the exercise price by surrendering the IPO Warrants for
that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common
Stock underlying the IPO Warrants, multiplied by the difference between the exercise price of the IPO Warrants and the "fair
market value" (defined below) by (y) the fair market value. The "fair market value" for this purpose will
mean the average reported last sale price of the shares of Common Stock for the 10 trading days ending on the trading day prior
to the date of exercise. Pursuant to an agreement between us and the founders, the 8,083,049 warrants originally issued to the
founders, which now constitute IPO Warrants shall be exercisable on a "cashless" basis in their hands.
Commencing April 28, 2017, we may redeem
the outstanding IPO Warrants (other than those outstanding prior to our IPO held by our management, founders and members thereof,
but including warrants held by the initial investors), at our option, in whole or in part, at a price of $0.01 per IPO Warrant:
·
at
                                         any time while the IPO Warrants are exercisable;
·
upon
                                         a minimum of 30 days' prior written notice of redemption;
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·
if,
and only if, the volume weighted average price of our Common Stock equals or exceeds $10.00 (subject to adjustment) for any 20
consecutive trading days ending three business days before we send the notice of redemption, provided that the average daily trading
volume in the stock is at least 20,000 shares per day; and
·
if,
and only if, there is a current registration statement in effect with respect to the shares of Common Stock underlying such IPO
Warrants.
The right to exercise will be forfeited
unless the IPO Warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date,
a record holder of an IPO Warrant will have no further rights except to receive the redemption price for such holder's warrant
upon surrender of such IPO Warrant.
The redemption criteria for our IPO Warrants
have been established at a price which is intended to provide IPO Warrant holders a reasonable premium to the initial exercise
price and provide a sufficient differential between the then-prevailing share price and the IPO Warrant exercise price so that
if the share price declines as a result of our redemption call, the redemption should not cause the share price to drop below the
exercise price of the IPO Warrants.
If we call the IPO Warrants for redemption
as described above, we will have the option to require all holders that wish to exercise IPO Warrants to do so on a "cashless
basis." In such event, each holder would pay the exercise price by surrendering the IPO Warrants for that number of shares
of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the
IPO Warrants, multiplied by the difference between the exercise price of the IPO Warrants and the "fair market value"
(defined below) by (y) the fair market value. In this case, the "fair market value" shall mean the average reported
last sale price of the shares of Common Stock for the ten (10) trading days ending on the third trading day prior to the date on
which the notice of redemption is sent to the holders of IPO Warrants. Whether we will exercise our option to require all holders
to exercise their IPO Warrants on a "cashless basis" will depend on a variety of factors including the price of our
shares of Common Stock at the time the IPO Warrants are called for redemption, our cash needs at such time and concerns regarding
dilutive stock issuances.
The IPO Warrants have been issued in registered
form under a Warrant Agreement between Continental Stock Transfer & Trust Company (the "IPO Warrant Agent"), and
us (the "IPO Warrant Agreement"). The IPO Warrant Agreement provides that the terms of the IPO Warrants may be amended
without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval, by written
consent or vote, of the holders of a majority of the then outstanding IPO Warrants in order to make any change that adversely affects
the interests of the registered holders.
The exercise price and number of shares
of Common Stock issuable on exercise of the IPO Warrants may be adjusted in certain circumstances including in the event of a share
dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, the IPO Warrants will
not be adjusted for issuances of shares of Common Stock at a price below their respective exercise prices.
The IPO Warrants may be exercised upon surrender
of the warrant certificate on or prior to the expiration date at the offices of the IPO Warrant Agent, with the exercise form on
the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price,
by certified or official bank check payable to us, for the number of IPO Warrants being exercised. The IPO Warrant holders do not
have the rights or privileges of holders of shares of Common Stock and any voting rights until they exercise their IPO Warrants and receive shares of Common Stock. After the issuance
of shares of Common Stock upon exercise of the IPO Warrants, each holder will be entitled to one vote for each share held of record
on all matters to be voted on by stockholders.
