Document:

EX-10.23

 Exhibit 10.23 

[*Confidential Treatment has been requested as to certain portions of this document. Each such portion, which has been omitted herein and replaced with an
asterisk [*], has been filed separately with the Securities and Exchange Commission.] 
 MANUFACTURING AGREEMENT 

THIS MANUFACTURING AGREEMENT (this “Agreement”) is made and entered into effective as of the 6th day of March, 2014
(the “Effective Date”) by and between Dance Biopharm Inc., a Delaware corporation having a place of business at 150 North Hill Drive, Suite 24, Brisbane, California 94005, USA (“Dance”) and Rechon Life
Science AB, a Swedish company having a place of business at Soldattorpsvägen 5, 216 10 Limhamn, Sweden (“Rechon”). 

WHEREAS, Dance and Rechon desire to establish in this Agreement the terms upon which Rechon will manufacture and supply Finished
Product (as defined below) to Dance, and Dance will purchase such Finished Product from Rechon. 
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, and intending to be legally bound, the parties agree as follows: 

Article I 

DEFINITIONS 
 For the
purposes of this Agreement, the following words and phrases shall have the following meanings: 
 1.1 “Act” means the United States Federal
Food, Drug, and Cosmetic Act, as amended to date and as may be further amended from time to time during the Term, and the regulations promulgated with respect thereto. 

1.2 “Affiliate”means, with respect to any Person, any other Person, which directly or indirectly controls, is controlled by, or is under
common control with, such Person. A Person shall be regarded as in control of another Person if it owns, or directly or indirectly controls, at least fifty percent (50%) of the voting stock or other ownership interest of the other Person, or if
it directly or indirectly possesses the power to direct or cause the direction of the management and policies of the other Person by any means whatsoever. 

1.3 “API” means recombinant human insulin. 

1.4 “Applicable Law” means all laws, rules, regulations and guidelines within the Territory (including, but not limited to, the Act and all
regulations promulgated thereunder, including, but not limited to, cGMP), as existing as of the Effective Date and as may be amended from time to time thereafter, that apply to the import, export, research and development, manufacture, marketing,
distribution and/or sale of Products in the Territory or the performance of either party’s obligations under this Agreement, in each case to the extent applicable and relevant to such party. 

  
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 1.5 “cGMP” means the then-current good manufacturing practices as described in Parts 210, 211,
and 820 of Title 21 of the United States Code of Federal Regulations, together with the latest FDA guidance documents pertaining to manufacturing and quality control practice, and, as applicable, any analogous regulations, codes or guidelines having
effect in any jurisdiction in the Territory, all as updated, amended or revised from time to time; 
 1.6 “Confidential Information” means
any and all proprietary and/or confidential information of a party (the “Disclosing Party”) including, without limitation, trade secrets, formulations, technical information, business information, sales information, inventions,
developments, discoveries, know-how, methods, techniques, data, processes, and other information) that the other party (the “Receiving Party”) has access to or receives in connection with this Agreement, whether furnished in any
form, including but not limited to written, verbal, visual, electronic or in any other media or manner. Notwithstanding the foregoing, “Confidential Information” does not include any information that is: (i) rightfully known to
the Receiving Party prior to receipt from the Disclosing Party, and not subject to any obligation of confidentiality; (ii) rightfully obtained from a third party authorized to make such a disclosure, and not subject to any obligation of
confidentiality; (iii) independently developed by the Receiving Party; (iv) available to the public without restrictions; or (v) approved for disclosure with the prior, written approval of the Disclosing Party. Notwithstanding
anything to the contrary, all Documentation and other data and information generated in connection with Manufacturing activities hereunder, shall constitute Confidential Information of Dance (and, for the avoidance of doubt, Dance may disclose such
Confidential Information to any alternate or successor suppliers or other third parties). For the avoidance of doubt, Dance’s Confidential Information includes, without limitation, Product Technology. 

1.7 “Product Technology” has the meaning specified in Section 2.2 below. 

1.8 “Documentation” has the meaning specified in Section 2.5 below. 

1.9 “Facility” means Rechon’s FDA-approved facility located in Linhamm, Sweden, comprising buildings where Rechon will Manufacture and
store the Finished Products. 
 1.10 “Finished Product” means Product which has been Manufactured by Rechon under this Agreement meeting
the Specifications and all other requirements of this Agreement and the Quality Agreement, and which is released and ready for immediate distribution by or on behalf of Dance. 

1.11 “Rolling Forecast” has the meaning specified in Section 3.1(a) below. 

1.12 “Intellectual Property Rights” means any and all patents, patent applications, copyrights, trademarks, trade secrets and other
intellectual property rights, worldwide. 
 1.13 “Manufacture” or “Manufacturing” means: (i) processing of API and
production of Dance’s proprietary formulation of the Product, in accordance with recipe and processing instructions to be provided by Dance as part of the technology transfer pursuant to Section 2.2 below, (ii) sterile filling
of such Product into primary containers consisting of a sterile glass bottle and sterile head, (iii) labeling and final packaging of such primary containers in accordance with Dance’s instructions and (iv) all other activities related
to manufacture, filling, finishing, sampling, testing, labeling, packaging, release testing, release, storage, stability monitoring, shipping and quality control of the Finished Product in accordance with the applicable Specifications, cGMPs,
Applicable Law, and the terms and conditions of this Agreement and the Quality Agreement. 
 1.14 “Manufacturing Fees” has the meaning
specified in Section 5.1 below. 

  
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 1.15 “Materials” means any and all components, API, labels, packaging materials, and other
consumable materials to be used by Rechon in the Manufacturing and Packaging of the Finished Product in accordance with the Specifications. 
 1.16
“NDA” means a New Drug Application as defined in the Act. 
 1.17 “Non-Conforming Product” means any Finished Product that
fails to comply with the Specifications or any other requirements of this Agreement and the Quality Agreement. 
 1.18 “Person”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint venture, non-profit organization, sole proprietorship, unincorporated organization, university, governmental authority or any other
form of entity not specifically listed herein. 
 1.19 “Product” means the pharmaceutical product described on Appendix A.

 1.20 “Purchase Order” has the meaning specified in Section 3.1(b) below. 

1.21 “Quality Agreement” has the meaning specified in Section 2.8 below 

1.22 “Registrations” means all permits, licenses, approvals and authorizations granted by any Regulatory Authority with regard to any
Product, including, without limitation, any NDAs for any Product. 
 1.23 “Regulatory Authority” means any federal, state or local or
international regulatory agency, department, bureau or other governmental entity, including, without limitation, the country of Sweden and the United States Food and Drug Administration (“FDA”), that is responsible for issuing
approvals, licenses, registrations or authorizations necessary for the production, use, storage, import, transport or sale of Products in any jurisdiction of the Territory. 

1.24 “Regulatory Requirements” means all applicable approvals, licenses, registrations, cGMP requirements, and authorizations and all other
requirements of each applicable Regulatory Authority in relation to the Products, including, but not limited to, each of the foregoing which is necessary for, or otherwise governs, the manufacture, packaging, labeling, handling, use, storage,
import, export, transport, distribution or sale of Products in the Territory. 
 1.25 “Specifications” means the quality assurance and
other requirements, procedures, guidelines and specifications for the manufacturing, packaging, labeling, handling, dating and storage of the Products, each as set forth in the applicable Registration for such Product or as may be required pursuant
to any Regulatory Requirements or Applicable Law. The Specifications will be agreed and signed in a separate document, and as may be amended from time to time as required by any Regulatory Requirements, Applicable Law or by the mutual written
agreement of the parties. 
 1.26 “Term” has the meaning specified in Section 6.1 

1.27 “Territory” means worldwide. 

  
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 Article II 

MANUFACTURE OF PRODUCT 
 2.1 Manufacture
of the Product. Rechon will Manufacture and supply Dance with Finished Product, all in accordance with the terms and conditions of this Agreement and the Quality Agreement. Rechon will Manufacture the Finished Product in accordance with the
Specifications, the Regulatory Requirements, Applicable Laws and all other requirements of this Agreement and the Quality Agreement. For the avoidance of doubt, Dance will have the right at any time to obtain any portion of or all of its
requirements of Finished Product from any third party. 
 2.2 Technology Transfer. Following the Effective Date, Dance shall provide Rechon with such
information and consultation as is reasonably necessary to transfer knowledge regarding Dance’s proprietary recipe and formulation processing steps for the Product. Dance shall own all Intellectual Property Rights with respect to any processes,
specifications, technology and know-how relating to the Manufacture of the Finished Products that is disclosed to Rechon pursuant to the technology transfer activities contemplated under this Section 2.2 or otherwise and/or that is
developed by Rechon under this Agreement (the “Product Technology”). To the extent that any rights to the Product Technology would otherwise vest in Rechon or any of its Affiliates or any of their respective personnel or
contractors, Rechon hereby assigns (and shall cause each of its Affiliates or each of their respective personnel and contractors to assign) to Dance all Intellectual Property Rights with respect thereto. During the Term, Dance grants Rechon a
non-exclusive, non-transferable (except as permitted under Section 12.3) license, without the right to grant sublicenses, to use the Manufacturing Technology for the sole purpose of manufacturing Finished Products for Dance under this
Agreement. 
 2.3 Changes. 
 (a) Rechon-Requested
Changes. Rechon shall promptly inform Dance in writing of any proposed material change related to the Finished Product or the Manufacture thereof, including, but not limited to, any proposed changes to the Manufacturing process, equipment,
packaging, testing, Specifications, or any item specifically mentioned in the Container Master File for the Finished Product packaging (the “CMF”). Any such changes (“Rechon-Requested Changes”) that may have impact
on quality and/or stability of Finished Product will be subject to prior written approval by Dance, and such approval will not be unreasonably withheld. Recon will be responsible for the costs of any Rechon-Requested Changes. 

(b) Regulatory Authority and Dance-Requested Changes. Any changes to the Specifications that are required by a Regulatory Authority shall be promptly
communicated by Dance and implemented by Rechon. To the extent Dance requests any other changes to the Specifications that are not required by a Regulatory Authority, Rechon will not unreasonably withhold its agreement to implement such changes.
Unless otherwise agreed to by the Parties, Dance shall be responsible for the agreed-upon costs of any changes described in this Section 2.3 that are specific to the Finished Product. 

2.4 Supply and Handling of API and Other Materials. Except as otherwise may be agreed to by the parties in writing, Rechon will be responsible for
supplying, at its expense and risk, all Materials, except from API and primary packaging material, required for any Manufacture of Finished Product. Dance will be responsible for supplying, at its expense and risk, API and primary packaging
material, required for any Manufacture of Finished Product. Rechon will properly store the API and other Materials as directed by the Specifications, Regulatory Requirements and Applicable Laws. 

  
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 2.5 Documentation. Rechon will maintain complete and accurate batch records, documentation of all
manufacturing, analytical and quality control procedures, data supporting the investigation of any exceptions and any other data required under cGMPs and other requirements of any Regulatory Authority in connection with the Manufacture of Finished
Product (collectively, “Documentation”). Rechon will promptly provide Dance with copies of such Documentation upon Dance’s reasonable request. 

2.6 Inspections.  
 (a) Rechon shall permit
the European Medicines Agency (the “EMA”), FDA, the China Food & Drug Administration (“CFDA”) and other Regulatory Authorities, as applicable, to conduct such inspections of the Facility as such Regulatory
Authorities may request (including pre-approval inspections), and shall cooperate with such Regulatory Authorities with respect to such inspections related to the manufacture and supply of Finished Product. Rechon shall (i) give Dance prior
written notice of any such inspections related to the Finished Product; and (ii) keep Dance informed about the results and conclusions of each such regulatory inspection. Rechon shall commit to perform all corrective actions to satisfy the
regulatory agency in a prompt and efficient manner. Rechon will use reasonable efforts to support the corrective action plan so that it does not delay Dance’s shipping schedule for the Finished Products. 

