Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Imvision Threapeutics Inc. - Exhibit 10.9

[NOTE TO READER: CERTAIN PORTIONS OF THIS AGREEMENT RELATING
TO MILESTONE PAYMENT AND ROYALTY INFORMATION HAVE BEEN REMOVED AND ARE THE
SUBJECT OF A REQUEST FOR CONFIDENTIAL TREATMENT SUBMITTED BY THE COMPANY TO THE
SECURITIES EXCHANGE COMMISSION (THE "COMMISSION") PURSUANT TO RULE 406 OF THE
SECURITIES ACT OF 1933. THE PRICING INFORMATION HAS BEEN DISCLOSED TO THE
COMMISSION IN CONNECTION WITH THE REQUEST FOR CONFIDENTIAL TREATMENT.] 

EXHIBIT 10.9

EXCLUSIVE LICENSE AGREEMENT

          THIS
EXCLUSIVE LICENSE AGREEMENT (the
“Agreement”) is entered into as of February 8, 2006 (the
“Effective Date”) by and between MANNKIND
CORPORATION, a Delaware corporation
(“MannKind”), having an address of 28903 North Avenue Paine,
Valencia, CA 91355, USA, and IMVISION
GMBH, a company organized under the laws of Germany
(“ImVisioN”), having an address of Feodor-Lynen-Straße 5, D-30625
Hannover, Germany.

RECITALS

          WHEREAS,
MannKind owns or controls certain patent rights claiming inventions relating to
modulation of the allergic response, as more fully described below; 

          WHEREAS,
ImVisioN is engaged in the research, development and commercialization of
pharmaceutical products; and

          WHEREAS,
ImVisioN wishes to obtain, and MannKind is willing to grant to ImVisioN, a
license to develop and commercialize Products in the Field (as such terms are
defined below), subject to the terms and conditions set forth herein.

AGREEMENT

          NOW,
THEREFORE, in consideration of the foregoing premises and the
mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

1.           DEFINITIONS

          1.1      “Affiliate”
shall mean any company or entity controlled by, controlling, or under
common control with a party hereto and shall include any company more than 50%
of whose voting stock or participating profit interest is owned or controlled,
directly or indirectly, by a party, and any company which owns or controls,
directly or indirectly, more than 50% of the voting stock of a party.

          1.2      “Confidential
Information” shall have the meaning provided in Section 7.1.

          1.3      “Control”
shall mean, with respect to any Information, Patent or other
intellectual property right, possession by a party of the ability (whether by
ownership, license or otherwise) to grant access, a license or a sublicense to
such Information or intellectual property right without violating the terms of
any agreement or other arrangement with any Third Party. 

          1.4     
“Developed Product” shall mean a Licensed Product in the Field
developed by ImVisioN or its Sublicensees that utilizes ImVisioN’s proprietary
Modular Antigen Transporter technology or that is modified otherwise to improve
cellular uptake of the Licensed Product at the place of administration.

          1.5      “Effective
Date” shall have the meaning provided in the introductory paragraph of
this Agreement.

          1.6      “EMEA”
shall mean the European Agency for the Evaluation of Medicinal Products, or any
successor agency or agencies thereto having the administrative authority to
regulate the marketing of human pharmaceutical products or biological
therapeutic products, delivery systems and devices in the Territory.

          1.7      “FDA”
shall mean the United States Food and Drug Administration, or any
successor agency thereto having the administrative authority to regulate the
marketing of human pharmaceutical products or biological therapeutic products,
delivery systems and devices in the United States of America.

          1.8     
“Field” shall mean the treatment and/or prevention of any allergy,
allergic response or allergic disease as covered by the Licensed Patents.

          1.9      “First
Commercial Sale” shall mean, with respect to any Product, the first
sale for end use or consumption of such Product in a country, where the sale,
use or manufacture of such Product would infringe a Valid Claim of Licensed
Patents after the Regulatory Authority of such country has granted Regulatory
Approval. Sale to an Affiliate or Sublicensee shall not constitute a First
Commercial Sale unless the Affiliate or Sublicensee is the end user of the
Product.

        1.10     
“IND” shall mean an Investigational New Drug Application filed with the
FDA, or the equivalent application or filing filed with any equivalent agency or
governmental authority outside the United States of America (including any
supra-national agency such as the EMEA) necessary to commence human clinical
trials in such jurisdiction.

          1.11     
“Information” shall mean all tangible and intangible (a) techniques,
technology, practices, trade secrets, inventions (whether patentable or not),
methods, knowledge, know-how, skill, experience, test data and results
(including pharmacological, toxicological and clinical test data and results),
analytical and quality control data, results or descriptions, software and
algorithms and (b) compositions of matter, cells, cell lines, assays, animal
models and physical, biological or chemical material.

          1.12      “Licensed
Invention” shall mean an invention claimed in the Licensed Patents.

          1.13     
“Licensed Patents” shall mean the patent(s) and patent application(s)
listed in Exhibit A hereto, and (a) any foreign counterparts
thereof, (b) all divisionals, continuations, continuations-in-part (but only to
the extent that such application includes new data in support of claims
previously submitted in a prior originally filed application) thereof or any
other patent application claiming priority to (i) any of the patents identified
in Exhibit A hereto or (ii) any patent or patent application from
which the patents identified in Exhibit A hereto claim priority,
and (c) all patents issuing on any of the foregoing, together with all
registrations, reissues, re-examinations, supplemental protection certificates,
or extensions thereof, and any foreign counterparts thereof.

          1.14      “Licensed
Product” shall mean a pharmaceutical product that contains or comprises
any composition of matter covered by the Licensed Patents (regardless of whether
such product or composition of matter was identified, isolated or developed
through the use of any method covered by the Licensed Patents) or the method of
use of which is covered by the Licensed Patents in the Field.

          1.15      “Major
Market” shall mean any of the following: (a) the United States of
America and Canada; (b) Australia; and (c) either (i) the United Kingdom,
France, Germany and Spain or (ii) the European Union as a whole.

2.

          1.16     
“Net Sales” shall mean the gross amounts invoiced by ImVisioN, its
Affiliates and Sublicensees for sales of Products to Third Parties that are not
Affiliates or Sublicensees of the selling party (unless such Affiliate or
Sublicensee is the end user of such Product, in which case the amount billed
therefor shall be deemed to be the amount that would be billed to a Third Party
end user in an arm’s-length transaction) in countries, where the sale, use or
manufacture of Products would infringe a Valid Claim of Licensed Patents, less
the following items, as allocable to such Product (if not previously deducted
from the amount invoiced): (i) trade discounts, credits or allowances; (ii)
credits or allowances additionally granted upon returns, rejections or recalls
(except where any such recall arises out of ImVisioN’s or its Affiliate’s gross
negligence, willful misconduct or fraud); (iii) freight, shipping and insurance
charges; (iv) taxes, duties or other governmental tariffs (other than income
taxes); and (v) government mandated rebates.

          1.17      “Non-Assert
Patent” shall mean: 

                    (a)      patent
application WO 01/82963 (such patent application, the “Existing Patent”
and each claim of such patent application, an “Existing
Claim”); 

                    (b)      to
the extent Controlled by MannKind during the Term, a foreign counterpart of the
Existing Patent, but only with respect to any the Existing Claim(s) included
therein; 

                    (c)      to
the extent Controlled by MannKind during the Term, any divisional, continuation,
continuation-in-part or other patent application claiming priority to the
Existing Patent or foreign counterpart thereof, but in each case only with
respect to the Existing Claim(s) included in such divisional, continuation,
continuation-in-part or other patent application; and

                    (d)     
to the extent Controlled by MannKind during the Term, any patent
issuing on any of the foregoing patent applications described in the preceding
clause (a), clause (b) or clause (c), together with all registrations, reissues,
re-examinations, supplemental protection certificates, or extensions thereof,
and any foreign counterparts thereof, but in each case only with respect to the
Existing Claim(s) included in such patent, registration, reissue,
re-examination, supplemental protection certificate or extension. 