Except as described above, no IPO Warrants
will be exercisable and we will not be obligated to issue shares of Common Stock unless at the time a holder seeks to exercise
such IPO Warrant, a prospectus relating to the shares of Common Stock issuable upon exercise of the IPO Warrants is current and
the shares of Common Stock have been registered or qualified or deemed to be exempt under the securities laws of the state of residence
of the holder of the IPO Warrants. Under the terms of the Warrant Agreement, we have agreed to use our commercially reasonable
best efforts to meet these conditions and to maintain a current prospectus relating to the shares of Common Stock issuable upon
exercise of the IPO Warrants until the expiration of the IPO Warrants.
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No fractional shares will be issued upon
exercise of the IPO Warrants. If, upon exercise of the IPO Warrants, a holder would be entitled to receive a fractional interest
in a share, we will, upon exercise, round up to the nearest whole number the number of shares of Common Stock to be issued to the
IPO Warrant holder.
Series A Warrants
Each Series A Warrant is exercisable
at any time after the date  final stockholder approval has been obtained in order to meet the requirement of Nasdaq
Stock Market Rule 5635(d). Such approval is required inasmuch as the potential exists for the Company issuing 20% or more
of its outstanding shares of Common Stock at a price below its current market price due to certain anti-dilution protections.
Each Series A Warrant will remain exercisable until April 30, 2024 and is exercisable for one (1) share of Common Stock at an
initial exercise price of $8.00 (the "Series A Exercise Price"). The Series A Exercise Price is subject
to weighted average anti-dilution protection which could cause the exercise price to decrease upon any issuances of shares of
Common Stock or common stock equivalents at less than the current exercise price. No such reduction, however, shall cause the
number of shares issuable upon exercise of a Series A Warrant to increase. Holders may exercise Series A Warrants by paying
the exercise price in cash or, if at any time after the six (6) month anniversary of the Closing Date, there is no effective registration
statement registering, or no current prospectus available for, the resale of the shares of Common Stock underlying the Series
A Warrants, then each Series A Warrant may also be exercised, in whole or in part, at such time by means of a "cashless
exercise". In addition, each Series A Warrant can be exchanged through April 30, 2024 for four (4) Series X Warrants. As
of March 21, 2017, we have issued 422,838 Series A Warrants.
Series X Warrants
Each Series X Warrant will be exercisable
for one (1) share of Common Stock at an exercise price of $6.00 per share, subject to adjustment as set forth in this prospectus,
commencing at 9:00 a.m., New York City time, on the first trading day following the later of (i) the date  final stockholder
approval has been obtained in order to meet the requirement of Nasdaq Stock Market Rule 5635(d)  and (ii) October
31, 2018 and ending at 5:00 p.m., New York City time, on April 30, 2024, or earlier upon redemption. The Series X Warrants
have no anti-dilution protection.
Holders may exercise Series X Warrants
by paying the exercise price in cash or, if at any time after the six (6) month anniversary of the Closing Date, there is no effective
registration statement registering, or no current prospectus available for, the resale of the shares of Common Stock underlying
the Series X Warrants, then each Series X Warrant may also be exercised, in whole or in part, at such time by means of a "cashless
exercise". At any time after April 30, 2019, the Company, may at its option, redeem all, but not less than all, of the outstanding
Series X Warrants at a price of $0.01 per Series X Warrant if the volume weighted average price per share of the Common Stock
has been at least $18.00 (as adjusted for stock splits, stock dividends, or similar events occurring after the Closing Date) for
twenty trading days out of the thirty trading day period ending three business days prior to the notice of redemption in addition
to certain other conditions.
The Series X Warrants will be issued in
registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The
warrant agreement requires the written consent of the Company and the holders of Series X Warrants representing at least two-thirds
of the shares of Common Stock issuable upon exercise of such Series X Warrants in order to make amend the terms of the Series
X Warrants. Under the terms of the warrant agreement, we have agreed to use our commercially reasonable best efforts to meet these
conditions and to maintain a current prospectus relating to the shares of Common Stock issuable upon exercise of the Series X
Warrants until the expiration of the Series X Warrants.
Unit Purchase Options
On April 28, 2016, the Company issued unit purchase options
to the selling agents in the Company's IPO. The unit purchase options provide for the purchase of 53,000 units at an exercise
price of $5.50 per unit. Each unit covered by the unit purchase options is identical to the units sold in the Company&rsquo;s
IPO and consists of one share of Common Stock and one IPO Warrant to purchase a share of Common Stock at $5.00 per share.