(b) Rechon agrees to provide to Dance, as requested, with all information and data in Rechon’s possession or control for Dance to obtain and
maintain regulatory approvals for any Product in any country, including information relating to the Facility, the methodology and/or raw materials used in the Manufacture of Finished Product, or any other matters that, as is reasonably shown by
Dance, are required or requested to be provided to the EMA, FDA, CFDA or any other Regulatory Authority. In addition, Rechon agrees to cooperate with Dance with respect to obligations to submit or report information relevant to Finished Product
pursuant to EMA, FDA, or CFDA regulations and other Applicable Laws. 
 2.7 Quality Agreement. Prior to Dance issuing its first Purchase Order to
Rechon for clinical supply of Finished Product, the parties shall enter into an agreement specifying the parties’ respective responsibilities for storage, release, stability, vigilance program, quality control and quality assurance with respect
to the Finished Product (the “Quality Agreement”). To the extent any of the provisions of this Agreement conflict with the terms and conditions of the Quality Agreement, this Agreement will control. 

2.8 Exclusivity. During the Term, other than the manufacture and supply of Finished Products for Dance under this Agreement, Rechon will not (and will
ensure that its Affiliates will not) manufacture or supply (or license or assist any third party to manufacture or supply) any inhaled insulin product. During the Term, Dance will only source Finished Product from Rechon for clinical development,
product approval, and commercial launch. After commercial launch, Dance will source minimum 80% of Finished Products for sale from Rechon until yearly volume of Finished Products reach 11 Million units per year. Yearly volumes of Finished Products
above 11 Million units can be sourced according to decision by Dance. 

  
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 Article III 

FORECASTS AND ORDERING 
 3.1 Rolling
Forecasts and Purchase Orders.  
 (a) Beginning no later than six (6) months following the Effective Date, and thereafter
at least sixty (60) days prior to the beginning of each subsequent calendar quarter, Dance shall provide Rechon with an initial forecast of the quantities of the Finished Product estimated to be required during the immediately following
calendar quarter (“Q1”) and the next three (3) succeeding calendar quarters (“Q2”, “Q3” and “Q4,” respectively) (each, a “Rolling Forecast”). Rolling Forecasts
for Q2- Q4 are non-binding and serve only to facilitate Rechon’s production scheduling. 
 (b) Dance will issue written purchase orders
to Rechon for Finished Products (“Purchase Orders”) from time to time under this Agreement. With each Rolling Forecast, Dance shall place a firm Purchase Order with Rechon for supplies of Finished Product for delivery in Q1. Rechon
shall accept and fulfill all Purchase Orders for Finished Product provided by Dance under this Agreement. Purchase Orders will designate the desired quantities of Finished Product, strength, delivery dates, and destination(s). Each Purchase Order
will be subject to rejection by Rechon within three (3) business days of receipt of such Purchase Order; provided, however, that Rechon shall have the right to reject a Purchase Order from Dance only to the extent that it is
contrary to the provisions of this Agreement. Any Purchase Order that has not been expressly rejected in writing within such three (3) business day period shall be deemed accepted by Rechon. 

Article IV 

RELEASE AND DELIVERY OF FINISHED PRODUCT 

4.1 Testing and Release. Rechon agrees that, prior to each shipment of Finished Product, it shall perform quality control procedures, using the testing
methodologies set forth in the Specifications and as otherwise agreed upon by the parties and required by cGMP, other Applicable Law and Regulatory Requirements, as reasonably necessary to ensure that the Finished Product conforms fully to the
Specifications. 
 4.2 Shipment. Rechon will ship Finished Product in accordance with the applicable Purchase Order. At Dance’s request, Rechon
will hold Finished Product beyond the delivery date specified in the Purchase Order at the Facility for a maximum duration of two (2) months. If Dance requests Rechon to make any miscellaneous small shipments of Finished Product or other items
on Dance’s behalf, Dance agrees to reimburse Rechon for any shipping charges incurred. 
 4.3 Delivery Terms and Shipping Documentation. Rechon
will deliver the Finished Product FCA (Incoterms 2000) Rechon Facility Limhamn, Sweden. Title to and risk of loss for Finished Product will transfer from Rechon to Dance when the Finished Products are leave the Facility shipping dock. With each
shipment of Finished Product, Rechon will provide Dance with commercially appropriate shipping documentation, including, without limitation, airway bill or bills of lading and any document required for the export and/or importation of the Finished
Product. Dance will cooperate with Rechon to obtain such license(s) in the Territory. 
 4.4 Certificates of Analysis. Each shipment of Finished
Product shall be accompanied by a certificate of analysis (describing all current requirements of the Specifications and results of tests performed certifying that the quantities of Finished Product supplied have been Manufactured, controlled and
released according to the Specifications and all Applicable Laws, including confirmation that the Finished Product has been Manufactured, packaged and tested in accordance with cGMP requirements, and ICH Q7A) and such additional documents as may be
specified in the Quality Agreement or as otherwise reasonably required and specified in Purchase Orders by Dance from time to time. 

  
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 4.5 Acceptance and Rejection. After receipt of each shipment of Finished Product, Dance shall have a
reasonable period not to exceed sixty (60) days for rejecting any Non-Conforming Product. At Dance’s option, Rechon shall promptly replace any Non-Conforming Product and handle shipment of the replacement Finished Product to Dance’s
specified points of destination (as well as costs of destruction of the Non-Conforming Product), all at no cost to Dance. If the parties cannot agree as to whether or not Finished Product is Non-Conforming Product, the dispute shall be resolved
through the use of a US or EU certified independent third party testing lab for final binding determination. Dance shall bear the cost of the test in the event of unfounded rejection and Rechon shall bear the cost of the test in the event the
rejection is founded. Dance’s acceptance of, or payment for, any Finished Product will not constitute a waiver by Dance of any of its rights under this Agreement, and will not release Rechon from any of its warranty, indemnity or other
obligations under this Agreement. 
 (b) 4.6 Supply Problems. In the event Rechon is not able to supply Finished Product timely
forecast and ordered by Dance, Rechon will pay to Dance an amount equal to the actual documented penalties (but not the lost profits) charged by the customers for late deliveries from Rechon but in no event more than one hundred percent
(100%) of the amount Rechon would have been entitled to hereunder for the Finished Products for which such penalty is incurred; provided, however, that Dance will use commercially reasonable efforts to minimize the amount of such
penalties. If Rechon fails to supply products due to late supply of API or Primary Packaging material, timely forecasts and orders by Dance, Rechon will be held harmless for any penalties. 

4.7 Recall or Seizure. 
 (a) Dance shall
have sole control over all decisions with respect to any recall, market withdrawals, or any other corrective action related to the Finished Product. In the event Rechon or Dance believes that a recall may be necessary and/or appropriate, prior to
taking any action such party shall immediately notify the other, and Rechon and Dance shall cooperate and cause their respective Affiliates to cooperate with each other in determining the necessity and nature of the action to be taken. 

(b) With respect to any recall, Dance shall make all contacts with the applicable Regulatory Authorities and shall be responsible for
coordinating all of the activities required in connection with such recall. Rechon and Dance and their respective Affiliates shall cooperate with each other in recalling the affected Product. 

(c) In the event of any recall or seizure of any Finished Product manufactured by Rechon arising out of, relating to, or occurring as a result
of, any act or omission by Rechon or its personnel, Rechon shall bear (and reimburse Dance for) all of the costs and expenses of such recall, including expenses related to communications and meetings with Regulatory Authorities, expenses of
replacement of stock, the costs of notifying customers, Dance’s Manufacturing Fees, all transportation costs, export or import duties, if any, taxes, insurance, handling costs and other recall-related costs incurred by Dance in respect of such
recalled or seized product (collectively, “Recall Costs”). However the maximum amount that Rechon shall pay will be limited to terms in Rechon insurance if proved to be occurred at Rechon plant and accepted as a Recall by
Rechon’s insurance company. Dance shall bear the cost for such insurance. If any Finished Product is recalled as a result of any breach of this Agreement by Dance, or the negligent or intentionally wrongful acts or omissions of Dance or its
personnel, then Dance will bear (and reimburse Rechon for) the Recall Costs. To the extent that the reason for any recall of Finished Product is in part the responsibility of Dance and in part the responsibility of Rechon, or is not due to the fault
of either party, then the Recall Costs will be allocated in an equitable manner between the parties. Dance and Rechon will use commercially reasonable efforts to minimize the amount of any Recall Costs. 

  
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 (d) For purposes of this Section “recall” means (i) any action by Dance or any
Affiliate of either to recover title to or possession of any Finished Product sold or shipped and/or (ii) any decision by Dance not to sell or ship product to third Parties which would have been subject to recall if it had been sold or shipped,
in each case taken in the good faith belief that such action was appropriate under the circumstances. For purposes of this Section “seizure” means any action by any government agency to detain or destroy product. 

Article V 

MANUFACTURING FEES 
 5.1 Manufacturing
Fees and Payment. The fees to be paid by Dance to Rechon for the Finished Product shall be as set forth in Appendix B (the “Manufacturing Fees”). Payment for all deliveries of Finished Product to Dance will be made
in U.S. dollars. Rechon will render an invoice for each shipment of the Finished Product upon shipment to Dance. Dance will pay amounts properly due under the relevant invoice within thirty (30) days from the date it receives the invoice. 

Article VII 
 TERM
AND TERMINATION 
 6.1 Term. The initial term of this Agreement will commence on the Effective Date and will continue in full force and effect
for five (5) years after commercial launch of the Finished Product in either US or Europe, unless sooner terminated pursuant to Section 6.2 below (the “Initial Term”). After the Initial Term, the term of this
Agreement may be renewed for one or more renewal terms, if and to the extent the parties mutually agree in writing to such renewal (each a “Renewal Term”). The Initial Term and any Renewal Terms are referred to herein, collectively,
as the “Term.” 
  

	6.2	Termination. This Agreement may be terminated early as follows: 

 (a) by either party
upon sixty (60) days prior, written notice to the other party, in the event that the other party commits a material breach of this Agreement and fails to cure such breach within such sixty (60) day period; 

(c) by Dance upon written notice to Rechon, in the event Rechon fails to supply Dance, for a period of more than six (6) months (if
Rechon can be held responsible), with Finished Product in the quantities ordered by Dance and that conforms to the Specifications and other requirements of this Agreement; 

(d) by Dance upon written notice to Rechon, if Dance determines, in its sole discretion, to discontinue the development and commercialization
of the Product based on regulatory, technical, commercial or other reasons; 
 (e) by a party upon written notice to the other: (i) if
the other party ceases to do business, or otherwise terminates its business operations or (ii) if the other party becomes insolvent or seeks protection under any bankruptcy, receivership, trust deed, creditors arrangement, composition or
comparable proceeding, or if any such proceeding is instituted against the other party and not dismissed within ninety (90) days; or 

  
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 (f) by a party in accordance with Section 12.2 below. 

6.3 Effect of Termination or Expiration. Upon any expiration or termination of this Agreement, and without prejudice to any other rights and remedies
available to the parties hereunder: (a) Rechon will deliver to Dance’s designated location any Finished Product ordered by Dance pursuant to Purchase Orders placed prior to the date of such termination, and Dance will pay for such Finished
Product in accordance with the terms of this Agreement and (b) Rechon will provide Dance upon request with copies of all Documentation and any other Confidential Information of Dance. 