          1.18      “Non-Royalty
Sublicense Income” shall mean amounts actually received by ImVisioN or
an Affiliate of ImVisioN from any and all Sublicensees arising from the license
or sublicense of the right to develop, make, have made, use, distribute for
sale, promote, market, offer for sale, sell, have sold, import or export
Licensed Products that are not Developed Products, excluding royalties paid to
ImVisioN or any of its Affiliates by a Sublicensee based on such Sublicensee’s
sales of Licensed Products that are not Developed Products. Non-Royalty
Sublicense Income shall include up-front or license fees, milestone payments,
premiums above the fair market value on sales of securities, annual maintenance
fees and any other payments (except for royalties paid to ImVisioN or any of its
Affiliates on sales of Licensed Products that are not Developed Products) in
respect of the grant to such Sublicensee of a license or sublicense of the right
to develop, make, have made, use, distribute for sale, promote, market, offer
for sale, sell, have sold, import or export Licensed Products that are not
Developed Products (with any of the foregoing consideration received by ImVisioN
or its Affiliate other than in the form of cash to be valued at its fair market
value as of the date of receipt); provided, however, that Non-Royalty
Sublicense Income shall not include any payments tied directly to the provision
of goods and services by ImVisioN or its Affiliate to such Sublicensee
(including research and development and manufacturing) to compensate ImVisioN or
its Affiliate for the fair market value of the provision of such goods and
services, or payments for securities (other than premiums above the fair market
value of such securities).

          1.19      “Phase
1 Clinical Trial” shall mean a human clinical trial that would satisfy
the requirements for a Phase 1 study as defined in 21 C.F.R. 312.21(a) (or its
successor regulation).

3.

          1.20      “Phase
2 Clinical Trial” shall mean a human clinical trial that would satisfy
the requirements for a Phase 2 study as defined in 21 C.F.R. 312.21(b) (or its
successor regulation).

          1.21      “Phase
3 Clinical Trial” shall mean a human clinical trial that would satisfy
the requirements for a Phase 3 study as defined in 21 C.F.R. 312.21(c) (or its
successor regulation). 

          1.22     
“Product” shall mean a Developed Product or Licensed Product, as
applicable. 

          1.23     
“Regulatory Approval” shall mean any and all approvals (including price
and reimbursement approvals, if required), licenses, registrations, or
authorizations of any Regulatory Authority in a particular jurisdiction that are
necessary for the manufacture, use, storage, import, transport and/or sale of a
Product in such jurisdiction in accordance with applicable laws.

          1.24     
“Regulatory Authority” shall mean any national or supranational
governmental authority, including, without limitation, the FDA and the EMEA,
that has responsibility in countries in the Territory over the development
and/or commercialization of Products.

          1.25     
“Royalty Term” shall mean, in the case of any Product, in any country,
the period of time commencing on the First Commercial Sale in such country and
ending upon the last to expire of the Licensed Patents containing a Valid Claim
claiming the manufacture, use or sale of such Product in such country.

        1.26     
“Sublicensee” shall mean a Third Party to whom ImVisioN or any of its
Affiliates has granted a license or sublicense of the right to develop, make,
have made, use, distribute for sale, promote, market, offer for sale, sell, have
sold, import or export Products, beyond the mere right to purchase Product from
ImVisioN or its Affiliates. 

          1.27     
“Term” shall have the meaning provided in Section 8.1.

          1.28      “Territory”
shall mean worldwide.

          1.29      “Third
Party” shall mean any entity other than MannKind or ImVisioN or an
Affiliate of MannKind or ImVisioN. 

          1.30     
“Valid Claim” shall mean (a) an unexpired claim of an issued patent
within the Licensed Patents which has not been found to be unpatentable, invalid
or unenforceable by a court or other authority in the subject country, from
which decision no appeal is taken or can be taken; or (b) a claim of a pending
application within the Licensed Patents, which application claims a first
priority no more than five (5) years earlier. 

2.           LICENSES

          2.1      License
Grant. Subject to the terms and conditions of this Agreement, MannKind
hereby grants to ImVisioN an exclusive (even as to MannKind), worldwide,
royalty-bearing license, with the right to sublicense, under the Licensed
Patents, to develop, make, have made, use, sell, offer for sale, have sold and
import Products in the Field. ImVisioN will at all times be responsible for the
performance of its Affiliates, Sublicensees and Third Party contractors under
this Agreement.

4.

          2.2      Diligence
Obligations. ImVisioN agrees to use commercially reasonable
efforts (directly and/or through one or more Affiliates and/or Sublicensees) to
develop and commercialize Products in the Field in the Major Markets. Without
limiting the generality of the foregoing, ImVisioN shall be deemed to have used
commercially reasonable efforts and to fulfill its diligence obligations under
this Agreement, if ImVisioN and/or its Sublicensees have achieved the following
milestones (Minimal Diligence Obligations):

                    (a)      Initiate
a Phase 1 Clinical Trial with a Product in one of the Major Markets within two
(2) years after the Effective Date.

                    (b)      Initiate
a Phase 1 Clinical Trial with a Product in a different Major Market than under
2.2. (a) above within five (5) years after the Effective Date, whereas one of
the Major Markets under 2.2. (a) and (b) shall be the United States of
America.

                    (c)      Start
a Phase 3 Clinical Trial with a Product in one of the Major Markets within six
(6) years after the Effective Date.

                    (d)      Launch
a Product in at least one of the Major Markets within eight (8) years after the
Effective Date.

                    (e)     
Launch of a Product in any of the Major Markets within ten (10) years
after the Effective Date.

In the event that ImVisioN is not able to fulfill the Minimal
Diligence Obligations as outlined under 2.2. (a) to (e) above, ImVisioN shall
provide MannKind with prompt written notice thereof.

In addition, if MannKind in good faith believes and determines
that ImVisioN does not fulfill its Minimal Diligence Obligations as outlined
under 2.2. (a) to (e) above, or if MannKind in good faith believes ImVisioN is
unable to meet such Minimum Diligence Obligations, MannKind may provide ImVisioN
with written notice thereof, in which event ImVisioN will have 60 days from the
date of such notice to reasonably demonstrate to MannKind that ImVisioN is
meeting its Minimum Diligence Obligations.

If ImVisioN provides MannKind with the notice outlined above,
or if MannKind provides ImVisioN with the notice outlined above and ImVisioN
does not demonstrate to MannKind that it is fulfilling its Minimum Diligence
Obligations within such 60-day period, then effective upon ImVisioN’s notice to
MannKind or the expiration of such 60-day period, respectively, MannKind shall
have the right: (i) if the foregoing occurs within five years after the
Effective Date, at MannKind’s election, to either terminate the license granted
to ImVisioN under Section 2.1 in the applicable Major Market or to convert the
license granted to ImVisioN to a non-exclusive license in the applicable Major
Market, and (ii) if the foregoing occurs more than five years after the
Effective Date, to convert the license granted to ImVisioN under Section 2.1 to
a non-exclusive license in the applicable Major Market.

          2.3      Disclosure
Regarding ImVisioN Efforts. ImVisioN will keep MannKind appropriately
informed about ImVisioN’s research, development, clinical trial progress and
commercialization efforts with respect to Products. Without limiting the
generality of the foregoing, ImVisioN shall provide MannKind with prompt written
notice of the following:

                    (a)     
  filing of any IND for a Product;

                    (b)     
  initiation of a Phase 1 Clinical Trial, Phase 2 Clinical Trial or Phase
  3 Clinical Trial of a Product; 

5.

                    (c)     
filing of any application for Regulatory Approval with respect to any
Product; 

                    (d)      receipt
of Regulatory Approval for any Product; and 

                    (e)      First
Commercial Sale of a Product in any country. 