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Dividends
We have not paid any cash dividends on our
shares of Common Stock to date. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if
any, capital requirements and general financial condition and will be within the discretion of our Board of Directors. It is the
present intention of our Board of Directors to retain all earnings, if any, for use in our business operations and, accordingly,
our Board of Directors does not anticipate declaring any dividends in the foreseeable future.
Transfer Agent and Registrar
The transfer agent and registrar for our
Common Stock is, and if our application to list the Series X Warrants on NASDAQ, on the OTCQB Market or on another trading market
is granted, the transfer agent and registrar for the Series X Warrants will be Continental Stock Transfer & Trust Company.
Listing of our Securities
Our Common Stock and IPO Warrants are traded
on the NASDAQ Capital Market under the symbols "PAVM" and "PAVMW," respectively. We intend to apply to
list the Series X Warrants on the NASDAQ Capital Market. If we cannot secure approval for such listing, we intend to list the Series
X Warrants on the OTCQB Market or other trading market.
LEGAL MATTERS
The validity of the securities offered in
this prospectus is being passed upon for us by Greenberg Traurig, LLP, McLean, Virginia.
EXPERTS
The consolidated financial statements of
PAVmed Inc. and Subsidiary as of and for the years ended December 31, 2016 and 2015, which are incorporated in this prospectus
by reference to the Annual Report on Form 10-K for the year ended December 31, 2016 have been so incorporated in reliance
on the report of Citrin Cooperman & Company, LLP, an independent registered public accounting firm, given on the authority
of said firm as experts in auditing and accounting.
WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration
statement on Form S-1, which includes exhibits, schedules and amendments, under the Securities Act, with respect to this offering
of securities. Although this prospectus, which forms a part of the registration statement, contains all material information included
in the registration statement, parts of the registration statement have been omitted as permitted by rules and regulations of the
SEC. We refer you to the registration statement and its exhibits for further information about us, our securities and this offering.
We also file annual,
quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available to the public
over the Internet at the SEC's web site at http://www.sec.gov. You may also read and copy any document we file at the SEC's
public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information
about the public reference room. Our SEC filings are also available at http://ir.pavmed.com/sec-filings.
The SEC allows
us to incorporate by reference the information we file with it, which means that we can disclose important information to you by
referring you to those documents. Any statement contained in a document incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this prospectus to the extent that a statement contained herein modifies or supersedes such
statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part
of this prospectus. Any
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information that we file with the SEC
after the date of the initial registration statement of which this prospectus forms a part and prior to effectiveness of the registration
statement will automatically update and supersede the information contained in this prospectus. This prospectus incorporates by
reference our documents listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d)
of the Exchange Act until all of the securities are sold:
·
our annual report on Form 10-K for the fiscal year ended December 31, 2016 filed with the SEC on February 16, 2017; and
·
our current reports on Form 8-K filed with the SEC on February 1, 2017, February 23, 2017, March 13, 2017 and March 22, 2017.
Notwithstanding
the foregoing, we are not incorporating any document or portion thereof or information deemed to have been furnished and not filed
in accordance with SEC rules.
PAVmed Inc.
3,925,636 Shares of Common Stock
2,537,028 Series X Warrants
March
27, 2017
No dealer, salesperson or any other
person is authorized to give any information or make any representations in connection with this offering other than those contained
in this prospectus and, if given or made, the information or representations must not be relied upon as having been authorized
by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any security other than the securities
offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction
in which the offer or solicitation is not authorized or is unlawful.
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 13. Other Expenses of Issuance and Distribution.
The estimated expenses payable by us in
connection with the offering described in this registration statement will be as follows:
SEC registration fee
$
2,707
Legal fees and expenses
$
25,000
Accounting fees and expenses
$
10,000
Printing and engraving expenses
$
2,500
Miscellaneous
$
3,500
Total
$
43,707
Item 14. Indemnification of Directors
and Officers.
PAVmed's certificate of incorporation
and by-laws provide that all directors and officers shall be entitled to be indemnified by such company to the fullest extent permitted
by law. The certificate of incorporation provides that PAVmed may indemnify to the fullest extent permitted by law all employees.
