<table><tr><th>From:</th><th>Paul Finnegan</th></tr><tr><td>Sent:</td><td>Wednesday, September 2, 2015 2:12 PM</td></tr><tr><td>To:</td><td></td></tr><tr><td>Cc:</td><td>Jeffrey Port</td></tr><tr><td>Subject:</td><td>Angiocrine Bioscience "numbers" requested</td></tr><tr><td>Attachments:</td><td>Angiocrine - Capitalization Table (2015.7.10) Summary v150901.pdf; Angiocrine Comp
Analysis Trout Capital LLC-Angiocrine_v150818 0634 PFCGD FINAL.xlsx; Angiocrine
Bioscience Inc 3.25 year Forecast $5M+ $25M v150902 0625.xlsx</td></tr></table>

Dear Jeffrey,

Attached are the 3 deliverables you requested when w= met you at your residence in NYC earlier this summer:

(1) Cap Table Summary (updated since our meeting)<=o:p>

(2) Comparator Table to support assumed valuation for 5=ries B institutional

a. Summary tab are the assumptions we discussed during=our meeting

b. 2nd and 3rd tabs provide data=of comparator companies (pre-money Series B, IPO if applicable) for the as=umptions

(3) 3 year P&L (financial projection for cumulative=$30M raised over the next 2 upcoming quarters)

a. Spend is geared to a potential $5M from high-net-wo=th individuals investment by Nov 1st 2015

b. Another assumption is availability of the first tra=che from $25M Series B institutional round by Apr 1st 2016=/o:p>

c. As you suggested, we continue to believe that $30M =ver 3.25years provides adequate funds to reach an inflection/exit point an= still have "dry power" for contingencies and for the negotiat=on period if and at the time we achieve positive human clinical proof of concept

I am also sending the email & attachments to Les=ey in case you prefer she prints out the attached for you or to another em=il address you prefer.

Since we met, we have made progress on: (1) refining=manufacturing; (2) clinical trial details; (3) preparation for institution=l investor due diligence; and (4) begun presenting to institutional invest=rs (full swing after Labor Day).

Please do not hesitate to contact me if you have any=questions.

Best regards, Paul

Paul W. Finnegan, MD, MBA<=pan style="font-size:9.0pt;font-family:"Arial",sans-serif;colo=:#222222">

Chief Executive Officer

Angiocrine Bioscience, Inc.</=pan>

3570 Carmel Mountain Rd, Suite 200,=/o:p>

San Diego, CA 92130

Angiocrine Bioscience Research

Weill Cornell Medical College, Medical R=search Building A-335

1300 York Avenue,

New York, NY 10065