In addition, ImVisioN shall provide MannKind with semi-annual
written reports summarizing in reasonable detail ImVisioN’s development and
commercialization efforts with respect to Products during the applicable six (6)
month period.

          2.4     
Retained Rights; No Implied Licenses. MannKind hereby expressly
reserves the right to practice, and to grant licenses under, the Licensed
Patents for any and all purposes other than the specific purposes for which
ImVisioN has been granted an exclusive license under Section 2.1. No right or
license under any Patents or Information is granted or shall be granted by
implication. All such rights or licenses are or shall be granted only as
expressly provided in the terms of this Agreement. 

          2.5      Non-Assertion
of Certain Patents. In the event that the practice of a Licensed
Invention for the purpose of manufacturing, using, selling, offering for sale or
importing Products in the Field would infringe a Non-Assert Patent, then
MannKind hereby covenants to ImVisioN that, during the Term, MannKind, and any
successor in interest to a Non-Assert Patent will not assert or enforce such
Non-Assert Patent against ImVisioN, its Affiliates or Sublicensees solely with
respect to ImVisioN’s, its Affiliates’ and Sublicensees’ manufacture, use, sale,
offer for sale and import of Products in the Field in accordance with this
Agreement. For the avoidance of doubt, the foregoing covenant is intended solely
to give ImVisioN, its Affiliates and Sublicensees freedom to operate under the
license granted pursuant to Section 2.1, and it is not intended, and shall not
be construed, to expand the license granted hereunder beyond the practice of the
Licensed Inventions for the purpose of manufacturing, using, selling, offering
for sale or importing Products in the Field.

3.           FEES
AND PAYMENTS

          3.1     
Upfront Fee. Within 30 days after the Effective Date, ImVisioN shall
pay to MannKind a non-refundable, non-creditable upfront fee of $100,000.

          3.2      License
Maintenance Fees. On or before each anniversary of the Effective Date
during the Term, ImVisioN shall pay to MannKind the applicable annual license
maintenance fee specified below: 

	Anniversary
    	 	Payment 
	First anniversary of Effective Date 	 	$10,000 
	Second anniversary of Effective Date 	 	$20,000 
	Third anniversary of Effective Date 	 	$30,000 
	Each subsequent anniversary of Effective Date during 	 	  
	         the Term
    	 	$50,000

Each payment made to MannKind pursuant to this Section 3.2
shall be non-refundable but shall be creditable against earned royalties
accruing under Section 3.4 during the 12-month period following such
payment.

6.

          3.3     
Milestone Payments. Within 30 days following the first occurrence of
each of the events set forth below with respect to the first Product to achieve
such milestone, ImVisioN shall pay to MannKind the milestone payment set forth
below (whether such milestone is achieved by ImVisioN, its Affiliate or any of
their respective Sublicensees): 

	Milestone Event 	 	Milestone Payment 
	Completion of first clinical
      trial 	 	$[***] 
	Completion of first Phase 2 Clinical Trial
	 	$[***] 
	Completion of first Phase 3
      Clinical Trial 	 	$[***] 
	Receipt of Regulatory Approval in a Major
      Market 	 	$[***] 
	First Commercial Sale in a
      Major Market 	 	$[***]

For purposes of this Section 3.3, “completion” of a clinical
trial shall mean that case report forms have been received for all patients
participating in such trial. Each of the foregoing milestones shall be payable
only for one Product. All payments made to MannKind pursuant to this Section 3.3
shall be non-refundable and shall not be creditable against any other payments
payable by ImVisioN to MannKind under this Agreement.

[***OMITTED AND FILED SEPARATELY WITH THE COMMISSION
FURTHER TO A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 OF THE
SECURITIES ACT OF 1933]

          3.4      Royalties.
ImVisioN shall pay to MannKind the following royalties on annual Net
Sales of Products by ImVisioN, its Affiliates and its Sublicensees:

                    (a)      [***]%
of annual Net Sales of Developed Products by ImVisioN, its Affiliates and its
Sublicensees; and

                    (b)      [***]%
of annual Net Sales of Licensed Products that are not Developed Products by
ImVisioN, its Affiliates and its Sublicensees; 

provided, however, that in the event that ImVisioN’s
license under Section 2.1 is converted to a non-exclusive license pursuant to
Section 2.2 in any Major Market and MannKind grants non-exclusive license(s)
under the Licensed Patents to commercialize Licensed Products in the Field in
such Major Market to one or more Third Parties at a lower royalty rate than the
applicable rate(s) set forth above, then MannKind shall provide ImVisioN with
prompt written notice of the grant of any such license and the royalty rate
applicable thereto, and the royalty rate applicable to sales of such Products by
ImVisioN, its Affiliates and its Sublicensees in such Major Market under this
Section 3.4 shall be reduced to such lower royalty rate.

[***OMITTED AND FILED SEPARATELY WITH THE COMMISSION
FURTHER TO A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 OF THE
SECURITIES ACT OF 1933]

          3.5      Royalty
Term. Royalties under Section 3.4 shall be payable on a
Product-by-Product and country-by-country basis for a period equal to the
Royalty Term for such Product in such country.

        3.6      Non-Royalty
Sublicense Income. ImVisioN shall pay to MannKind [***]% of all
Non-Royalty Sublicense Income received by ImVisioN or any of its Affiliates from
Sublicensees.

7.

[***OMITTED AND FILED SEPARATELY WITH THE COMMISSION
FURTHER TO A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 OF THE
SECURITIES ACT OF 1933]

4.           PAYMENT;
RECORDS; AUDITS

          4.1      Payment;
Reports. Royalties and payments under Section 3.6 shall be calculated
and reported for each calendar quarter. All payments due to MannKind under this
Agreement shall be paid within 30 days after the end of each calendar quarter,
unless otherwise specifically provided herein. Each payment shall be accompanied
by a report of Net Sales of Products by ImVisioN, its Affiliates and
Sublicensees and of Non-Royalty Sublicense Income received by ImVisioN and its
Affiliates, each in sufficient detail to permit confirmation of the accuracy of
the payment made, including, without limitation and on a country-by-country
basis, the number and type of Products sold, the gross sales and Net Sales of
such Products, the Non-Royalty Sublicense Income received, the amounts payable
to MannKind hereunder, the method used to calculate such payments, and the
exchange rates used.

          4.2      Exchange
Rate; Manner and Place of Payment. All payments hereunder shall be
payable in U.S. dollars. With respect to Net Sales invoiced in a currency other
than dollars, the Net Sales shall be expressed in the domestic currency of the
entity making the sale, together with the dollar equivalent, calculated using
the arithmetic average of the spot rates on the close of business on the last
business day of each month of the calendar quarter in which the Net Sales were
made. The “closing midpoint rates” found in the “dollar spot forward against the
dollar” table published by The Financial Times or any other publication
as agreed to by the parties shall be used as the source of spot rates to
calculate the average as defined in the preceding sentence. All payments owed
under this Agreement shall be made by wire transfer in immediately available
funds to a bank and account designated in writing by MannKind, unless otherwise
specified in writing by MannKind.

          4.3      Income
Tax Withholding. MannKind will pay any and all taxes levied on account
of any payments made to it under this Agreement. If any taxes are required to be
withheld by ImVisioN, ImVisioN shall (a) deduct such taxes from the payment, (b)
timely pay the taxes to the proper taxing authority, and (c) send proof of
payment to MannKind and certify its receipt by the taxing authority within 30
days following such payment.