PAVmed's by-laws provide that, if authorized by the Board of Directors, it may indemnify any other person whom it has the
power to indemnify under section 145 of the Delaware General Company Law. Section 145 of the Delaware General Company Law concerning
indemnification of officers, directors, employees and agents is set forth below.
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"Section 145. Indemnification
of officers, directors, employees and agents; insurance.
(a)   A
corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action
by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of
the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if
the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of
the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person's
conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea
of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and
in a manner which the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect
to any criminal action or proceeding, had reasonable cause to believe that the person's conduct was unlawful.
(b)   A
corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact
that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the
corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise
against expenses (including attorneys' fees) actually and reasonably incurred by the person in connection with the defense
or settlement of such action or suit if the person acted in good faith and in a manner the person reasonably believed to be in
or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claim,
issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent
that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to
indemnity for such expenses which the Court of Chancery or such other court shall deem proper.
(c)   To
the extent that a present or former director or officer of a corporation has been successful on the merits or otherwise in defense
of any action, suit or proceeding referred to in subsections (a) and (b) of this section, or in defense of any claim, issue or
matter therein, such person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred
by such person in connection therewith.
(d)   Any
indemnification under subsections (a) and (b) of this section (unless ordered by a court) shall be made by the corporation only
as authorized in the specific case upon a determination that indemnification of the present or former director, officer, employee
or agent is proper in the circumstances because the person has met the applicable standard of conduct set forth in subsections
(a) and (b) of this section. Such determination shall be made, with respect to a person who is a director or officer of the corporation
at the time of such determination, (1) by a majority vote of the directors who are not parties to such action, suit or proceeding,
even though less than a quorum, or (2) by a committee of such directors designated by majority vote of such directors, even though
less than a quorum, or (3) if there are no such directors, or if such directors so direct, by independent legal counsel in a written
opinion, or (4) by the stockholders.
(e)   Expenses
(including attorneys' fees) incurred by an officer or director of the corporation in defending any civil, criminal, administrative
or investigative action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action,
suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall
ultimately be determined that such person is not entitled to be indemnified by the corporation as authorized in this section. Such
expenses (including attorneys' fees) incurred by former directors and officers or other employees and agents of the corporation
or by persons serving at the request of the corporation as directors, officers, employees or agents of another corporation, partnership,
joint venture, trust or other enterprise may be so paid upon such terms and conditions, if any, as the corporation deems appropriate.
(f)   The
indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not
be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under
any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person&rsquo;s
official capacity and as to action in another capacity while holding such office. A right to indemnification or to advancement
of expenses arising under a provision of the certificate of incorporation or a bylaw shall not be eliminated or impaired by an
amendment to such provision after the occurrence of the act or omission that is the subject of the civil, criminal,
administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought,
unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment after
such action or omission has occurred.
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(g)   A
corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee
or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and
incurred by such person in any such capacity, or arising out of such person's status as such, whether or not the corporation
would have the power to indemnify such person against such liability under this section.
(h)   For
purposes of this section, references to "the corporation" shall include, in addition to the resulting corporation,
any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate
existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that
any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request
of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust
or other enterprise, shall stand in the same position under this section with respect to the resulting or surviving corporation
as such person would have with respect to such constituent corporation if its separate existence had continued.
(i)   For
purposes of this section, references to "other enterprises" shall include employee benefit plans; references to "fines"
shall include any excise taxes assessed on a person with respect to any employee benefit plan; and references to "serving
at the request of the corporation" shall include any service as a director, officer, employee or agent of the corporation
which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit
plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to
be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner
"not opposed to the best interests of the corporation" as referred to in this section.
(j)   The
indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided
when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure
to the benefit of the heirs, executors and administrators of such a person.
(k)   The
Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine all actions for advancement of expenses or
indemnification brought under this section or under any bylaw, agreement, vote of stockholders or disinterested directors, or otherwise.
The Court of Chancery may summarily determine a corporation's obligation to advance expenses (including attorneys'
fees)."
Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to our directors, officers, and controlling persons pursuant
to the foregoing provisions, or otherwise, we have been advised that, in the opinion of the SEC, such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment of expenses incurred or paid by a director, officer or controlling person in a
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, we will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to the court of appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Securities Act and will be governed by the final adjudication of such issue.