6.4 Survival. Termination or expiration of this Agreement will not relieve either party of its obligations or liabilities for breaches of this
Agreement incurred prior to or in connection with such termination or expiration. Article I (“Definitions”), Section 2.6 (“Drug Master Files”) Section 4.7 (“Recall or Seizure”),
Section 6.3 (“Effect of Termination or Expiration”), this Section 6.4 (“Survival”), Article VII (“Representations and Warranties”), Article VIII (“Liability”), Article
IX (“Indemnification”), Article X (“Insurance”), Article XI (“Confidentiality”) and Article XII (“Miscellaneous”) will survive any termination or expiration of this Agreement. 

Article VII 

REPRESENTATIONS AND WARRANTIES 
 7.1
Mutual Representations and Warranties. Each party represents, warrants and covenants that: 
 (a) it has all requisite power and
authority to enter into this Agreement and has duly authorized, by all necessary action, the execution and delivery hereof by the individual whose name is signed on its behalf below; 

(b) its execution and delivery of this Agreement and the performance of its obligations hereunder do not and will not conflict with or result
in a breach of or a default under its organizational instruments or any other agreement, instrument, order, law or regulation applicable to it or by which it may be bound; 

(c) this Agreement has been duly and validly executed and delivered by it and constitutes its valid and legally binding obligation,
enforceable in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights and except as enforcement is subject to
general equitable principles; and 
 (d) it will comply with all Applicable Laws and Regulatory Requirements in connection with the
performance of this Agreement. 
 7.2 Product Warranty. Rechon represents, warrants, and covenants that the Finished Products, at the time received
by Dance at its end destination: (i) will have been Manufactured in accordance with, and will comply with, the applicable Specifications, cGMP, Regulatory Requirements, Applicable Laws and the terms and conditions of this Agreement and the
Quality Agreement, (ii) will not be adulterated or misbranded, within the meaning of the Act, (iii) will be free and clear from all liens, encumbrances, and defects of title. Minimum remaining expiry date, at release at Rechon, for the
Finished Product will be agreed upon between the parties when real time stability data is available. 

  
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 7.3 No Debarment. Rechon represents, warrants, and covenants that neither Rechon nor any person employed
or engaged by Rechon in connection with the work to be performed under this Agreement has been debarred under section 306(a) or 306 (b) of the Act (or under any analogous law in any jurisdiction in the Territory) and no debarred person will in
the future be knowingly employed or engaged by Rechon in connection with any work to be performed hereunder. 
 7.4 No Infringement. Rechon
represents, warrants, and covenants that to its knowledge neither the services provided under this Agreement, nor the methods used to carry out such services, infringe, misappropriate, or conflict with an Intellectual Property Right of a third
party. 
 7.5 Disclaimer. EXCEPT AS EXPRESSLY SET FORTH IN THIS ARTICLE VII, NEITHER RECHON NOR DANCE MAKES ANY OTHER REPRESENTATIONS OR
WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE FINISHED PRODUCTS OR OTHERWISE IN CONNECTION WITH THIS AGREEMENT. ANY AND ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND
FITNESS FOR A PARTICULAR PURPOSE ARE HEREBY DISCLAIMED. 
 Article VIII 

LIABILITY 
 8.1 Liability Exclusion.
NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY (OR TO ANY PERSON OR ENTITY CLAIMING THROUGH THE OTHER PARTY) FOR ANY LOSS OF PROFITS, LOSS OF USE, BUSINESS INTERRUPTION, OR INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES OF
ANY KIND IN CONNECTION WITH OR ARISING OUT OF THE PERFORMANCE OF THIS AGREEMENT, WHETHER ALLEGED AS A BREACH OF CONTRACT OR TORTIOUS CONDUCT, INCLUDING NEGLIGENCE, EVEN IF THAT PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 

8.2 Exceptions. Notwithstanding anything to the contrary, the liability exclusion set forth in Section 8.1 will not apply to: damages
arising from the gross negligence, fraud or willful misconduct of a party. 
 Article IX 

INDEMNIFICATION 
 9.1 Indemnification by
Rechon. Rechon will indemnify, defend and hold harmless Dance, its Affiliates, and its and their respective directors, officers, members, managers, employees, agents, successors and assigns (collectively, the “Dance Indemnified
Parties”) from and against any and all liability, damages, losses, costs and expenses (including reasonable attorney’s fees) (collectively, “Losses”) resulting from any third party claims, suits, actions, proceedings
and investigations (collectively, “Claims”) made or brought against any Dance Indemnified Party to the extent arising from or relating to: (i) Rechon’s breach of any representation, warranty, covenant or other provision
set forth 

  
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in this Agreement or (ii) negligence, willful misconduct or violation of Applicable Law or Regulatory Requirements by any Rechon Indemnified Party. However the limitation in section 8.1
applies for section 9.1 as well and the maximum amount that Rechon shall pay will be limited to terms in Rechon insurance. 
 9.2. Indemnification by
Dance. Dance will indemnify, defend and hold harmless Rechon, its Affiliates, and its and their respective directors, officers, members, managers, employees, agents, successors and assigns (collectively, the “Rechon Indemnified
Parties”) from and against any and all Losses (including reasonable attorney’s fees) resulting from any Claims made or brought against any Rechon Indemnified Party to the extent arising from or relating to: (i) Dance’s breach
of any representation, warranty, covenant or other provision set forth in this Agreement or (ii) negligence, willful misconduct or violation of Applicable Law or Regulatory Requirements by any Dance Indemnified Party. 

9.3 Indemnity Procedures. If any claim or action is asserted that would entitle a Dance Indemnitee or Rechon Indemnitee to indemnification pursuant to
Section 9.1 or Section 9.2 (a “Proceeding”), the party who seeks indemnification will give written notice thereof to the other party (the “Indemnitor”) promptly (and in any event within
fifteen (15) calendar days after the service of the citation or summons); provided, however, that the failure of the party seeking indemnification to give timely notice hereunder will not affect rights to indemnification
hereunder, except to the extent that Indemnitor demonstrates actual damage caused by such failure. Indemnitor may elect to direct the defense or settlement of any such Proceeding by giving written notice to the party seeking indemnification, which
election will be effective immediately upon receipt by the party seeking indemnification of such written notice of election. The Indemnitor will have the right to employ counsel reasonably acceptable to the party seeking indemnification to defend
any such Proceeding, or to compromise, settle or otherwise dispose of the same, if the Indemnitor deems it advisable to do so, all at the expense of the Indemnitor; provided that the Indemnitor will not settle, or consent to any entry of judgment
in, any Proceeding without obtaining either: (i) an unconditional release of the party seeking indemnification (and its Affiliates and its and their respective officers, directors, members, managers, employees, agents, successors and assigns)
from all liability with respect to all claims underlying such Proceeding; or (ii) the prior written consent of the party seeking indemnification. A party seeking indemnification will not settle, or consent to any entry of judgment, in any
Proceeding without obtaining the prior written consent of the Indemnitor. The parties will fully cooperate with each other in any such Proceeding and will make available to each other any books or records useful for the defense of any such
Proceeding. 
 Article X 

INSURANCE 
 10.1 Insurance. During
the Term and for a period of two (2) years after any expiration or termination of this Agreement, Rechon will maintain a commercial general liability insurance policy or policies and product liability with the combined limit of Five Million
U.S. Dollars $(5,000,000.00) per occurrence and Five Million U.S. Dollars ($5,000,000.00) in the annual aggregate. All such insurance will name Dance and its Affiliates as additional insureds. Upon request, Rechon will provide certificates of
insurance to the other evidencing the coverage specified herein 

  
 11 

 Article XI 

CONFIDENTIALITY 
 11.1 Confidentiality.
The Receiving Party will not use any Confidential Information of the Disclosing Party other than in connection with the performance of its obligations and exercise of its rights under this Agreement, and will not disclose any such Confidential
Information to any third party, other than the Receiving Party’s Affiliates, and its and their respective employees and contractors, in each case who are bound by obligations of confidentiality at least as protective of the Disclosing
Party’s Confidential Information as those set forth herein. The Receiving Party will maintain the confidentiality of the Disclosing Party’s Confidential Information, using no less than a reasonable degree of care. In addition, each party
may disclose Confidential Information of the other party to such of its professional advisors, investment bankers, lenders, directors, managers, officers and employees who are directly concerned with this Agreement and its implementation and whose
knowledge of such information in the opinion of the disclosing party is necessary for those purposes. If the Receiving Party is requested to disclose any of the Disclosing Party’s Confidential Information pursuant to any subpoena or requirement
under Applicable Law, the Receiving Party will, to the extent practicable, give the Disclosing Party written notice of the request and sufficient opportunity to contest the order. 

Article XII 

MISCELLANEOUS 
 12.1 Relationship of the
Parties. Nothing herein shall be deemed to establish a relationship of principal and agent between Rechon and Dance, nor any of their agents or employees for any purpose whatsoever. This Agreement shall not be construed as creating a partnership
between the Rechon and Dance, or as creating any other form of legal association or arrangement, which would impose liability upon one party for the act or failure to act of the other party. 

12.2 Force Majeure. Any delay in the performance of any of the duties or obligations of either party hereto shall not be considered a breach of this
Agreement and the time required for performance shall be extended for a period equal to the period of such delay, provided that such delay has been caused by or is the result of any acts of God, acts of the public enemy, insurrections, riots,
embargoes, labor disputes, boycotts, fires, explosions, floods, industry-wide shortages of material or energy, or other unforeseeable causes beyond the reasonable control and without the fault or negligence of the party so affected. The affected
party shall give prompt notice to the other party of such cause, and shall take promptly use its best efforts to relieve the effect of such cause as soon as practicable. If any such cause prevents a party from performing as required under this
Agreement for a period of more than ninety (90) days, the other party shall have the right to terminate this Agreement immediately upon written notice. 

12.3 Assignment. This Agreement and the rights and duties appertaining hereto may not be assigned or otherwise transferred by either party without
first obtaining the written consent of the other party, which consent shall not be unreasonably withheld. Any such purported assignment or transfer without the written consent of the other party shall be null and of no effect. Notwithstanding
anything to the contrary, either party (the “Transferring Party”) may, without the consent of the other party: (i) assign or otherwise transfer this Agreement (A) to an Affiliate of the Transferring Party or (B) in
connection with a merger, consolidation, sale of all or substantially all assets, sale of equity interests or other change of control transaction involving the Transferring Party (or involving the line of business of the Transferring Party to which
this Agreement relates) or (ii) grant a security interest or lien in, or otherwise pledge, encumber or collaterally assign, any or all of the Transferring Party’s rights under this Agreement. Rechon will not subcontract any of its material
obligations under this Agreement without the prior, written consent of Dance. 
 12.4 Binding Nature and Inurement. This Agreement is binding upon
and inures to the benefit of the parties and their respective permitted successors and assigns. 

  
 12 

 12.5 Entire Agreement; Amendment. The parties hereto acknowledge that this Agreement (including the
Appendices hereto), together with the Quality Agreement sets forth the entire agreement and understanding of the parties hereto as to the subject matter hereof, and shall not be subject to any change of modification except by the execution of a
written instrument signed by the parties hereto, and shall supersede all previous communications, representations or understandings, either oral or written, between the parties relating to the subject matter hereof. 