          4.4      Audits.
During the Term and for a period of three (3) years thereafter,
ImVisioN shall keep, and shall cause its Affiliates and Sublicensees to keep,
complete and accurate records pertaining to the sale or other disposition of
Products and the receipt of Non-Royalty Sublicense Income in sufficient detail
to permit MannKind to confirm the accuracy of all payments due hereunder.
MannKind shall have the right to cause an independent, certified public
accountant reasonably acceptable to ImVisioN to audit such records to confirm
Net Sales, Non-Royalty Sublicense Income, royalties and other payments for a
period covering not more than the preceding three (3) years. Such audits may be
exercised during normal business hours upon reasonable prior written notice to
ImVisioN. Prompt adjustments shall be made by the parties to reflect the results
of such audit. MannKind shall bear the full cost of such audit unless such audit
discloses an underpayment by ImVisioN of more than 5% of the amount of royalties
or other payments due under this Agreement, in which case, ImVisioN shall bear
the full cost of such audit and shall promptly remit to MannKind the amount of
any underpayment.

          4.5      Late
Payments. In the event that any payment due under this Agreement is not
made when due, the payment shall accrue interest from the date due at the rate
of 1.5% per month; provided, however, that in no event shall such rate
exceed the maximum legal annual interest rate. The payment of such interest
shall not limit a party from exercising any other rights it may have as a
consequence of the lateness of any payment.

8.

5.           INTELLECTUAL
PROPERTY

          5.1     
Patent Prosecution and Maintenance. MannKind shall be responsible for
the preparation, filing, prosecution and maintenance of the Licensed Patents
after prior consultation with ImVisioN. All reasonable costs of such
preparation, filing, prosecution and maintenance of the Licensed Patents
incurred from and after the Effective Date shall be borne by ImVisioN as long as
ImVisioN holds an exclusive license on the Licensed Patents and no additional
license is granted to a Third Party other than in the Field. In case of the
grant by MannKind to one or more Third Parties of additional license(s) under
the Licensed Patents, the parties agree to renegotiate in good faith an
appropriate apportionment of such costs. MannKind shall invoice ImVisioN for
such costs on a monthly basis (with appropriate supporting documentation), and
ImVisioN shall pay each such invoice within 30 days of receipt. MannKind shall
consider in good faith the requests and suggestions of ImVisioN with respect to
strategies for filing and prosecuting the Licensed Patents. MannKind shall keep
ImVisioN informed of progress with regard to the preparation, filing,
prosecution and maintenance of Licensed Patents and shall provide to ImVisioN
copies of documents relevant to such preparation, filing, prosecution or
maintenance. In the event that MannKind desires to abandon any Licensed Patent
claiming the manufacture, use or sale of a Product being developed or
commercialized by or on behalf of ImVisioN pursuant to a license granted under
Section 2.1, MannKind shall provide reasonable prior written notice to ImVisioN
of such intention to abandon (which notice shall, in any event, be given no
later than 60 days prior to the next deadline for any action that may be taken
with respect to such Licensed Patent with the U.S. Patent & Trademark Office
or any foreign patent office) and offer ImVisioN the possibility of assuming
responsibility for such Licensed Patent, provided that any such assumption of
responsibility by ImVisioN shall be subject to the prior written consent of
MannKind, which shall not be unreasonably withheld or delayed.

          5.2      Cooperation
of the Parties. Each party agrees to cooperate fully in the
preparation, filing, prosecution and maintenance of any Licensed Patents under
this Agreement and in the obtaining and maintenance of any patent extensions,
supplementary protection certificates and the like with respect to any Licensed
Patent claiming a Licensed Product being developed or commercialized by ImVisioN
in accordance with this Agreement. Such cooperation includes, but is not limited
to promptly informing the other party of any matters coming to such party’s
attention that may affect the preparation, filing, prosecution or maintenance of
any such patent applications.

          5.3     
Infringement by Third Parties. MannKind and ImVisioN shall promptly
notify the other in writing of any alleged or threatened infringement of any
Licensed Patent of which they become aware. ImVisioN shall have the first right
to bring and control any action or proceeding with respect to infringement of
any Licensed Patent at its own expense and by counsel of its own choice, and
MannKind shall have the right, at its own expense, to be represented in any such
action by counsel of its own choice. If ImVisioN fails to bring an action or
proceeding within (a) 60 days following the notice of alleged infringement or
(b) 10 days before the time limit, if any, set forth in the appropriate laws and
regulations for the filing of such actions, whichever comes first, MannKind
shall have the right to bring and control any such action at its own expense and
by counsel of its own choice, and ImVisioN shall have the right, at its own
expense, to be represented in any such action by counsel of its own choice. In
the event a party brings an infringement action in accordance with this Section
5.3, the other party shall cooperate fully, including, if required to bring such
action, the furnishing of a power of attorney or being named as a party. Neither
party shall have the right to settle any patent infringement litigation under
this Section 5.3 relating to any Licensed Patent without the prior written
consent of such other party, which shall not be unreasonably withheld,
conditioned or delayed. Except as otherwise agreed to by the parties as part of
a cost-sharing arrangement, any recovery realized as a result of such
litigation, after reimbursement of any litigation expenses of MannKind and
ImVisioN, shall be retained by the party that brought and controlled such
litigation for purposes of this Agreement. If ImVisioN is the party that
controlled such action or proceeding, MannKind shall receive out of any such
remaining recovery received by ImVisioN after 

9.

reimbursement of the parties’ litigation expenses, payment
equivalent to payments that would have been due to MannKind under this Agreement
had the infringing sales that ImVisioN lost to the infringer been made by
ImVisioN.

          5.4      Infringement
of Third Party Rights. Each party shall promptly notify the other in
writing of any allegation by a Third Party that the activity of either of the
parties pursuant to this Agreement infringes or may infringe the intellectual
property rights of such Third Party. MannKind shall have the sole right to
control any defense of any such claim involving alleged infringement of Third
Party rights by MannKind’s activities at its own expense and by counsel of its
own choice, and ImVisioN shall have the right, at its own expense, to be
represented in any such action by counsel of its own choice. ImVisioN shall have
the sole right to control any defense of any such claim involving alleged
infringement of Third Party rights by ImVisioN’s activities at its own expense
and by counsel of its own choice, and MannKind shall have the right, at its own
expense, to be represented in any such action by counsel of its own choice.
Neither party shall have the right to settle any patent infringement litigation
under this Section 5.4 in a manner that diminishes the rights or interests of
the other party without the written consent of such other party (which shall not
be unreasonably withheld).

6.           REPRESENTATIONS
AND WARRANTIES

          6.1      Mutual
Representations and Warranties. Each party represents and warrants to
the other that: (a) it is duly organized and validly existing under the laws of
its jurisdiction of incorporation or formation, and has full corporate or other
power and authority to enter into this Agreement and to carry out the provisions
hereof; (b) it is duly authorized to execute and deliver this Agreement and to
perform its obligations hereunder, and the person or persons executing this
Agreement on its behalf has been duly authorized to do so by all requisite
corporate or partnership action; and (c) this Agreement is legally binding upon
it, enforceable in accordance with its terms, and does not conflict with any
agreement, instrument or understanding, oral or written, to which it is a party
or by which it may be bound, nor violate any material law or regulation of any
court, governmental body or administrative or other agency having jurisdiction
over it.

          6.2      MannKind
Representations and Warranties. MannKind represents and warrants to
ImVisioN that, as of the Effective Date, MannKind has not received any notice
from any Third Party alleging that the practice of any invention claimed by the
Licensed Patents in existence on the Effective Date infringes the intellectual
property rights of such Third Party. In addition, MannKind warrants that
MannKind is the sole entity entitled to grant any license under the Licensed
Patents. 

          6.3     
Disclaimer. Except as expressly set forth herein, THE TECHNOLOGY AND
INTELLECTUAL PROPERTY RIGHTS PROVIDED BY MANNKIND HEREUNDER ARE PROVIDED “AS
IS,” AND MANNKIND EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND,
EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION THE WARRANTIES OF DESIGN,
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THE
INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES, OR ARISING FROM A COURSE OF
DEALING, USAGE OR TRADE PRACTICES.