Paragraph B of Article
Eight of PAVmed's certificate of incorporation provides:
"The Company,
to the full extent permitted by Section 145 of the GCL, as amended from time to time, shall indemnify all persons whom it may indemnify
pursuant thereto. Expenses (including attorneys' fees) incurred by an officer or director in defending any civil,
criminal, administrative, or investigative action, suit or proceeding for which such officer or director may be entitled to indemnification
hereunder shall be paid by the Company in advance of the final disposition of such action, suit or proceeding upon receipt of an
undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that he is not
entitled to be indemnified by the Company as authorized hereby."
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Item 15. Recent Sales of Unregistered
Securities.
Set forth below is
information regarding shares of capital stock issued by us during the period since our inception on June 26, 2014. Also included
is the consideration received by us for such shares and information relating to the section of the Securities Act, or rule of the
Securities and Exchange Commission, under which exemption from registration was claimed. The information set forth below with respect
to our Common Stock gives effect to a 2.7872582-for-1 stock split effected in the form of a stock dividend on September 21,
2015.
In June 2014 in
connection with our organization, we issued (i) 5,658,134 shares of Common Stock for proceeds of $2,030.00 and warrants to purchase
an additional 6,097,127 shares of Common Stock, at an exercise price of  $0.90 per share, for proceeds of $218.75, for an
aggregate purchase price and total consideration of  $2,248.75, to HCFP/Capital Partners III LLC and (ii) 2,424,915 shares
of Common Stock for proceeds of $870.00 and warrants to purchase an additional 2,613,054 shares of Common Stock, at an exercise
price of   $0.90 per share, for proceeds of $93.75, for an aggregate purchase price and total consideration of 
$963.75, to Pavilion Venture Partners LLC.
In July 2014,
we issued an aggregate of 418,089 units, each consisting of one (1) share of Common Stock and one (1) warrant to purchase one (1)
share of Common Stock, for $75,000 in cash, or a purchase price of  $0.18 per unit, to nine investors.
In October 2014,
HCFP/Capital Partners III LLC and Pavilion Venture Partners LLC agreed to contribute 627,133 warrants back to the Company at no
cost.
In November 2014,
we issued an aggregate of 2,355,233 units, each consisting of one (1) share of Common Stock and one (1) warrant to purchase one
(1) share of Common Stock, for $845,000 in cash, or a purchase price of $0.36 per unit, to 13 investors.
During August 2015,
we issued 97,554 warrants in exchange for services.
During September 2015,
we issued an aggregate of 1,393,629 shares of Common Stock from the exercise of warrants receiving $1.25 million of proceeds.
In September 2015,
we effectuated a forward stock split of 2.7872582-for-1 by way of a stock dividend of 1.7872582 shares for each outstanding share,
resulting in there being 12,250,000 shares of Common Stock outstanding.
All of the securities
described above were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act and
Regulation D promulgated thereunder, as fewer than 35 investors were non-accredited investors. No underwriting discounts or commissions
were paid with respect to such sales.
In November 2016, 40,000
warrants were exercised on a cashless basis, resulting in the issuance of 20,732 shares of Common Stock.
The shares issued upon
exercise of the warrants were issued pursuant to the exemption from registration contained in Section 3(a)(9) of the Securities
Act, as the warrants were exchanged for shares exclusively, and no commission or other remuneration was paid or given directly
or indirectly for soliciting such exchange.
In January 2017, we
issued an aggregate of 251,334 Private Placement Units, each consisting of one (1) share of Series A Preferred and one (1) Series
A Warrant that is exercisable for one (1) share of Common Stock or exchangeable for four (4) Series X Warrants, for $1,508,004
in cash, or a purchase price of $6.00 per Private Placement Unit, to 13 investors.
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In March 2017, we issued
an aggregate of 171,504 Private Placement Units, each consisting of one (1) share of Series A Preferred and one (1) Series A Warrant
that is exercisable for one (1) share of Common Stock or exchangeable for four (4) Series X Warrants, for $1,029,024 in cash, or
a purchase price of $6.00 per Private Placement Unit, to 15 investors.