12.6 Governing Law; Forum. This Agreement, and any disputes arising directly or indirectly from or relating to this Agreement, shall be governed by and
construed and enforced in accordance with the laws of UK, without regard to conflict-of-laws rules. The parties agree that any claims arising under this Agreement shall be exclusively venued in the state and federal courts located in UK. Each party
hereby irrevocably submits to the exclusive jurisdiction of such courts for any such claims, and waives any objections to the laying of venue in such courts. During the pendency of any dispute arising from or relating to this Agreement, each party
will continue to perform its obligations under this Agreement, unless and until such time as this Agreement expires or is terminated in accordance with its terms. The parties further agree that service of any process, summons, notice or documents to
party by registered or certified mail, or by nationally or internationally recognized private courier service (in each case in accordance with Section 12.7) shall be effective service of process for any action, suit or proceeding brought
against such party in any such court. 
 12.7 Notices. All notices, claims, demands and other communications hereunder shall be in writing and shall
be deemed given if delivered personally or by telecopier, three (3) business day after being sent by major overnight courier, or seven (7) business days after being mailed by registered or certified mail (postage prepaid, return receipt
requested) to each party at its respective address set forth below (or at such other address as any party hereto shall hereafter specify by notice in writing to the other parties hereto). 

If to Rechon: 
 Rechon
Life Science AB 
 Västanväg 7 

216 13 Limhamn 
 Sweden 

Attn: CEO 
 If to Dance:

 Dance Biopharm Inc. 
 150
North Hill Drive #24 
 Brisbane, CA 94005 

Attn: CEO 
 12.8 Payment of Own Fees and
Expenses. Each of Dance and Rechon shall be responsible for their own expenses relating to the preparation and consummation of this Agreement and, except as specified herein, the agreements and transactions contemplated hereby. 

  
 13 

 12.9 Severability. The provisions of this Agreement are severable, and in the event that any provision of
this Agreement shall be determined to be invalid or unenforceable under any controlling body of law, such invalidity or unenforceability shall not in any way affect the validity or enforceability of the remaining provisions hereof. 

12.10 Waiver. The failure of either party to assert a right hereunder or to insist upon compliance with any term or condition of this Agreement shall
not constitute a waiver of that right or excuse a similar subsequent failure to perform any such term or condition by the other party. Any waiver of any rights or failure to act in a specific instance relates only to that instance and is not an
agreement to waive any rights or fail to act in any other instance. 
 12.11 Headings. The headings of the several articles are inserted for
convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement 
 12.12 Counterparts;
Facsimile. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be signed and delivered to the other
party by facsimile signature; such transmission will be deemed a valid signature. 
 (signature page follows) 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement by their duly authorized
representatives. 
  

									
	DANCE BIOPHARM INC.	 		 	RECHON LIFE SCIENCE AB
					
	By:	 	  /s/ John S. Patton
	 		 	By:	 	  /s/ Zhaoqi Li

	Print Name: John S. Patton	 		 	Print Name: Zhaoqi Li
	Title: Chief Executive Officer	 		 	Title: Chairman of the board

  
 15 

 APPENDIX A 

PRODUCT DESCRIPTION 
 Product
Summary: 
 The Product will be a combination of aqueous liquid insulin formulation in a glass container with a pump head capable of precisely
delivering a drop of liquid insulin into the reservoir of a new high technology aerosol-generating device. 
 Detailed Product Description

 The Product is a pump head dispenser with a built-in closure cap designed to press fit onto a 5 to 10 ml USP Type 1 glass vial containing an
aqueous liquid insulin formulation. The pump is a 50μL droplet delivery system with a valve to prevent microbial contamination inside the vial. Therefore the aseptic solution will be maintained throughout the patient use or end of life. 

 

			
	 The picture of a typical 10 ml glass vial with a pump head (the dispenser) is shown on the left, and the labeled dispenser and
inhalation device are shown together below.
  
 

	  	

  
 16 

 APPENDIX B 

MANUFACTURING FEES 
 The Manufacturing Fees
for the Finished Product shall be based upon the quantities of the Finished Product purchased by Dance during the then-current calendar year, as follows below. Once the annual order quantity for the next tier is reached, all future pricing will
convert to the pricing for the new tier (unless order quantity subsequently declines). For example, if Dance place an order for 1 million bottles to be delivered in March 2019 and 2.5 million bottles to be delivered in September 2019, then
Dance will pay [*] Euros per bottle for each of the 3.5 million bottles purchased in 2019, and Dance first order in 2020 will also be at the same price ([*] Euros) because we are assuming sales growth year-to-year. However, in the
unlikely case there is a decline in sales such that Dance purchases less than 3 million bottles by the end of a future year, then Dance will need to pay an additional [*]Euros for any bottles purchased that year, for a total of [*]
Euros per bottle. 
 In addition to the cost below a cost of [*] Euro per pack order will be invoiced. 

 

			
	 Aggregate Quantity Ordered During Then-Current Calendar Year
	  	Price per bottle Finished
Drug Product* (Euro)
	less than [*] bottles of Finished Drug Product	  	[*]
	equal to or more than [*] bottles, but less than [*] bottles	  	[*]
	equal to or more than [*] bottles	  	[*]

  

	*	The Price does not include any cost for API or Primary Packaging material. Dance will purchase the API and Primary Packaging material directly from third party manufactures under separate supply agreements and
have these supplies delivered to Rechon. Rechon will include a service fee for receiving and storing these materials for Dance at Rechon’s facility, of [*] of all Primary Packaging orders and [*] of insulin orders. The service fee
will be applicable for all API or Primary Packaging material delivered to Rechon after July 2014. 

 Future price adjustments will be
considered on an annual basis to account for improvements in production efficiency at higher volumes, as well as changes in the price of materials or production costs for Finished Products due to inflation, raw material shortages, quality issues,
market conditions or other factors, which the Parties may deem appropriate. Any increase in the price contemplated under this Appendix B shall not exceed any increases in the cost to Rechon of all raw materials, regulatory compliance costs directly
associated with production of Finished Product and all directly allocated labor and is not to exceed [*] of the price charged to DANCE during the immediately preceding Contract Year. 

  
 17EX-10.24

 Exhibit 10.24 

[*Confidential Treatment has been requested as to certain portions of this document. Each such portion, which has been omitted herein and replaced with an
asterisk [*], has been filed separately with the Securities and Exchange Commission.] 
 SUPPLY AGREEMENT 

(RECOMBINANT HUMAN INSULIN) 

THIS SUPPLY AGREEMENT (this “Agreement”) is effective as of March 25, 2014 (the “Effective
Date”) and is between Dance Biopharm Inc., a company organized under the laws of Delaware, with principal offices at 150 North hill Drive, Brisbane, California 94005, USA (“DANCE”) and Tonghua Dongbao
Pharmaceuticals Co., Ltd., organized under the Peoples Republic of China, with principle office located in Tonghua City Jilin Province, China (“DONGBAO”). 

DANCE and DONGBAO are individually referred to herein as a “Party” and are collectively referred to herein as the “Parties”.

 BACKGROUND 

A. DANCE wishes to engage DONGBAO to perform services for DANCE, as more specifically set forth herein, in connection with the manufacturing
and supply of Active Ingredient (as defined below) for use in DANCE’s Product(s) (as defined below). 
 B. DONGBAO wishes to perform
such services, all on the terms and conditions set forth in this Agreement. 
 COVENANTS 

In consideration of the mutual covenants and promises set forth herein, and intending to be legally bound hereby, the Parties agree as
follows: 
 ARTICLE 1 

DEFINITIONS 
 The
following terms, whether used in the singular or plural, shall have the meanings assigned to them below for purposes of this Agreement 

“Active Ingredient” or “API” shall mean Recombinant Human Insulin as manufactured by DONGBAO (or its Affiliate(s) as
defined below) in accordance with the Active Ingredient Specifications, for use in the Product. 
 “Active Ingredient
Price(s)” shall have the meaning set forth in Section 8.1(a) hereof. 
 “Active Ingredient Specifications”
shall mean the specifications for the Active Ingredient attached hereto as Exhibit1 and made a part hereof, as determined in accordance with this Agreement, the analytical methodology set forth and in accordance with the terms and conditions
of the Quality Agreement. 

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
	  	PAGE 1

 “Affiliate” shall mean any corporation or non-corporate entity that controls, is
controlled by, or is under common control with a Party. A corporation or non-corporate entity shall be regarded as in control of another corporation if it owns or if it directly or indirectly controls at least fifty percent (50%) of the voting
stock of the other corporation or (a) in the absence of the ownership of at least fifty percent (50%) of the voting stock of a corporation or (b) in the case of a non-corporate entity, the power to direct or cause the direction of the
management and policies of such corporation or non-corporate entity, as applicable. 
 “Agreement” shall mean this Supply
Agreement, as it may hereafter be amended or supplemented from time to time. 
 “Applicable Laws” mean all applicable federal,
state, provincial and local laws, statutes, ordinances, rules, and regulations of any kind whatsoever, and any applicable orders, injunctions, or decrees of any court, administrative agency, or similar authority, whether federal, state, provincial
or local, including the laws, rules and regulations imposed by the United States Food and Drug Administration, EMA or other Governmental Authorities with jurisdiction over the services to be provided by DONGBAO hereunder. 

“cGMPs” shall mean applicable standards for current good manufacturing practices of active ingredients specified in
(i) the ICH Guidelines,(ii) the FDA’s “Guidance for Industry Q7A Good Manufacturing Practice Guidance for Active Pharmaceutical Ingredients”, and (iii) the EU GMP Guidelines, all as amended or updated from time to time. For
clarity, such definition of cGMPs shall not include other country-specific regulatory requirements. 
 “Certificate of
Analysis” shall mean a document, signed by an authorized representative of DONGBAO, certifying the Specifications for, and testing methods applied to, the Active Ingredient, and the results thereof, and which includes the Active Ingredient
date of manufacture, date for re-testing or expiration date as appropriate. 
 “Certificate of cGMP Compliance” shall mean
a document, signed by an authorized representative of DONGBAO, certifying that the Active Ingredient being delivered to DANCE has been manufactured in conformity with cGMPs. 

“Confidential Information” shall mean, as the case may be, any and all information relating to the Active Ingredient, of a
confidential nature not known to the public or to the recipient of the information before its disclosure belonging to either Party in written, electronic or any other form. This includes, but is not limited to, Know-How, operational methods,
formulae, samples, Specifications, analytical methods as well as any details of commercial, technical, pharmaceutical, scientific and industrial nature. The terms of this Agreement shall also be deemed Confidential Information. Confidential
Information shall not include information, materials, technical data or Know-How which: (i) is in a receiving Party’s possession at the time of disclosure as evidenced by the receiving Party’s written records immediately prior to the
time of disclosure; (ii) is in the public domain at the time of disclosure; (iii) becomes part of the 

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
	  	PAGE 2

 
public domain by publication or otherwise after disclosure hereunder other than by breach of this Agreement by a receiving Party; (iv) is disclosed to a receiving Party by a third party
having the right to disclose such information without any violation of any rights of or obligations to the disclosing Party; or (v) is independently developed by an employee or agent of a receiving Party without knowledge of the disclosing
Party’s Confidential Information as evidenced by the receiving Party’s written records. 
 “Drug Master File” or
“DMF” means a submission to EMA or other regulatory authority by DONGBAO that may be used to provide confidential detailed information about facilities, processes or articles used in the manufacturing, processing, packaging and
storing of the Active Ingredient. 
 “EMA” shall mean the European Medicines Agency or any successor entity thereto. 

“FDA” shall mean the United States Food and Drug Administration or any successor entity thereto. 

“FD&C Act” shall mean the United States Federal Food, Drug and Cosmetic Act, as amended. 

“Force Majeure Event” shall have the meaning set forth in Section17.1 hereof. 

“Governmental Authority” means any United States federal, state or local or any foreign government, or political subdivision
thereof, or any multinational organization or authority or any authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power, any court or tribunal (or any
department, bureau or division thereof), or any arbitrator or arbitral body. 
 “ICH Guidelines” shall mean the document
titled “Q7A - Good Manufacturing Practice Guide for Active Pharmaceutical Ingredients” endorsed by the International Conference on Harmonization of Technical Requirements for Registrations of Pharmaceuticals. 

