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The Reporting Persons purchased the
Shares for investment in the ordinary course of their investment activities based on the Reporting Persons’ belief that the
Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions,
other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the
purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through,
among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and
at such times as the Reporting Persons may deem advisable.
The Reporting Persons intend to review
their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer’s
financial position, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions,
the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate
including, without limitation, participating on the Issuer’s board of directors (the “Board”), engaging in communications
with management and/or the Board, engaging in discussions with stockholders of the Issuer and others about the Issuer and the Reporting
Persons’ investment, proposing changes to the Issuer's development plans for EGP-437 and EyeGate OBG, reshaping the Issuer's
corporate strategy, recommending business development transactions, proposing changes to management, operations and the structure
of the Board (including the composition of the Board), purchasing additional Shares, selling some or all of their Shares, engaging
in short selling of or any hedging or similar transaction with respect to the Shares, or changing their intention with respect
to any and all matters referred to in subparagraphs (a) - (j) of Item 4 of Schedule 13D.
Except as otherwise set forth herein, the Reporting
Persons do not have any present plans or proposals which would relate to, or result in, the matters set forth in subparagraphs
(a) – (j) of Item 4 of Schedule 13D. However, subject to market conditions and in compliance with applicable securities laws,
the Reporting Persons reserve the right, at a later date, to effect one or more of such changes or transactions in the number of
Shares they may be deemed to beneficially own.
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