Stock Option Grants:
On April 28,
2016, the Company granted to certain of its officers, directors and members of its medical advisory board, stock options to
purchase an aggregate of 1,588,313 shares of Common Stock at an exercise price of $5.00 per share for an aggregate purchase
price of $7,941,565.
On November 7,
2016, the Company granted stock options to a member of its medical advisory board to purchase an aggregate of
25,000 shares of Common Stock at an exercise price of $10.50 per share for an aggregate purchase price of $262,500.
On November
28, 2016, the Company granted stock options to a consultant to purchase an aggregate of 20,000 shares of Common Stock
at an exercise price of $9.50 per share for an aggregate purchase price of $190,000.
On March 20,
2017, the Company granted to an officer stock options outside the Company's 2014 Long-Term Equity Incentive Plan, to
purchase 250,000 shares of Common Stock at an exercise price of $5.95 per share for an aggregate purchase price of $
1,487,500.
The stock
options and Common Stock issuable upon the exercise of such stock options as described above were issued pursuant to written
compensatory plans or arrangements with our officers, directors,  medical advisory board members, and consultants, in
reliance on the exemption set forth in Section 4(a)(2) under the Securities Act.
Item 16. Exhibits and Financial Statement
Schedules.
(a) The following exhibits
are filed as part of this Registration Statement:
Exhibit No.
Description
3.1
Certificate of Incorporation(1)
3.2
Certificate of Amendment to Certificate of Incorporation (1)
3.3
Form of Certificate of Designation of Preferences, Rights and Limitations of Series A
    Convertible Preferred Stock (2)
3.4
Bylaws (1)
4.1
Specimen Common Stock Certificate (1)
4.2
Specimen Warrant Certificate (1)
4.3
Form of Series A Warrant (2)
4.4
Form of Series X Warrant (2)
4.5
Warrant Agreement, dated April 28, 2016, between Continental Stock Transfer & Trust
    Company and PAVmed (3)
4.6
2014 Long-Term Equity Incentive Plan (1)
4.7
Form of Unit Purchase Option (1)
5.1
Opinion of Greenberg Traurig, LLP *
10.1
Patent Option Agreement (1)
10.2.1
Employment Agreement between PAVmed and Dr. Aklog (1)
10.2.2
Amendment to Employment Agreement between PAVmed and Dr. Aklog (1)
10.2.3
Second Amendment to Employment Agreement between PAVmed and Dr. Aklog (1)
10.2.4
Third Amendment to Employment Agreement between PAVmed and Dr. Aklog (7)
10.3.1
Form of Subscription Agreement (July 2014) (1)
10.3.2
Form of Subscription Agreement (November 2014) (1)
10.4.1
Form of Letter Agreement with HCFP Capital Partners III LLC (1)
10.4.2
Form of Letter Agreement with Pavilion Venture Partners LLC (1)
10.5.1
Letter agreement regarding corporate opportunities executed by Dr. Lishan Aklog (1)
10.5.2
Letter agreement regarding corporate opportunities executed by Michael Glennon (1)
10.5.3
Letter agreement regarding corporate opportunities executed by Dr. Brian deGuzman (1)
10.6
Management services agreement between PAVmed and HCP/Advisors LLC (1)
10.7
Employment Agreement between PAVmed and Richard Fitzgerald (1)
10.8
Employment Agreement between PAVmed and Dr. Brian deGuzman (4)
10.9.1
Consulting Agreement between PAVmed and Michael Glennon (5)
10.9.2
Amendment to Consulting Agreement between PAVmed and Michael Glennon (7)
10.10
Securities Purchase Agreement (6)
10.11
Registration Rights Agreement (6)
10.12
Separation Agreement between PAVmed and Richard Fitzgerald *
10.13
Employment Agreement between PAVmed and Dennis M. McGrath *
23.1
Consent of Citrin Cooperman & Company, LLP
23.2
Consent of Greenberg Traurig, LLP (included in Exhibit 5.1)
24.1
Power of Attorney (included on the signature pages hereto)
(1)
Incorporated
                                         by reference to the Registrant's Registration Statement on Form S-1 (SEC File No.
                                         333-203569).
(2)
Incorporated
                                         by reference to the Registrant's Current Report on Form 8-K filed on February 1,
                                         2017.
