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The
Reporting Persons are filing this Schedule 13D/A to report a change in their respective beneficial ownership percentages
of the Shares, as indicated in Item 5 below.
In addition,
on May 16, 2018, the Issuer issued a press release (the “Press Release”) to announce, among other things, (i) an increase
in the size of its board of directors (the “Board”) from seven directors to eight directors; and (ii) that the Board
appointed Steven Boyd to serve as a Class I director on the Board, effective as of May 15, 2018, to fill the vacancy created by
the increase in the size of the Board. Mr. Boyd will not receive compensation
for his services as a member of the Board, and there are no understandings or arrangements between Mr. Boyd and any other person
in connection with his appointment to the Board. The foregoing was a summary of the Press Release. The foregoing description is
not, and does not purport to be, complete and is qualified in its entirety by reference to the full text of the Press Release,
which has been filed as Exhibit C hereto and is incorporated herein by reference.
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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, 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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