“Invention” shall mean information relating to any innovation, improvement, development, discovery, computer program, device,
trade secret, method, Know-How, process, technique or the like, whether or not written or otherwise fixed in any form or medium, regardless of the media on which contained and whether or not patentable or copyrightable. 

“Know-How” shall mean all confidential and identified technical and scientific information and data, irrespective of its
subject-matter and form, including, but not limited to, processes, formulae, designs and data as well as Inventions and improvements whether patentable or not. 

“Market Authorization Approval” shall mean applications to market a new drug. Such applications document safety and efficacy
of the investigational drug and contain all the information collected during the drug development process. At the conclusion of successful preclinical and clinical testing, this series of documents is submitted to the FDA in the U.S. or EMA in
Europe or to the applicable regulatory authorities in other countries. The application must present substantial evidence that the drug will have the effect it is represented to have when people use it or under the conditions for which it is
prescribed, recommended or suggested in the labeling. 

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
	  	PAGE 3

 “PO” shall have the meaning set forth in Article5hereof. 

“Product” shall mean DANCE’s finished insulin product for clinical use and pending successful trial, for commercial use.

 “Supplied Product” shall have the meaning set forth in Exhibit 1 hereof. 

“Production Site” shall mean the DONGBAO site in which it manufactures the Active Ingredient in Tonghua. 

“Quality Agreement” shall mean the Quality Agreement described in Article6which the parties shall in good faith negotiate and
execute within ninety (90) days after the execution of this Agreement, and which shall be made part hereof. 

“Recall” shall have the meaning set forth in Section11.2(a) hereof. 

“Recalled Product” shall mean any Product subject to a Recall. 

“Regulatory Change” shall have the meaning set forth in Section 18.2 hereof. 

“Specifications” shall mean the Active Ingredient Specifications and the Packaging Specifications. 

“Term” shall have the meaning set forth in Section10.1 hereof. 

“Third Party” shall mean any person or entity other than DANCE, DONGBAO and their respective Affiliates. 

“Third Party Claims” shall have the meaning set forth in Section12.1 hereof. 

ARTICLE 2 

MANUFACTURE, SALE AND PURCHASE OF ACTIVE INGREDIENT; 

2.1 Subject to the terms and conditions of this Agreement, DONGBAO shall manufacture and supply to DANCE and DANCE shall purchase from
DONGBAO, such quantities of Active Ingredient required for Phase 3 clinical development and for commercial sale of the Product. All API to be supplied under this Supply Agreement shall be manufactured by DONGBAO in conformance with Specifications,
Applicable Laws, and cGMP. 

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
	  	PAGE 4

 ARTICLE3 

COOPERATION WITH GOVERNMENTAL REQUIREMENTS 

3.1 Cooperation. The Parties shall cooperate with one another as may be reasonably necessary or appropriate to satisfy all governmental
requirements, regulatory filings, and obtain all needed permits, approvals and licenses with respect to the manufacture and supply of the Active Ingredient. 

3.2 Regulatory Actions. DONGBAO agrees to provide to DANCE, as requested, with all information and data in DONGBAO’s possession or
control for DANCE to obtain and maintain Market Authorization Approvals for the Product in any country, including information relating to the Production Site, or the methodology, raw materials used in the manufacture, processing or packaging of API,
or any other matters, if proven by DANCE, that are required or requested to be provided to the EMA, FDA or any other Governmental Authority. In addition, DONGBAO agrees to cooperate with DANCE with respect to obligations to submit or report
information relevant to API pursuant to EMA, FDA regulations, the FD & C Act and all other Applicable Laws. 
 Such cooperation shall include
communicating with FDA, EMA and other Governmental Authorities and making available as promptly as practicable all information, documents and other materials which result from the performance by DONGBAO of its services hereunder which DANCE is
required to submit or which DANCE may otherwise reasonably request in connection with any governmental filings relating to the Active Ingredient. 

Notwithstanding the foregoing, it shall be the responsibility of (i) DANCE to obtain and maintain all such permits, approvals and licenses which are
specific to the Active Ingredient or the Product, and (ii) DONGBAO to obtain and maintain all such permits, approvals and licenses which are generally required for the Production Site and to maintain the Drug Master File in respect of the
Active Ingredient. DONGBAO shall support DANCE’s clinical regulatory filling(s)and any Market Authorization Approvals by providing the following documentation: (i) Certificate of Analysis with each lot conforming to EP and USP monographs;
(ii) Letter of access to the DMF as necessary for any regulatory filings with FDA, EMA or any other Governmental Authorities (iii) other regulatory documents and information required for EU clinical trial and Information on the API to
comply with requirements of the European Clinical Trials Directive and the CHMP guideline on the requirements to the chemical and pharmaceutical quality documentation concerning investigational medicinal products in clinical trials and (iv) any
other regulatory documents and information required for the conduct of any clinical trials for the Product and the filing of any applications seeking Market Authorization Approval in any country of the world. 

DONGBAO shall permit the EMA, FDA and other Governmental Authorities, as applicable, to conduct such inspections of the Production Site at which any of the
manufacturing or processing activities relating to the API are performed, as such Governmental Authorities may request, including pre-approval inspections, and shall cooperate with such Governmental Authorities with respect to such inspections
related to the manufacture and supply of API. DONGBAO shall (a) give DANCE prior written notice of any such inspections of the Production Site related to the API; and (b) keep DANCE informed about the results and conclusions of each such
regulatory 

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
	  	PAGE 5

 
inspection. DONGBAO shall correct any deficiencies of such audit observations identified by any Governmental Authority in a prompt and efficient manner so as to prevent any delay in DANCE
obtaining Market Authorization Approval for the Product or in the shipment of any Product ordered by DANCE. 
 3.3 Drug Master Files.
DONGBAO shall provide the appropriate authorizations to each applicable Governmental Authority allowing DANCE the right to reference all Drug Master Files to apply for obtain and maintain any Market Authorization Approval or other regulatory
approvals for the Product. 
 DONGBAO shall correct any deficiencies of such Drug Master File identified by any Governmental Authority in a prompt and
efficient manner so as to prevent any delay in DANCE obtaining regulatory approval for a Product. In addition, DONGBAO shall be responsible for maintaining such Drug Master File in accordance with all Applicable Laws and ensuring that all data and
information incorporated therein is accurate and current as necessary to support obtaining and maintaining the applicable Market Authorization Approvals and regulatory filings by DANCE. 

ARTICLE 4 

SPECIFICATIONS & SPECIFICATION CHANGES 

4.1 Specifications: DONGBAO agrees that, prior to each shipment of API, it shall perform quality control procedures reasonably
necessary to ensure that the API to be shipped conforms fully to the Specifications. Each shipment of API shall be accompanied by a Certificate of Analysis (describing all current requirements of the Specifications and results of tests performed
certifying that the quantities of API supplied have been manufactured, controlled and released according to the Specifications and all Applicable Laws, including confirmation that the material has been manufactured, packaged and tested in accordance
with cGMP requirements, and ICH Q7A and such additional documents as may be specified in the Quality Agreement or as otherwise reasonably required and specified in POs by DANCE from time to time). 

4.2 Quality Agreement. Prior to DANCE issuing a purchase order to DONGBAO for clinical supply of API, the Parties shall enter into an
agreement specifying the Parties’ respective responsibilities for storage, release, stability, vigilance program, quality control and quality assurance with respect to the API (the Quality Agreement). 

4.3 Specification Changes: Upon any change in the Active Ingredient Specifications or Packaging Specifications requested by DANCE
(“DANCE Specification Changes”), including the addition of new packaging configurations, DANCE shall promptly advise DONGBAO in writing of any requested DANCE Specification Changes, and DONGBAO shall promptly advise DANCE as to the
feasibility of the DANCE Specification Changes, and if in DONGBAO’s reasonably exercised discretion, the DANCE Specification Changes are found to be commercially reasonable and feasible, DONGBAO will inform DANCE of any scheduling and/or price
adjustments which may result from the DANCE Specification Changes.

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
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 4.4 Price Adjustment. Prior to implementation of DANCE Specification Changes, the Parties
shall negotiate in good faith in an attempt to reach agreement on (a) the new Active Ingredient Price for any Active Ingredient which embodies the DANCE Specification Changes, (b) any amounts to be reimbursed by DANCE to DONGBAO as
described in the next sentence of this paragraph, and (c) any other amendments to this Agreement which may be necessitated by the DANCE Specification Changes (i.e., an adjustment to the lead time for POs). DANCE shall reimburse DONGBAO for the
mutually agreed upon reasonable expenses incurred by DONGBAO as a result of the DANCE Specification Changes, including, but not limited to, reimbursing DONGBAO for its mutually agreed validation and development costs, capital expenditure costs and
costs for any reasonable inventory of packaging components or other materials maintained by DONGBAO for purposes of this Agreement and consistent with the PO, and rendered unusable as a result of the DANCE Specification Changes.

4.5 Changes in Manufacturing Processes. DONGBAO shall not make any material changes in the manufacturing processes of the API except as
required by Applicable Laws without DANCE’s prior consent. In the event a change in manufacturing process is required, DONGBAO shall provide DANCE with not less than six (6) months’ prior written notice of DONGBAO’s
implementation of any intended significant material change(s) to its manufacturing processes for the Active Ingredient, which might affect the quality of the Active Ingredient or any Market Authorization Approvals for the Product (“Change
Notice”) (e.g. any change in the Active Ingredient Specifications or Packaging Specifications made by DONGBAO other than pursuant to a DANCE request). If a significant change is implemented by DONGBAO and DANCE provides DONGBAO with
demonstrable evidence that the utility (i.e. the conditions of being useful as a pharmaceutical product in connection with the manufacture and performance of the Product) of the Active Ingredient is significantly altered in that there is no similar
bioequivalence (to Active Ingredient before the significant change) or similar Product specifications when formulated in the final Product formulation (together, “Utility Loss”), the parties shall exert their reasonable
commercial efforts to resolve issues related to the Utility Loss in order to continue operating under this Agreement. In the case of pending specification change, DONGBAO shall allow DANCE ninety (90) days to purchase Active Ingredient
supply needed prior of the implementation of specification changes. DANCE shall, over the course of the notice period, have the right to place POs and DONGBAO shall have the obligation to accept such POs and manufacture up to four (4) times the
quantity of API reflected in the Rolling Forecast (as defined below). 
 ARTICLE 5 

FORECASTING &ORDERS 

5.1 Forecasts. Upon the Effective Date of this Agreement, and thereafter at least sixty (60) days prior to the beginning of each
subsequent calendar quarter, DANCE shall provide DONGBAO with an initial forecast of the quantities of the API estimated to be required during the immediately following calendar quarter (“Q1”) and the next five (5) succeeding calendar
quarters (“Q2”, “Q3”,“Q4, Q5 and Q6” respectively) (each, a Rolling Forecast). Rolling Forecasts for Q1 and Q2 shall be binding. Rolling Forecasts for Q3 and Q4 are binding for at

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
	  	PAGE 7

 
least 50% of the forecasted quantities. Q5 and Q6 are non-binding and serve only to facilitate DONGBAO’s production scheduling. DONGBAO will supply the Active Ingredient in appropriate
packaging and the minimum quantity of Active Ingredient packaged for shipment shall be 1 (one) kilogram. 
 5.2 Purchase Orders.
Together with each Rolling Forecast, DANCE shall place a firm order (“Firm PO”) with DONGBAO for supplies of API for delivery in Q1 and Q2. DONGBAO shall accept and fulfill all orders for API provided by DANCE in accordance with the terms
of the Agreement and which do not exceed 120% of the binding portion of the Rolling Forecast. To the extent a Firm PO for any calendar quarter exceeds 120% of the Forecast for the relevant quarter, DONGBAO shall use commercially reasonable efforts
to supply the quantity ordered. 
 5.3 Confirmation by DONGBAO. No later than fifteen (15) days after receipt of DANCE’s
Firm POs, DONGBAO shall confirm that it can fulfill the quantities specified in such orders. 
 ARTICLE 6 

DELIVERIES 
 6.1
Purchase Quantities. DONGBAO shall ship the quantities specified in the PO by the delivery date designated in all POs confirmed by DONGBAO pursuant to Section 5.3above. Variations in shipments as outlined herein shall be deemed to be in
compliance with such PO; provided, however, that DANCE shall only be invoiced and required to pay for the quantities of Active Ingredient which DONGBAO and/or its Affiliates actually ships to DANCE. All shipments of Active Ingredient
shall be accompanied by a packing slip and a Certificate of Analysis which describes the Active Ingredient, states the PO number, confirms that the Active Ingredient conforms in all ways with the Specifications and was manufactured in accordance
with cGMP and all other requirements of the FD & C Act and all other Applicable Laws, rules and regulations. To the extent of any conflict or inconsistency between this Agreement and any PO, or confirmation, the terms of this Agreement
shall govern. DANCE shall notify DONGBAO of any short shipment claims within thirty (30) days of delivery of a shipment of Active Ingredient. 