          6.4      Limitation
of Liability. EXCEPT FOR PAYMENTS UNDER ARTICLE 3 OR LIABILITY FOR
BREACH OF ARTICLE 7, NEITHER PARTY SHALL BE ENTITLED TO RECOVER FROM THE OTHER
PARTY ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES IN CONNECTION
WITH THIS AGREEMENT OR ANY LICENSE GRANTED HEREUNDER; provided, however,
that this Section 6.4 shall not be construed to limit either party’s
indemnification obligations under Article 9.

10.

7.           CONFIDENTIALITY

          7.1      Confidential
Information. Except to the extent expressly authorized by this
Agreement or otherwise agreed in writing by the parties, the parties agree that,
during the Term and for five (5) years thereafter, the receiving party shall
keep confidential and shall not publish or otherwise disclose and shall not use
for any purpose other than as expressly provided for in this Agreement any
Information furnished to it by the other party pursuant to this Agreement
(collectively, “Confidential Information”). Each party may use
such Confidential Information only to the extent required to accomplish the
purposes of this Agreement. Each party will use at least the same standard of
care as it uses to protect proprietary or confidential information of its own to
ensure that its employees, agents, consultants and other representatives do not
disclose or make any unauthorized use of the Confidential Information. Each
party will promptly notify the other upon discovery of any unauthorized use or
disclosure of the Confidential Information.

          7.2      Exceptions.
Confidential Information shall not include any information which the
receiving party can prove by competent written evidence: (a) is now, or
hereafter becomes, through no act or failure to act on the part of the receiving
party, generally known or available; (b) is known by the receiving party at the
time of receiving such information, as evidenced by its records; (c) is
hereafter furnished to the receiving party by a Third Party, as a matter of
right and without restriction on disclosure; (d) is independently discovered or
developed by the receiving party without the use of Confidential Information
belonging to the disclosing party; or (e) is the subject of a written permission
to disclose provided by the disclosing party.

        7.3      Authorized
Disclosure. Each party may disclose Confidential Information belonging
to the other party to the extent such disclosure is reasonably necessary in the
following instances:

                    (a)      filing
or prosecuting Licensed Patents as permitted by this Agreement; 

                    (b)      prosecuting
or defending litigation as permitted by this Agreement; 

                    (c)      complying
with applicable court orders or governmental regulations; 

                    (d)      in
the case of ImVisioN, conducting development and/or commercialization of
Products in accordance with the license granted under Section 2.1 and making
regulatory filings with respect thereto; and

                    (e)     
disclosure to Affiliates, Sublicensees, employees, consultants, agents
or other Third Parties in connection with due diligence or similar
investigations by such Third Parties, and disclosure to potential Third Party
investors in confidential financing documents, provided, in each case, that any
such Affiliate, Sublicensee, employee, consultant, agent or Third Party agrees
to be bound by similar terms of confidentiality and non-use at least equivalent
in scope to those set forth in this Article 7.

Notwithstanding the foregoing, in the event a party is required
to make a disclosure of the other party’s Confidential Information pursuant to
Section 7.3(b) or (c), it will, except where impracticable, give reasonable
advance notice to the other party of such disclosure and use efforts to secure
confidential treatment of such information at least as diligent as such party
would use to protect its own confidential information, but in no event less than
reasonable efforts. In any event, the parties agree to take all reasonable
action to avoid disclosure of Confidential Information hereunder. The parties
will consult with each other on the provisions of this Agreement to be redacted
in any filings made by the parties with the Securities and Exchange Commission
or as otherwise required by law.

11.

          7.4      Publications.
Each party to this Agreement recognizes that the publication of papers
regarding results of development activities with respect to Products, including
oral presentations and abstracts, may be beneficial to both parties provided
such publications are subject to reasonable controls to protect Confidential
Information. Accordingly, a party shall have the right to review and comment on
any material proposed for disclosure or publication by the other party, such as
by oral presentation, manuscript or abstract, which utilizes data generated from
the development of Products and includes Confidential Information of the other
party. Before any such material is submitted for publication, the party
proposing publication shall deliver a complete copy to the other party at least
45 days prior to submitting the material to a publisher or initiating any other
disclosure. Such other party shall review any such material and give its
comments to the party proposing publication within 30 days of the delivery of
such material to such other party. With respect to oral presentation materials
and abstracts, such other party shall make reasonable efforts to expedite review
of such materials and abstracts, and shall return such items as soon as
practicable to the party proposing publication with appropriate comments, if
any, but in no event later than 30 days from the date of delivery to the
non-publishing party. The publishing party shall comply with the other party’s
request to delete references to the other party’s Confidential Information in
any such material and agrees to delay any submission for publication or other
public disclosure for a period of up to an additional 90 days for the purpose of
preparing and filing appropriate patent applications.

          7.5      Publicity.
It is understood that the parties intend to issue a joint press release
announcing the execution of this Agreement and agree that each party may desire
or be required to issue subsequent press releases relating to this Agreement or
activities thereunder. The parties agree to consult with each other reasonably
and in good faith with respect to the text and timing of such press releases
prior to the issuance thereof, provided that a party may not unreasonably
withhold consent to such releases, and that either party may issue such press
releases as it determines, based on advice of counsel, are reasonably necessary
to comply with laws or regulations or for appropriate market disclosure. In
addition, following the initial joint press release announcing this Agreement,
either party shall be free to disclose, without the other party’s prior written
consent, the existence of this Agreement, the identity of the other party and
those terms of this Agreement which have already been publicly disclosed in
accordance herewith.

8.          
TERM AND TERMINATION

          8.1     
Term. The term of this Agreement (the “Term”) shall
commence on the Effective Date and continue until the expiration of the last
Royalty Term for any Product with respect to which ImVisioN has a license under
Section 2.1, unless earlier terminated pursuant to Section 8.2, 8.3 or 11.9.

          8.2      Termination
for Cause. Each party shall have the right to terminate this Agreement
upon 60 days’ prior written notice to the other upon the occurrence of any of
the following:

                    (a)     
Upon or after the filing by the other party in any court or agency
pursuant to any statute or regulation of any jurisdiction of a petition in
bankruptcy or insolvency or for reorganization or similar arrangement for the
benefit of creditors or for the appointment of a receiver or trustee of the
other party or its assets, or if the other party is served with an involuntary
petition against it in any insolvency proceeding, upon the 91st day after such
service if such involuntary petition has not previously been stayed or
dismissed, or upon the making by the other party of an assignment of
substantially all of its assets for the benefit of its creditors; or

                    (b)      Upon
or after the breach of any material provision of this Agreement by the other
party if the breaching party has not cured such breach within the 60-day period
following written notice of termination by the non-breaching party.

12.

          8.3     
Termination Without Cause. ImVisioN shall have the right to terminate
this Agreement for any reason or for no reason upon 90 days’ prior written
notice to MannKind.

          8.4      Effect
of Termination; Surviving Obligations.

                    (a)      Upon
termination of this Agreement by MannKind pursuant to Section 8.2, or
termination of this Agreement by ImVisioN pursuant to Section 8.3:

                                   (i)      the
license granted to ImVisioN under Section 2.1 shall automatically terminate and
revert to MannKind; 

                                   (ii)    
any permitted sublicenses granted under Section 2.1 by ImVisioN shall,
at MannKind’s election, remain in effect, but shall be assigned to MannKind;
and

                                   (iii)    
ImVisioN shall, and it hereby does, grant to MannKind a non-exclusive,
worldwide, royalty-free license (except for royalties due to Third Parties),
with the right to sublicense, under ImVisioN Blocking Patents (defined below),
solely to develop, make, have made, use, sell, offer for sale, have sold and
import Licensed Products in the Field. For purposes of this Section 8.4(a)(iii),
“ImVisioN Blocking Patents” shall mean (A) those patents and
patent applications Controlled by ImVisioN as of the effective date of
termination of this Agreement that, in the absence of a license thereunder,
would be infringed by the manufacture, use or sale of Licensed Products in the
Field, (B) any foreign counterparts thereof, (C) all divisionals, continuations,
continuations-in-part (but only to the extent that such application includes new
data in support of claims previously submitted in a prior originally filed
application) thereof or any other patent application claiming priority to (1)
any of the patents identified in the preceding clause (A) of this definition or
(2) any patent or patent application from which the patents identified in the
preceding clause (A) of this definition claim priority, and (D) all patents
issuing on any of the foregoing, together with all registrations, reissues,
re-examinations, supplemental protection certificates, or extensions thereof,
and any foreign counterparts thereof; with the provision that MAT molecules or
products being modified otherwise to improve cellular uptake at the place of
administration that are not covered by the Licensed Patents shall be excluded
from said license granted herein but may be subject to a separate license
agreement.