(3)
Incorporated
                                         by reference to the Registrant's Current Report on Form 8-K filed on May 3, 2016.
(4)
Incorporated
                                         by reference to the Registrant's Current Report on Form 8-K filed on July 19, 2016.
(5)
Incorporated
                                         by reference to the Registrant's Current Report on Form 8-K filed on October 14,
                                         2016.
(6)
Incorporated
                                         by reference to the Registrant's Current Report on Form 8-K filed on February 1,
                                         2017.
(7)
Incorporated
                                         by reference to the Registrant's Annual Report on Form 10-K filed on February 16,
                                         2017.
* To be filed by subsequent amendment.
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Item 17. Undertakings.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers
or sales are being made, a post-effective amendment to this registration statement:
(i) To include any prospectus required by
Section 10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts
or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes
in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation
of Registration Fee" table in the effective registration statement;
(iii) To include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement.
Provided
,
however
, that
paragraphs (a)(1)(i), (ii), and (iii) do not apply if the registration statement is on Form S-1, Form S-3, Form SF-3 or Form F-3
and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with
or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of
1934 that are incorporated by reference in the registration statement, or, as to a registration statement on Form S-3, Form SF-3
or Form F-3, is contained in a form of prospectus filed pursuant to 424(b) of this chapter that is part of the registration
statement.
(2) That, for the purpose of determining any
liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
(3) To remove from registration by means of
a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(4) That for the purpose of determining any
liability under the Securities Act of 1933 in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or
sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser
and will be considered to offer or sell such securities to such purchaser:
(i) Any preliminary prospectus or prospectus
of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
(ii) Any free writing prospectus relating
to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
(iii) The portion of any other free writing
prospectus relating to the offering containing material information about the undersigned registrant or its securities provided
by or on behalf of the undersigned registrant; and
(iv) Any other communication that is an
offer in the offering made by the undersigned registrant to the purchaser.
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(5)       That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule
424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or
other than prospectuses filed in reliance on Rule 430A (§ 230.430A of this chapter), shall be deemed to be part of and included
in the registration statement as of the date it is first used after effectiveness.
Provided, however,
that no statement
made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or
deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will,
as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior
to such date of first use.
(b)   The undersigned hereby
undertakes to provide to the underwriter at the closing specified in the underwriting agreements, certificates in such denominations
and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.
(c)   Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed
by the final adjudication of such issue.
(d)   The undersigned registrant
hereby undertakes that:
(1) For purposes of determining any liability
under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement
in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4)
or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.
(2) For the purpose of determining any liability
under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial
bona fide
offering thereof.
(e)   The undersigned registrant
hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's
annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing
of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated
by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
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SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of New York, State of New York, on the 27th day of March, 2017.
PAVMED INC.
By:
/s/ Lishan Aklog, M.D.
Lishan Aklog, M.D.
Chairman and Chief Executive Officer
(Principal Executive Officer)
POWER OF ATTORNEY
KNOW ALL MEN BY THESE
PRESENTS, that each person whose signature appears below constitutes and appoints each Lishan Aklog, M.D. and Dennis M. McGrath
his true and lawful attorney-in-fact, with full power of substitution and resubstitution for him and in his name, place and stead,
in any and all capacities to sign any and all amendments including post-effective amendments to this registration statement, and
to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission,
hereby ratifying and confirming all that said attorney-in-fact or his substitute, each acting alone, may lawfully do or cause to
be done by virtue thereof.
Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the
dates indicated.
Name
Position
Date
/s/ Lishan Aklog, M.D.
Chairman and Chief Executive Officer
March 27, 2017
Lishan Aklog, M.D.
(Principal Executive Officer)
/s/ Dennis M. McGrath
Chief Financial Officer (Principal Accounting
March 27, 2017
Dennis M. McGrath
and Financial Officer) and Secretary
*
Vice Chairman
March 27, 2017
Michael Glennon
*
Director
March 27, 2017
James L. Cox, M.D.
*
Director
March 27, 2017
Ira Scott Greenspan
*
Director
March 27, 2017
Joshua R. Lamstein
*
Director
March 27, 2017
Ronald M. Sparks
*
Director
March 27, 2017
David Weild IV
*  By Dennis M. McGrath, Power of Attorney
29