6.2 Active Ingredient Release. No Active Ingredient shall be released to DANCE without a Certificate of Analysis and Certificate of
cGMP Compliance, both of which shall be supplied to DANCE by DONGBAO, (a) stating that the Active Ingredient being shipped have been tested and conforms to the Specifications and Quality Control Requirements, (b) confirming compliance with
cGMP, the FD&C Act and all other Applicable Laws, rules and regulations. 
 6.3 Quality Control Requirements. Quality Control
Requirements shall mean that DONGBAO shall subject all Active Ingredient to quality control inspections using quality control procedures, specifications, and systems to assure strict compliance with the Specifications and absence of defects. 

  

			
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 6.4 Quality Agreement. Within ninety (90) days of signing this Agreement, the Parties
shall enter into an agreement specifying the Parties’ respective responsibilities for storage, release, stability, vigilance program, quality control and quality assurance with respect to the Active Ingredient (the Quality Agreement). 

6.5 Delivery Terms. Shipment of the Active Ingredient will be to a location designated by DANCE. DANCE will select and pay the carrier
to be used. The Active Ingredient will be shipped with the requisite packing slip, Certificates of Analysis and Certificate of cGMP Compliance. The Active Ingredient will be shipped CIP Copenhagen (Incoterms 2010). All shipments of the Active
Ingredient to DANCE shall be made via such carrier(s) as DANCE may direct. Title and risk of loss shall pass to DANCE upon delivery to the carrier. Freight charges shall be billed ship collect. 

6.6 Acceptance/Rejection: After receipt, DANCE shall have a reasonable period not to exceed sixty60) days for accepting and/or
rejecting the API that is conforming or non-conforming to the Specifications. At DANCE’s option, DONGBAO shall promptly replace the non-conforming batch and handle shipment thereof at no cost to DANCE. If the Parties cannot agree as to whether
or not API is non-conforming, the dispute shall be resolved through the use of a US or EU Certified independent third party testing lab for final binding determination. DANCE shall bear the cost of the test in the event of unfounded rejection and
DONGBAO shall bear the cost in the event the rejection is founded. 
 6.7 Shipping; Dating and Customs Costs. DONGBAO shall make
commercially reasonable efforts to cause Active Ingredient delivered hereunder to have twenty-four (24) months until expiration, but in any event, DONGBAO shall deliver Active Ingredient hereunder with at least eighteen (18) months until
expiration. For clarity, costs for the shipment of Active Ingredient from the Production Site and all customs tariffs and duties shall be paid by DANCE. 

6.7 Inconsistencies. In the event of any inconsistencies between the terms of this Agreement and the PO issued by DANCE hereunder or
any acceptance thereof by DONGBAO, the terms of this Agreement shall govern. 
 6.8 Recordkeeping. DONGBAO shall keep and maintain
all production, batch, control laboratory and other records relating to the Active Ingredient in accordance with all applicable FDA and other Applicable Laws, rules and regulations including but not limited to cGMP. Such records shall be made
available to DANCE or its representatives upon request. 
 6.9 Inspections by DANCE. With reasonable written notice and upon a
mutually agreed upon date, DANCE or its designated agents shall have the right to inspect those portions of the manufacturing, storage and warehouse facilities of a Production Site where Active Ingredient is being manufactured or stored, during
regular business hours, to verify compliance with the terms and provisions of this Agreement or for insurance inspection purposes. Unless for reasonable cause, DANCE agrees to not inspect a Production Site more often than one (1) time in a
calendar year period or any other frequency mutually agreed upon. DONGBAO shall correct any deficiencies of audit observations in a prompt and efficient manner. 

  

			
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 6.10 Governmental Inspections. If DONGBAO is notified that the Active Ingredient or
the Production Site will be subject to an inspection related to the Active Ingredient, by any Governmental Authority, DONGBAO shall promptly inform DANCE of such inspection and shall cooperate with and allow such inspection to the extent required by
Applicable Laws. Subject to being excluded due to restrictions under confidentiality obligations of DONGBAO to Third Parties, and to DONGBAO’s determination that particular information and/or documentation is confidential in nature,
DONGBAO shall provide information related to inspection outcomes to DANCE resulting from such inspection to the extent relevant to the Active Ingredient. DONGBAO will promptly inform DANCE whether any Form FDA 483 (or its equivalent) or warning
letters or citations (collectively a “483 Notice”) are issued to DONGBAO (by the FDA or any other Governmental Authority) which are related to or impact the supply of the Active Ingredient to DANCE, and if the 483Noticerelates directly to
the Active Ingredient, then DONGBAO shall use commercially reasonable effort to resolve it as quickly as practical. 
 ARTICLE 7 

PRICE; PRICE ADJUSTMENTS; PAYMENT TERMS 

7.1 Price & Price Adjustment. API pricing and adjustments are set forth in Exhibit 2, attached hereto. Unless otherwise
specified in an invoice issued by DONGBAO, prices provided by DONGBAO are exclusive of any Value Added Tax (“VAT”) or other cost or taxes, which may be applicable. The parties understand and agree that DANCE shall be responsible for any
such VAT or other costs or taxes which may be applicable in accordance with local law and / or regulation. Payment for undisputed invoices will be made without deduction, deferment, set-off, lien or counterclaim of any nature. In the event of
payment default, DONGBAO will be entitled to interest at the rate of 8% interest per annum calculated on a daily basis and at is discretion suspend provision of the Active Ingredient. 

7.2 Payment Terms. DONGBAO shall invoice DANCE for all quantities of the Active Ingredient purchased hereunder concurrently with
DONGBAO’s shipment thereof to DANCE. Subject to Section6.2and Section11.1, all amounts properly invoiced by DONGBAO hereunder shall be due and payable net thirty (30) days after invoicing date. Payment will be made by wire transfer of
funds to such account as DONGBAO may designate. Orders, invoices and payments under this Agreement shall be made in US dollars. Invoices shall reflect the actual quantities shipped and DANCE shall be responsible for payment for such actual
quantities shipped in accordance with this Agreement. 
 ARTICLE 8 

DONGBAO’S REPRESENTATIONS, WARRANTIES AND COVENANTS 

DONGBAO represents, warrants and covenants to DANCE as follows: 

8.1 Active Ingredient. The Active Ingredient, at the time of sale and shipment to DANCE by DONGBAO, (a) will conform to the
Specifications, as then in effect, (b) will have 

  

			
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dating until re-evaluation of not less than that which is set forth in Section6.7above, (c) will have been manufactured in all material respects in accordance with cGMP in effect at the time
of manufacture, (d) will not be adulterated or misbranded within the meaning of the FD&C Act, (e) will not have been manufactured, sold or shipped in violation of any Applicable Laws in any material respect, (f) will be conveyed
with good title, free and clear of all security interests, liens or encumbrances, and (g) as may be appropriate or applicable, will have been approved by any and all requisite governmental and regulatory authorities. 

8.2 Manufacturing Standards. DONGBAO shall manufacture and package the Active Ingredient in accordance with (i) the
Specifications, (ii) then-current cGMPs, and (iii) ICH Guidelines, and all other Applicable Laws, rules and regulations. 
 8.3
Compliance with Applicable Laws. DONGBAO shall fully comply with all Applicable Laws, rule and regulations in performing the services contemplated hereunder. 

8.4 Qualified Personnel. DONGBAO shall engage and employ only professionally qualified personnel to perform the services contemplated
hereunder. DONGBAO further represents and warrants that neither it nor any of its employees is, or is reasonably likely to become (based on a conviction by the courts or a finding of fault by any applicable regulatory authority): (a) debarred
pursuant to the Generic Drug Enforcement Act of 1992 (21 U.S.C. § 335a), as amended from time to time; (b) disqualified from participating in clinical trials pursuant to 21 C.F.R. §312.70, as amended from time to time;
(c) disqualified as a testing facility under 21 C.F.R. Part 58, Subpart K, as amended from time to time; (d) excluded, debarred or suspended from or otherwise ineligible to participate in a “Federal Health Care Program” as
defined in 42 U.S.C. 1320a-7b(f), as amended from time to time, or any other governmental payment, procurement or non-procurement program; or (e) included on the HHS/OIG List of Excluded Individuals/Entities, the General Services
Administration’s List of Parties Excluded from Federal Programs, or the FDA Debarment List. DONGBAO shall notify DANCE immediately if any of the foregoing is not true for any reason at any time. DONGBAO represents and warrants that it shall not
hire or retain as an officer or employee any Person who has been convicted of a misdemeanor or felony under the laws of the United States relating to the regulation of any drug product by the FD&C Act or relating to the regulation of any federal
healthcare program by the U.S. Department of Health and Human Services. If at any time a representation and warranty in this Section 8.4 is no longer accurate, DONGBAO shall immediately notify DANCE of such fact. 

8.5 DONGBAO represents and warrants to DANCE that the Production Site is wholly owned by DONGBAO. 

  

			
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 ARTICLE 9 

GENERAL REPRESENTATIONS AND WARRANTIES 

Each Party represents and warrants to the other as follows: 

9.1 Power and Authorization. It has all requisite power and authority (corporate and otherwise) to enter into this Agreement and has
duly authorized by all necessary action the execution and delivery hereof by the officer or individual whose name is signed on its behalf below. 

9.2 No Conflict. Its execution and delivery of this Agreement and the performance of its obligations hereunder do not and will not
conflict with or result in a breach of or a default under its organizational instruments or any other agreement, instrument, order, law or regulation applicable to it or by which it may be bound. 