                    (b)      In
addition to (a) above, upon termination of this Agreement by MannKind pursuant
to Section 8.2: 

                                   (i)     
ImVisioN shall: (A) transfer to MannKind as soon as reasonably
practicable all data and information in ImVisioN’s or its Affiliates’ possession
relating to any Licensed Product as may be necessary to enable MannKind to
develop or commercialize Licensed Products in the Field, (B) shall transfer and
assign to MannKind all of its right, title and interest in and to all INDs,
applications for Regulatory Approval, drug dossiers and master files with
respect to any and all Licensed Products and all Regulatory Approvals with
respect to any and all Licensed Products, and (C) shall take such other actions
and execute such other instruments, assignments and documents as may be
necessary to effect the transfer of rights hereunder to MannKind. The parties
will negotiate in good faith any reimbursement of ImVisioN’s expenses in
connection with the above.

                    (c)      Upon
termination of this Agreement by ImVisioN pursuant to Section 8.2:

                                   (i)      the
license granted to ImVisioN under Section 2.1 shall automatically terminate and
revert to MannKind; and

                                   (ii)      any
permitted sublicenses granted under Section 2.1 by ImVisioN shall, at MannKind’s
election, remain in effect, but shall be assigned to MannKind.

13.

          8.5      Surviving
Obligations

                    (a)     
Expiration or termination of this Agreement shall not relieve the
parties of any obligation accruing prior to such expiration or termination.
Except as set forth below or elsewhere in this Agreement, the obligations and
rights of the parties under Sections 6.3, 6.4, 8.4, 8.5, 8.6, 8.7 and 8.8 and
Articles 4, 7, 9, 10 and 11 of this Agreement shall survive expiration or
termination of this Agreement. 

                    (b)      Within
30 days following the expiration or termination of this Agreement, each party
shall deliver to the other party any and all Confidential Information of the
other party in its possession.

          8.6      Exercise
of Right to Terminate. The use by either party hereto of a termination
right provided for under this Agreement shall not give rise to the payment of
damages or any other form of compensation or relief to the other party with
respect thereto.

          8.7      Damages;
Relief. Subject to Section 8.6 above, termination of this Agreement
shall not preclude either party from claiming any other damages, compensation or
relief that it may be entitled to upon such termination.

          8.8      Rights
in Bankruptcy. All rights and licenses granted under or pursuant to
this Agreement by MannKind are, and will otherwise be deemed to be, for purposes
of Section 365(n) of the U.S. Bankruptcy Code, if applicable, licenses of right
to “intellectual property” as defined under Section 101 of the U.S. Bankruptcy
Code. The parties agree that ImVisioN, as licensee of such rights under this
Agreement, will retain and may fully exercise all of their rights and elections
under the U.S. Bankruptcy Code.

9.          
INDEMNIFICATION

          9.1     
Indemnification by MannKind. MannKind hereby agrees to save, defend and
hold ImVisioN and its Affiliates and their respective directors, officers,
employees and agents (each, a “ImVisioN Indemnitee”) harmless from
and against any and all claims, suits, actions, demands, liabilities, expenses
and/or loss, including reasonable legal expense and attorneys’ fees
(collectively, “Losses”), to which any ImVisioN Indemnitee may
become subject as a result of any claim, demand, action or other proceeding by
any Third Party to the extent such Losses arise directly or indirectly out of
the breach by MannKind of any warranty, representation, covenant or agreement
made by MannKind in this Agreement; except, in each case, to the extent such
Losses result from the gross negligence or willful misconduct of any ImVisioN
Indemnitee or the breach by ImVisioN of any warranty, representation, covenant
or agreement made by ImVisioN in this Agreement. 

          9.2      Indemnification
by ImVisioN. ImVisioN hereby agrees to save, defend and hold MannKind
and its Affiliates and their respective directors, officers, employees and
agents (each, a “MannKind Indemnitee”) harmless from and against
any and all Losses to which any MannKind Indemnitee may become subject as a
result of any claim, demand, action or other proceeding by any Third Party to
the extent such Losses arise directly or indirectly out of: (i) the practice by
ImVisioN of the license granted hereunder, (ii) the development, manufacture,
labeling, packaging, use, handling, shipment, storage, distribution, sale or
other disposition of any Product by ImVisioN, its Affiliates or any of their
respective Sublicensees, or (iii) the breach by ImVisioN of any warranty,
representation, covenant or agreement made by ImVisioN in this Agreement;
except, in each case, to the extent such Losses result from the gross negligence
or willful misconduct of any MannKind Indemnitee or the breach by MannKind of
any warranty, representation, covenant or agreement made by MannKind in this
Agreement.

14.

          9.3      Control
of Defense. Any entity entitled to indemnification under this Article 9
shall give notice to the indemnifying party of any Losses that may be subject to
indemnification, promptly after learning of such Losses, and the indemnifying
party shall assume the defense of such Losses with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed by the
indemnifying party with counsel so selected, the indemnifying party will not be
subject to any liability for any settlement of such Losses made by the
indemnified party without its consent (but such consent will not be unreasonably
withheld or delayed), and will not be obligated to pay the fees and expenses of
any separate counsel retained by the indemnified party with respect to such
Losses.

          9.4     
Insurance. ImVisioN, at its own expense, shall maintain product
liability insurance in an amount consistent with industry standards during the
Term of this Agreement and shall name MannKind as an additional insured with
respect to such insurance. ImVisioN shall provide a certificate of insurance (or
evidence of self-insurance) evidencing such coverage to MannKind upon
request. No limit in ImVisioN’s insurance coverage shall be construed to
create a limit on ImVisioN’s liability hereunder.

10.           DISPUTE
RESOLUTION

          10.1     
Disputes. The parties recognize that disputes as to certain matters may
arise from time-to-time during the term of this Agreement. It is the objective
of the parties to seek to resolve any issues or disputes arising under this
Agreement in an expedient manner and, if at all possible, without resort to
litigation, and to that end the parties agree to abide by the following
procedures set forth in this Article 10 to resolve any such issues or disputes.
The parties initially shall attempt to settle any such issue or dispute through
good faith negotiations in the spirit of mutual cooperation between business
executives with authority to resolve the dispute.

          10.2      Escalation.
Prior to taking action as provided in Section 10.3 or 10.4 of this
Agreement, the parties shall first submit such dispute to the Chief Executive
Officer of MannKind and the Chief Executive Officer of ImVisioN (collectively,
the “Heads”), or their respective designated representative who
shall be a senior executive officer with authority to settle the applicable
issue or dispute, for resolution. The Heads to whom any dispute is submitted
shall attempt to resolve the dispute through good faith negotiations over a
reasonable period, not to exceed 45 calendar days, unless the Heads mutually
agree in writing to extend such period of negotiation. Such 45-calendar day
period shall be deemed to commence on the date the dispute was submitted to the
Heads. The Heads shall, if mutually agreed by the Heads, submit the dispute to
voluntary mediation at such place and following such procedures as the parties
shall reasonably agree. All negotiations pursuant to this Section 10.2 shall be
confidential, and shall be treated as compromise and settlement negotiations for
purposes of applicable rules of evidence. 

