EXHIBIT 8.1
LIST OF SUBSIDIARIES
| Name | Jurisdiction | Percentage of ownership | ||
| Stimunity S.A. | France | 44% | ||
| SalvaRx Limited | BVI | 100% | ||
| iOx Therapeutics Ltd. | UK | 100% | ||
| Saugatuck Therapeutics Ltd. | BVI | 70% | ||
| Tarus Therapeutics Limited (formerly Intensity Holdings Limited) | BVI | 100% | ||
| Saugatuck Rx LLC | USA | 70% * | ||
| SalvaRx LLC | USA | 100% | ||
| Tarus Therapeutics, LLC | USA | 100% |
* 100% owned by Saugatuck Therapeutics Ltd.