9.3 Enforceability. This Agreement has been duly and validly executed and delivered by it and constitutes its valid and legally binding
obligation, enforceable in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights and except as enforcement is
subject to general equitable principles. 
 ARTICLE 10 

TERM; TERMINATION 

10.1 Term. The Agreement shall commence on the Effective Date and remain in effect for an initial term of five (5) years from the
date that a Governmental Authority approves the first Market Approval Application in any country (“Term”), with automatic two (2) year renewal unless terminated in writing by either party eighteen (18) months before expiry of the
Term. 
 10.2 Termination Upon Breach. Either Party may terminate this Agreement upon not less than sixty (60) days prior
written notice to the other Party upon the material breach or default by the other Party of any of its representations, warranties, covenants or agreements (provided, however, that such notice period shall be extended by such
additional period as the breaching Party may request upon the breaching Party’s written certification that (i) such breach is reasonably capable of being cured within the period of the proposed extension, but not within such sixty
(60) day period and (ii) it has commenced and is diligently pursuing efforts to cure such breach). Upon the expiration of such notice period, this Agreement shall terminate without the need for further action by either Party;
provided, however, that if the breach upon which such notice of termination is based shall have been fully cured to the reasonable satisfaction of the non-breaching Party within such notice period, then such notice of termination shall
be deemed rescinded, and this Agreement shall be deemed reinstated and in full force and effect. Such right of termination shall be in addition to such other rights and remedies specified in this Agreement and as provided by law. For greater
certainty, any breach or default (material or otherwise) by a Party under any other agreement between the Parties (other than the Quality Agreement) shall not entitle the other Party to terminate this Agreement. 

10.3 Termination Upon Bankruptcy. Either Party may terminate this Agreement upon bankruptcy of the other Party. 

10.4 Termination Upon Discontinuation of Product Development. Either Party may terminate this Agreement if DANCE discontinues
development of the Product based on regulatory, financial, technical, or commercial reasons. 

  

			
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 10.5 Rights and Duties Upon Termination. 

(a) Unless otherwise mutually agreed by the Parties, DONGBAO shall manufacture and ship, and DANCE shall purchase in accordance with the
provisions hereof, all quantities of Active Ingredient ordered by DANCE hereunder prior to the date of expiration or termination. 

ARTICLE 11 
 CLAIMS;
RECALLS 
 11.1 Claims. DANCE may reject any quantity of the Active Ingredient which fails to conform to any applicable PO,
warranty, Specifications or Applicable Laws upon written notice to DONGBAO describing such nonconformity given within sixty (60) days after DANCE’s receipt thereof (or, in the case of any defects not reasonably susceptible of discovery
upon receipt of such goods, within thirty (30) days after discovery thereof by DANCE). Latent defects must be communicated to DONGBAO upon discovery but in no case later than three (3) months after delivery. DONGBAO shall have no liability
to DANCE with respect to any such nonconformity which the Parties agree (or, absent such agreement, which a mutually acceptable independent laboratory or consultant determines) (i) was caused by information supplied by DANCE or due to a fault
in materials supplied by DANCE, (ii) was otherwise caused by DANCE or its agents, or (iii) was caused after delivery thereof to the carrier at the point of origin. In all other cases, DONGBAO shall promptly credit DANCE’s account for
DONGBAO’s invoice price to DANCE of such nonconforming Active Ingredient. Additionally, DONGBAO shall promptly, at DANCE’s sole election, either (a) refund the invoice price thereof actually paid to DONGBAO by DANCE (b) offset
the amount thereof against other amounts then due DONGBAO hereunder or (c) replace such nonconforming Active Ingredient with conforming Active Ingredient at no additional cost to DANCE (including replacement shipping costs) within sixty
(60) days. THE FOREGOING REMEDY CONSTITUTES THE EXCLUSIVE REMEDY AGAINST DONGBAO AND THE ENTIRE LIABILITY OF DONGBAO IN CONNECTION WITH THE REJECTED SHIPMENT. If the parties do not agree on whether the product meets specifications, they shall
agree on an independent expert to determine if the product is in compliance with the specification. The fees and expenses of any independent laboratory or consultant engaged by the Parties for purposes of this section shall be paid by the Party
which is determined to bear responsibility for the nonconformity in question 
 11.2 Recalls. 

(a) Notices. Each Party shall notify the other of any information, whether received directly or indirectly, which might affect the
marketability, safety or effectiveness of Product which was manufactured using Active Ingredient supplied by DONGBAO hereunder and/or which might result in the Recall or seizure of the Product which was manufactured using Active Ingredient supplied
by DONGBAO hereunder. For purposes of this Agreement, a 

  

			
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“Recall” shall mean any action: (i) to recover title to or possession of quantities of the Product which was manufactured using Active Ingredient supplied by DONGBAO
hereunder sold or shipped to Third Parties (including, without limitation, the voluntary withdrawal of such Product which was manufactured using Active Ingredient supplied by DONGBAO hereunder from the market) or (ii) by any Governmental
Authority to detain or destroy any of such Product which was manufactured using Active Ingredient supplied by DONGBAO hereunder. “Recall” shall also include the election by either Party to refrain from selling or shipping quantities
of such Product which was manufactured using Active Ingredient supplied by DONGBAO hereunder to Third Parties that would have been subject to a Recall if sold or shipped. 

(b) Discretion. DANCE shall institute a Recall of the Product as a consequence of any defect that DANCE deems sufficiently serious.
DANCE shall consult with DONGBAO regarding any Recall of Product which was manufactured using Active Ingredient supplied by DONGBAO hereunder; provided, however, that DANCE shall retain sole discretion whether to institute a Recall.
DONGBAO shall provide a rapid initial response and a full report with respect thereto within thirty (30) calendar days of such notification. In case of recall for API related to DANCE‘s product, regulatory agencies may be involved. DANCE
will manage the process of notification and DONGBAO will respond in a prompt and efficient manner. 
 (c) Responsibilities. DONGBAO
shall have no liability to DANCE with respect to any Recall. 
 ARTICLE 12 

INDEMNIFICATION 

12.1 By DANCE. DANCE shall defend, indemnify and hold harmless DONGBAO, its Affiliates and their respective officers, directors,
shareholders, employees, licensees, agents, successors and assigns from and against any and all claims, demands, damages, judgments, settlements and awards made by or asserted by Third Parties (collectively, “Third Party Claims”)
(including, without limitation, those associated with a Recall) which any of them may incur or become subject to arising out of or resulting from (a) DANCE’s use, handling, distribution, marketing or sale of the Active Ingredient or the
Product (subject to Section 13.2 hereof), (b) the breach by DANCE of any of its representations, warranties, covenants, obligations, agreements or duties under this Agreement or (c) any claim that the manufacture, use or sale of the
Product infringes a patent or any other proprietary rights; provided, however, that such obligation to indemnify shall not extend to any Third Party Claim to the extent they arise out of or resulting from any negligence, recklessness
or wrongful conduct by DONGBAO or the breach by DONGBAO of any of its representations, warranties, covenants, obligations, agreements or duties under this Agreement. 

12.2 By DONGBAO. DONGBAO shall defend, indemnify and hold harmless DANCE, its Affiliates and their respective officers, directors,
shareholders, employees, licensees, agents, successors and assigns from and against any and all Third Party Claims which any of them may incur or become subject to arising out of or resulting from (a) DONGBAO’s negligent acts or omissions
or willful misconduct in connection with the performance of the services contemplated 

  

			
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by this Agreement, (b) the breach by DONGBAO of any of its representations, warranties, covenants, obligations, agreements or duties under this Agreement, or (c) any claim that
DONGBAO’s manufacture, use or sale of the Active Ingredient alone infringes a patent or any other proprietary rights; provided, however, that such obligation to indemnify shall not extend to any Third Party Claim to the extent
they arise out of or resulting from any negligence, recklessness or wrongful conduct by DANCE or the breach by DANCE of any of its representations, warranties, covenants, obligations, agreements or duties under this Agreement. 

12.3 Procedure. Promptly after learning of the occurrence of any event which may give rise to its rights under the provisions of this
Article12, each indemnitee hereunder shall give written notice of such matter to the indemnitor. The indemnitee shall cooperate with the indemnitor in the negotiation, compromise and defense of any such matter. The indemnitor shall have the right to
be in charge of and control such negotiations, compromise and defense and to select and manage counsel with respect thereto, provided that the indemnitor shall promptly notify the indemnitee of all developments in the matter. In no event shall the
indemnitee compromise or settle any such matter without the prior written consent of the indemnitor, who shall not be bound by any such compromise or settlement absent its prior written consent, which consent shall not be unreasonably withheld or
delayed 
 ARTICLE 13 

INSURANCE 
 Each
Party represents that it has and shall maintain during the Term hereof, as well as after the expiration or termination of this Agreement, sufficient insurance or an appropriate program of self insurance, and in particular products liability
insurance, with appropriate policy limits to cover all risks associated with the performance of its obligations under this Agreement. Each Party agrees to provide upon request copies of the relevant certificate(s) of insurance. 

ARTICLE 14 

LIMITATION OF LIABILITY 

14.1 DISCLAIMER OF WARRANTIES. THE WARRANTIES GIVEN BY DONGBAO HEREUNDER ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED,
INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND ALL OTHER WARRANTIES ARE HEREBY DISCLAIMED AND EXCLUDED BY DONGBAO. 

14.2 DAMAGES. EXCEPT IN THE CASE OF FRAUD OR WILFUL MISCONDUCT, A BREACH BY DONGBAO OF ITS OBLIGATIONS UNDER SECTION 15 BELOW ORFOR
THIRD PARTY CLAIMS SUBJECT TO THE INDEMNITY PROVISIONS ABOVE, NO PARTY SHALL BE LIABLETO THE OTHERFOR ANY INCIDENTAL, INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OF ANY KIND (INCLUDING, WITHOUT LIMITATION, LOST PROFITS AND LOSS OF GOODWILL)
ARISING FROM ANY BREACH OR ALLEGED BREACH OF THIS AGREEMENT (EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES). 

  

			
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 14.3 Remedies. DONGBAO’s sole obligations, and DANCE’s sole and exclusive
remedies, for any breach by DONGBAO of this Agreement related to nonconforming Active Ingredient shall be as set forth in Sections 11.1 hereof, respectively. 

ARTICLE 15 

CONFIDENTIALITY 

15.1 Treatment of Confidential Information. Except as otherwise provided in this Article 15, during the Term and for a period of
ten (10) years thereafter: 
  

	 	(i)	DONGBAO will retain in confidence and use only for the purposes contemplated hereby any Confidential Information disclosed to it by or on behalf of DANCE in connection with the performance of this Agreement; and

  

	 	(ii)	DANCE will retain in confidence and use only for the purposes contemplated hereby any Confidential Information disclosed to it by or on behalf of DONGBAO in connection with the performance of this Agreement.

 15.2 Right to Disclose. To the extent it is reasonably necessary or appropriate to fulfill its obligations or
exercise its rights under this Agreement or any rights which survive termination or expiration hereof, each Party may disclose Confidential Information to its Affiliates, sublicensees, consultants, attorneys, accountants, investment bankers, or
other Third Parties on condition that such entities or persons agree (a) to keep the Confidential Information confidential for the same time periods and to the same extent as each Party is required to keep the Confidential Information
confidential and (b) to use the Confidential Information only for such purposes as such Party is entitled to use the Confidential Information. Each Party or its Affiliates or sublicensees may disclose such Confidential Information to government
or other regulatory authorities to the extent that such disclosure (i) is reasonably necessary to obtain patents or authorizations to conduct clinical trials with and to market commercially the Product, provided such Party is otherwise entitled
to engage in such activities under this Agreement or (ii) is otherwise legally required. 
 15.3 Confidentiality Agreement. This
Agreement contains the entire understanding of the Parties with respect to the Confidential Information and supersedes the Confidentiality Agreement entered into on April 20, 2011. 

