The Company performed a review of events subsequent to the balance sheet date through the date the financial statements were issued and determined, except as disclosed herein, that there were no other such events requiring recognition or disclosure in the financial statements.

On July 1, 2015, the Company entered into a Securities Purchase Agreement (the “SPA”) with Pharmsynthez providing for the sale of a minimum of a $3 million 10% Senior Secured Collateralized Convertible Promissory Note (the “Note”). The SPA also provides for the issuance of certain warrants up to the amount of the Note. In July 2015, the Company issued the Note in the amount of $3 million plus a warrant to purchase 10 million shares of common stock (the “Warrant”) in accordance with the terms of the SPA. The Note carries a term of one year and is convertible, in whole or in part, at the option of Pharmsynthez into shares of common stock at a conversion price of $0.15. If the Note is not repaid or converted on or before six months from the date of issuance, Pharmsynthez will be issued an additional warrant to purchase 10 million shares of common stock. The Warrant has a five-year term and is exercisable commencing January 1, 2016.

In July 2015, the Company repaid the Advance and accrued interest due to Pharmsynthez in accordance with the terms of the promissory note.

In July 2015, the Company entered into a written deferral arrangement in connection with the SynBio Loan whereby SynBio agreed to defer all collections efforts or any default on the note until the earlier of January 31, 2016 or the Company’s completion of a $7 million financing.