          10.3     
Arbitration. Any dispute that is not resolved by the parties by
negotiation and/or mediation pursuant to Sections 10.1 and/or 10.2 above shall,
upon the submission of a written request of either party to the other party, be
resolved exclusively by binding arbitration before a three-person panel of
arbitrators (the “Panel”), conducted in accordance with the rules
of arbitration of the American Arbitration Association for commercial disputes
(the “Rules”), except to the extent that such Rules are
inconsistent with this Agreement. Each party shall select one independent,
neutral arbitrator (a “Party Arbitrator”), and shall notify the
other party of its selection of such Party Arbitrator within 20 days after
receipt by one party of the other party’s written request for binding
arbitration. The two (2) Party Arbitrators shall then mutually select a third
arbitrator (a “Neutral Arbitrator”) in accordance with the Rules.
The Panel shall resolve the dispute in accordance with this Agreement and the
substantive rules of law (but not the rules of procedure or conflicts of laws)
that would be applied by a federal court sitting in California. The final
decision of the Panel shall be the sole and exclusive remedy of the parties,
shall be final and shall be fully and irrevocably accepted by the parties. The
prevailing party may enforce such decision against the other party in any court
having jurisdiction. The arbitration shall take place in Los 

15.

Angeles, California, and shall be conducted in the English
language. The parties agree that they shall share equally the cost of the
arbitration filing and hearing fees, and the cost of the arbitrators that
constitute the Panel. Each party shall bear its own attorneys’ and expert fees
and all associated costs and expenses.

          10.4      Court
Actions. Notwithstanding the above, to the full extent allowed by law,
either party may bring an action in any court of competent jurisdiction for
injunctive relief (or any other provisional remedy) to protect the parties’
rights or enforce the parties’ obligations under this Agreement pending final
resolution of any claims related thereto in an arbitration proceeding as
provided above. In addition, either party may bring an action in any court of
competent jurisdiction to resolve disputes pertaining to the validity,
construction, scope, enforceability, infringement or other violations of patents
or other proprietary or intellectual property rights. The parties shall use
their reasonable efforts to conduct all dispute resolution procedures under this
Agreement as expeditiously, efficiently and cost-effectively as possible. 

11.          
GENERAL PROVISIONS

          11.1      Governing
Law. This Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of California, excluding its conflicts of
laws principles.

          11.2      Entire
Agreement; Modification. This Agreement is both a final expression of
the parties’ agreement and a complete and exclusive statement with respect to
all of its terms. This Agreement supersedes all prior and contemporaneous
agreements and communications, whether oral, written or otherwise, concerning
any and all matters contained herein. No rights or licenses with respect to any
intellectual property of either party are granted or deemed granted hereunder or
in connection herewith, other than those rights expressly granted in this
Agreement. This Agreement may only be modified or supplemented in a writing
expressly stated for such purpose and signed by the parties to this
Agreement.

          11.3      Relationship
Between the Parties. The parties’ relationship, as established by this
Agreement, is solely that of independent contractors. This Agreement does not
create any partnership, joint venture or similar business relationship between
the parties. Neither party is a legal representative of the other party, and
neither party can assume or create any obligation, representation, warranty or
guarantee, express or implied, on behalf of the other party for any purpose
whatsoever.

          11.4     
Non-Waiver. The failure of a party to insist upon strict performance of
any provision of this Agreement or to exercise any right arising out of this
Agreement shall neither impair that provision or right nor constitute a waiver
of that provision or right, in whole or in part, in that instance or in any
other instance. Any waiver by a party of a particular provision or right shall
be in writing, shall be as to a particular matter and, if applicable, for a
particular period of time and shall be signed by such party.

          11.5      Assignment.
Except as expressly provided hereunder, neither this Agreement nor any
rights or obligations hereunder may be assigned or otherwise transferred by
either party without the prior written consent of the other party (which consent
shall not be unreasonably withheld); provided, however, that either party
may assign this Agreement and its rights and obligations hereunder without the
other party’s consent: 

                    (a)      in
connection with the transfer or sale of all or substantially all of the business
of such party to which this Agreement relates to a Third Party, whether by
merger, sale of stock, sale of assets or otherwise, provided that in the event
of a transaction (whether this Agreement is actually assigned or is assumed by
the acquiring Party by operation of law (e.g., in the context of a
reverse 

16.

triangular merger)), intellectual property rights of the
acquiring party to such transaction (if other than one of the parties to this
Agreement) shall not be included in the technology licensed hereunder; or 

                    (b)     
to an Affiliate, provided that the assigning party shall remain liable
and responsible to the non-assigning party hereto for the performance and
observance of all such duties and obligations by such Affiliate.

The rights and obligations of the parties under this Agreement
shall be binding upon and inure to the benefit of the successors and permitted
assigns of the parties. Any assignment not in accordance with this Agreement
shall be void.

          11.6      No
Third Party Beneficiaries. This Agreement is neither expressly nor
impliedly made for the benefit of any party other than those executing it.

          11.7      Severability.
If, for any reason, any part of this Agreement is adjudicated invalid,
unenforceable or illegal by a court of competent jurisdiction, such adjudication
shall not affect or impair, in whole or in part, the validity, enforceability or
legality of any remaining portions of this Agreement. All remaining portions
shall remain in full force and effect as if the original Agreement had been
executed without the invalidated, unenforceable or illegal part.

         11.8      Notices.
Any notice to be given under this Agreement must be in writing and
delivered either in person, by any method of mail (postage prepaid) requiring
return receipt, or by overnight courier or facsimile confirmed thereafter by any
of the foregoing, to the party to be notified at its address(es) given below, or
at any address such party has previously designated by prior written notice to
the other. Notice shall be deemed sufficiently given for all purposes upon the
earliest of: (a) the date of actual receipt; (b) if mailed, seven days after the
date of postmark; or (c) if delivered by overnight courier, the second business
day the overnight courier regularly makes deliveries.

If to ImVisioN, notices must be
addressed to:

ImVisioN GmbH 
Feodor-Lynen-Straße
5 
D-30625 Hannover 
Germany 
Attention: Dr. Martin Steiner

Telephone: (+49) 511-538-896-76 
Facsimile: (+49) 511-538-896-66

If to MannKind, notices must be
addressed to:

MannKind Corporation 
28903 North
Avenue Paine 
Valencia, CA 91355 
USA
Attention: Kenneth T. Denich

Telephone: +1 (661) 775-5358 
Facsimile: +1 (661) 775-2083

          11.9      Force
Majeure. Except for the obligation to make payment when due, each party
shall be excused from liability for the failure or delay in performance of any
obligation under this Agreement by reason of any event beyond such party’s
reasonable control including but not limited to Acts of God, fire, flood,
explosion, earthquake, or other natural forces, war, civil unrest, accident,
destruction or other casualty, any lack or failure of transportation facilities,
any lack or failure of supply of raw materials, any 17.

strike or labor disturbance, or any other event similar to
those enumerated above. Such excuse from liability shall be effective only to
the extent and duration of the event(s) causing the failure or delay in
performance and provided that the party has not caused such event(s) to occur.
Notice of a party’s failure or delay in performance due to force majeure must be
given to the other party within 10 days after its occurrence. All delivery dates
under this Agreement that have been affected by force majeure shall be tolled
for the duration of such force majeure. In no event shall any party be required
to prevent or settle any labor disturbance or dispute. Notwithstanding the
foregoing, should the event(s) of force majeure suffered by a party extend
beyond a three (3) month period, the other party may then terminate this
Agreement by written notice to the non-performing party, with the consequences
of such termination as set forth in Sections 8.4, 8.5 and 8.6.