15.4 Material Transfer Agreement. The Material Transfer Agreement executed by the parties shall remain in effect. 

ARTICLE 16 
 OWNERSHIP
OF PROPERTY 
 16.1 Ownership of Rights. Each Party shall exclusively own and retain all right, title and interest in and to
(i) all intellectual property rights, information, documents and tangible and 

  

			
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intangible materials owned by it as of the Effective Date, and (ii) all Inventions which are conceived, reduced to practice, or created by such Party and/or its Affiliates or agents
(including without limitation Inventions based upon any background or preexisting technology of such Party) and which do not include any intellectual property rights of the other Party from and after the Effective Date. For
clarification, DONGBAO shall own all right, title and interest in any proprietary and/or confidential intellectual property and/or confidential information that DONGBAO, its Affiliates, contractors or agents develops, conceives, invents,
reduces to practice or makes in the performance of the services and that is an improvement to DONGBAO information and/or DONGBAO intellectual property. Each Party shall be solely responsible for the conduct and costs of filing, prosecution and
maintenance of patents and patent applications on its own intellectual property rights, including without limitation its Inventions. 
 16.2
Trademarks. DANCE shall retain all right, title and in the trademarks of DANCE that may be adopted with respect to the Product worldwide. 

ARTICLE 17 
 FORCE
MAJEURE 
 17.1 Effects of Force Majeure. Neither Party shall be held liable or responsible for failure or delay in
fulfilling or performing any of its obligations under this Agreement (other than the payment of money owed hereunder) to the extent that such failure or delay results from any cause beyond its reasonable control, including, without limitation, fire,
flood, natural disaster, explosion, war, strike, labor unrest, riot, embargo, acts or omissions of carriers, or act of God (each, a “Force Majeure Event”). Such excuse shall continue as long as the Force Majeure Event continues,
following which such Party shall promptly resume performance hereunder. 
 17.2 Effects of Regulatory Changes. Neither Party shall be
held responsible or liable for failure or delay in fulfilling or performing any of its obligations under this Agreement to the extent that such failure or delay results from good faith efforts to comply with the enactment or revision of any law,
rule, regulation or regulatory advisory opinion or order applicable to the manufacturing, marketing, sale, reimbursement and/or pricing of the Product (a “Regulatory Change”). Such excuse shall continue as long as performance is
prevented by the affected Party’s good faith efforts to comply with such Regulatory Change, following which such Party shall promptly resume performance hereunder. 

17.3 Notice. The Party affected by a Force Majeure Event or a Regulatory Change shall notify the other Party thereof as promptly as
practicable after its occurrence. Such notice shall describe the nature of such Force Majeure Event or Regulatory Change and the extent and expected duration of the affected Party’s inability to fully perform its obligations hereunder. The
affected Party shall use due diligence, where practicable, to minimize the effects of or end any such event so as to facilitate the resumption of full performance hereunder and shall notify the other Party when it is again fully able to perform such
obligations. 

  

			
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 ARTICLE 18 

INDEPENDENT PARTIES 

The relationship between DANCE and DONGBAO is that of independent parties and nothing herein shall be deemed to constitute the relationship of
partners, joint venturers, nor of principal and agent between DANCE and DONGBAO. Neither Party shall have any express or implied right or authority to assume or create any obligations on behalf of or in the name of the other Party or to bind the
other Party to any contract, agreement or undertaking with any Third Party. 
 ARTICLE 19 

MISCELLANEOUS 
 19.1
General Notices. Except as otherwise provided in Section19.2hereof, all notices, requests, instructions, consents and other communications to be given pursuant to this Agreement shall be in writing and shall be deemed received (i) on the
same day if delivered in person, by same-day courier or by facsimile transmission, (ii) on the next day if delivered by overnight mail or courier, or (iii) on the date indicated on the return receipt, or if there is no such receipt, on the
third calendar day (excluding Sundays) if delivered by certified or registered mail, postage prepaid, to the Party for whom intended to the following addresses: 
  

			
	If to DANCE:	 	Dance Biopharm Inc.
		 	150 North Hill Drive #24
		 	Brisbane, California, USA94005
		 	Attn: Chief Executive Officer

  

			
	If to DONGBAO:	 	Tonghua Dongbao Pharmaceuticals Co., Ltd.
		 	No. 1 Dongbao Street, Tonghua County
		 	Jilin Province, China
		 	Attn: Chairman of the Board

 Each Party may by written notice given to the other in accordance with this Agreement change the address to which notices to
such Party are to be delivered. 

  

			
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 19.2 Special Notices. Each Party shall notify the other by telephone as soon as
practicable (with written confirmation within three business days) upon its receipt of any technical complaint or notice of severe adverse reaction (hypoglycemia shall not be considered an SAE); provided, however, that notification of
serious, new or unexpected experiences reported with increased frequency shall be made immediately (but in any event not more than thirty-six (36) hours after the notifying Party learns of such experiences). All such notices shall be directed
to the Parties at the addresses set forth in Section19.1to the attention of the following personnel: 
 If to DANCE: 

Technical complaints:  Quality Assurance Specialist/ Staff 

Adverse reactions:       Director of Product Surveillance/ Compliance Officer 

If to DONGBAO: 
 Technical
complaints:  Site Quality Manager 
 Adverse reactions:       Site Quality Manager 

19.3 Entire Agreement. This Agreement contains the entire understanding of the Parties with respect to the subject matter hereof and
supersedes all prior agreements and understandings, whether written or oral, between them with respect to the subject matter hereof. Each Party has executed this Agreement without reliance upon any promise, representation or warranty other than
those expressly set forth herein. 
 19.4 Amendment. No amendment of this Agreement shall be effective unless embodied in a written
instrument executed by both of the Parties. 
 19.5 Waiver of Breach. The failure of either Party at any time to enforce any of the
provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor in any way to affect the validity of this Agreement or any provisions hereof or the right of any Party to thereafter enforce each and every
provision of this Agreement. No waiver of any breach of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the Party against whom or which enforcement of such waiver is sought; and no
waiver of any such breach shall be construed or deemed to be a waiver of any other or subsequent breach. 
 19.6 Neither Party shall
subcontract any of its obligations under this Agreement; provided, however, that (i) either party may subcontract to a Third Party any of its obligations under this Agreement with the prior written approval of the other Party,
such approval not to be unreasonably withheld, and (ii) DONGBAO may subcontract any services to an Affiliate, or otherwise if permitted in the Specifications or Packaging Specifications, including without limitation the supply of materials and
components, or pursuant to Section 20.7 hereof. 
 19.7 Assignment; Requirement to Assign to Successor to Business. Neither
Party may assign its rights under this Agreement in whole or in part without the prior written approval of the other Party (such approval not to be unreasonably withheld or delayed). Any such attempted assignment without such prior written consent
shall be void and ineffective. Notwithstanding the foregoing: either party may, without the other Party’s consent, assign its rights and delegate its duties under this Agreement in whole or in part to any entity with which it merges or
consolidates, which acquires all or substantially all of its business and assets, or which otherwise is or becomes an Affiliate of the assigning Party; 

  

			
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 19.8 Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of England and Wales, without regard to any choice-of-law principle that would dictate the application of the laws of another jurisdiction. Failing amicable agreement, all disputes arising in connection with this Agreement shall be settled
by the Courts of London, England. 
 19.9 Severability. All of the provisions of this Agreement are intended to be distinct and
severable. If any provision of this Agreement is or is declared to be invalid or unenforceable in any jurisdiction, it shall be ineffective in such jurisdiction only to the extent of such invalidity or unenforceability. Such invalidity or
unenforceability shall not affect either the balance of such provision, to the extent it is not invalid or unenforceable, or the remaining provisions hereof, nor render invalid or unenforceable such provision in any other jurisdiction. 

19.10 Publicity. Nothing in this Agreement shall be deemed to give either Party any rights to use the other Party’s trademarks or
trade names without the other Party’s prior specific, written consent. The parties agree that neither party will issue any press release or otherwise make any public statement, advertisement or disclosure with respect to this Agreement or the
transactions contemplated hereby without the prior written consent of the other Party. DANCE will be entitled to disclose this Agreement in the course of financing and partnering due diligence procedures conducted under confidential disclosure
agreements or as may be required by Applicable Laws. 
 19.11 Survival. The provisions of Article 3(Cooperation with Governmental
Requirements), Section 10.5 (Rights and Duties Upon Termination), Article11 (Claims; Recalls), Article12 (Indemnification), Article13 (Insurance), Article14 (Limitation of Liability), Article15 (Confidentiality), Article16 (Ownership of
Property), Section19.8 (Governing Law), Section19.10 (Publicity) and this Section19.11 (Survival) shall survive the expiration or termination of this Agreement. 

19.12 Headings. The headings of articles and sections have been included for convenience only and shall not be considered in
interpreting this Agreement. 
 19.13 Counterparts; Facsimile Signatures. This Agreement may be executed in one or more counterparts,
each of which shall be deemed to be an original, and all of which together shall constitute one and the same Agreement. This Agreement may be executed and delivered via facsimile or other electronic means with the same force and effect as if it were
executed and delivered by the Parties simultaneously in the presence of one another. 
 19.14 Execution. At the time of execution of
this Agreement, the Parties shall cause their authorized officers to execute two original copies of this Agreement, one copy of which shall be maintained by each Party at that Party’s offices. Each Party represents that the person who executes
this Agreement is authorized and empowered to obligate and bind his or her Party under this Agreement. 

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
	  	PAGE 20

 19.15 Further Actions. The Parties agree to execute such additional documents and / or
agreements as may be reasonably necessary to perfect the intentions of the provisions contained herein. 
 IN WITNESS WHEREOF, the
Parties have caused this Agreement to be executed by their respective duly authorized representatives as of the date first written above. 
  

			
	DANCE BIOPHARM INC.
		
	By:	 	 /s/ John Patton

	Name:	 	John Patton
	Title:	 	Chief Executive Officer

  

			
	TONGHUA DONGBAO PHARMACEUTICALS CO., LTD.
		
	By:	 	 /s/ Yikui Li

	Name:	 	Yikui Li
	Title:	 	Chairman of the Board

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
	  	PAGE 21

 Exhibit 1 

ACTIVE INGREDIENT SPECIFICATIONS 
 DONGBAO
shall manufacture all Human Recombinant Insulin (Active Ingredient) to meet the specifications provided and in compliance with monograph EuPh and USP. 
  

			
	 Parameter
	  	 Specification

		
	 Appearance
	  	[*]
		
	 Identification
	  	[*]
		
	 Insulin (LC)
	  	[*]
		
	 Insulin (LC)
	  	[*]
		
	 A21 desamido insulin (LC)
	  	[*]
		
	 Other Insulin related substances (LC)
	  	[*]
		
	 High Molecular Weight Proteins (LC)
	  	[*]
		
	 E. coli proteins
	  	[*]
		
	 Loss on drying
	  	[*]
		
	 Sulphated ash
	  	[*]
		
	 Total aerobic microbial count
	  	[*]
		
	 Total combined yeast/moulds count
	  	[*]
		
	 Bacterial endotoxin limit
	  	[*]
		
	 [*]
	  	[*]
		
	 Bioidentity
	  	[*]
		
	 Single chain precursor
	  	[*]

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
	  	 

 Exhibit 2 

PRICE 
 The price of the API shall be based upon
the quantities of the API purchased as follows: 
  

			
	 Amount ordered
	  	Price per kg (USD) for
the total order placed*
	 If the orders placed are equal or less than [*]
	  	[*]
	 No order at quantities of [*]–[*]
	  	
	 If the orders placed are equal to or exceed [*] and less than [*]
	  	[*]
	 No order at quantities of [*]–[*]
	  	
	 If the orders placed are equal to or exceed [*] and less than [*]
	  	[*]
	 No order at quantities of [*]–[*]
	  	
	 If the orders placed are equal to or exceed [*]
	  	[*]

  

	*	For example, if Dance places an order for [*], the payment will be USD[*] x [*] = USD[*]. 

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT

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