          11.10      Interpretation.

                    (a)      Captions
& Headings. The captions and headings of clauses contained in this
Agreement preceding the text of the articles, sections, subsections and
paragraphs hereof are inserted solely for convenience and ease of reference only
and shall not constitute any part of this Agreement, or have any effect on its
interpretation or construction.

                    (b)      Singular
& Plural. All references in this Agreement to the singular shall
include the plural where applicable, and all references to gender shall include
both genders and the neuter.

                    (c)     
Articles, Sections & Subsections. Unless otherwise specified,
references in this Agreement to any article shall include all sections,
subsections, and paragraphs in such article; references in this Agreement to any
section shall include all subsections and paragraphs in such sections; and
references in this Agreement to any subsection shall include all paragraphs in
such subsection.

                    (d)      Days.
All references to days in this Agreement shall mean calendar days,
unless otherwise specified.

                    (e)      Ambiguities.
Ambiguities and uncertainties in this Agreement, if any, shall not be
interpreted against either party, irrespective of which party may be deemed to
have caused the ambiguity or uncertainty to exist. 

                    (f)      English
Language. This Agreement has been prepared in the English language and
the English language shall control its interpretation. In addition, all notices
required or permitted to be given hereunder, and all written, electronic, oral
or other communications between the parties regarding this Agreement shall be in
the English language.

          11.11      Counterparts.
This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original document, and all of which, together with this
writing, shall be deemed one instrument.

[Remainder of this page intentionally left blank.]

18.

          IN
WITNESS WHEREOF, the parties hereto have
duly executed this EXCLUSIVE LICENSE
AGREEMENT as of the Effective Date.

	MANNKIND
      CORPORATION 	 	IMVISION
      GMBH 
	  	 	  
	  	 	  
	By: /s/ Hakan
      Edstrom                                                          
    	 	By: /s/ Dr. Martin
      Steiner                                                   
	Name: Hakan Edstrom
                                                                 	 	Name: Dr. Martin
      Steiner                                                     
      
	Title: President and COO
                                                            	 	Title: Geschäftsführer /
      CEO                                               
      
	  	 	 
	  	 	 
	  	 	 
	  	 	By: /s/ Prof Horst
      Rose                                                        
      
	  	 	Name: Prof. Horst
      Rose                                                       
      
	  	 	Title: Geschäftsführer /
      COO                                              
      

19.

Exhibit A

LICENSED PATENTS

U.S. Patent No. 6,773,695 B2 

EPO Patent Application 1977471 published as WO 02/28429 

Canadian Patent Application 2425740 

Australian Patent Application 1977471Filed by Automated Filing Services Inc. (604) 609-0244 - Imvision Therapeutics, Inc. - Exhibit 10.10

 

EXHIBIT 10.10

June 30, 2006

ImVisioN Therapeutics, Inc. 
Feodor-Lynen-Str. 5

30625 Hannover 
Germany

Attention: Dr. Martin Steiner and Prof. Horst Rose

Dear Sirs:

	The Listing of ImVisioN Therapeutics, Inc. (“IVN”) on
      the NASD Over-the-Counter Bulletin Board 
	(“OTCBB”)
    

Further to our most recent discussions we are happy to provide
you with the following revised proposal for the listing of IVN’s shares on the
NASD’s Over-the-Counter Bulletin Board which, once executed, will supersede and
replace in its entirety the letter agreement between ImVisioN GmbH and Debondo
Capital Limited of June 12, 2006.

Proposal

DeBondo Capital Limited (“Debondo”) proposes to provide the
advisory services necessary to meet the objectives laid out above. The services
will include:

	
  Registration of IVN as a reporting company in the United States (the
  “Registration”); and 

  
	
  Listing of the IVN’s common stock on the National Association of Securities
  Dealers Over-The- Counter Bulletin Board (OTCBB) (the “Listing”). 

Under our proposal, the process necessary to complete the
Registration and Listing consists of the following milestones (estimated
completion time in parenthesis):

	
  Auditing of IVN’s financial statements in accordance with US GAAP
  (Generally Accepted Accounting Principals) and US GAAS (Generally Accepted
  Accounting Standards) (30 days), which has been completed. 

  
	
  Incorporation of ImVisioN Therapeutics, Inc. (30 days), which has been
  completed. 

  
	
  The acquisition of ImVisioN Therapeutics Inc. as a wholly-owned operating
  subsidiary of ImVisioN GmbH, which has been completed. 

  
	
  SB-2 filing – preparation and filing of the registration of IVN and its
  share capital in the U.S. with the SEC (40 days) 

 

DeBondo Capital Limited
27 New Bond Street, London,
W1S 2RH, United Kingdom 
Telephone: +44 7970 712 964, Facimile: +44 20 7031
1199 
Company Reg: 5666674, Managing Director: Ulrik DeBo

	
  SEC approval – the approval process within SEC, including iterations of
  questions and answers back and forth between SEC, IVN and DeBondo (60-90 days)
  

  
	
  NASD filing – preparation and submission of the form 15c2-11 with the NASD
  via a designated market maker (15 days) 

  
	
  NASD approval – the approval process within NASD resulting in the
  completion of the Listing and a ticker symbol on the NASD OTCBB (60-90 days)
  

Some of these activities overlap, some are dependant on
third-parties. Consequently, we estimate that completing the Listing will take
approximately 5 to 7 months.

Fees

In consideration of providing its services, DeBondo’s fee
  would consist of: 

Cash Fee 

A previously agreed total cash fee of EUR 500,000 consisting
  of:

	
  EUR 220,000 which the parties acknowledge has been paid by IVN to Debondo;
  

  
	
  EUR 150,000 on receipt of effectiveness of the SB-2 from the SEC completing
  the Registration; and 

  
	
  EUR 130,000 due and payable on the completion of the Listing. 

Equity Fee

The grant to DeBondo or its nominees of the following rights to
purchase shares of IVN’s common stock: 

	 	1. 	 the right to purchase 3,925,000 shares of IVN’s
        common stock at a price of $0.001 per share, subject to the execution
        by Debondo and each nominee of a restricted stock purchase agreement whereby
        the purchasers of these shares will grant IVN the right to repurchase
        all 3,925,000 Shares at a price of $0.001 per share should IVN’s
        common stock not become eligible for trading on the OTC Bulletin Board
        by March 31, 2007;

	 	 	 
	 	2. 	 the option to purchase such number of shares of IVN
        equal to 0.45% of the issued and outstanding shares of IVN as of the date
        that IVN’s common stock becomes eligible for trading on the OTC Bulletin
        Board (the “Date of Listing”) at a price of $0.125 per share,
        which options are conditional and will vest only upon the completion of
        a financing by IVN of $500,000 of shares at a price of $0.25 per share.
        This option will be exercisable for a period from the date of vesting
        to the date that is 60 days from the Date of Listing;

	 	 	 
	 	3. 	 the option to purchase such number of shares of IVN
        equal to 4.05% of the issued and outstanding shares of IVN as of the Date
        of Listing at a price of $0.25 per share, which options are conditional
        and will vest only upon the completion of a financing by IVN of $4,500,000
        of shares at a price of $0.75 per share. This option will be exercisable
        for a period from the date of vesting to the date that is 60 days from
        the Date of Listing;

	 	 	 
	 	4. 	 the option to purchase such number of shares of IVN
        equal to 4.50% of the issued and outstanding shares of IVN as of the Date
        of Listing at a price of $0.375 per share, which options are conditional
        and will vest only upon the completion of a financing by IVN of $5,000,000
        of shares at a price of $1.00 per share within 180 days of the Date of
        Listing. This option will be exercisable for a period from the date of
        vesting to the date that is 60 days from the closing of the financing.

- 2 -

Nextech, the current sole shareholder of IVN, IVN and DeBondo
  will join efforts in raising the above mentioned amounts at the above mentioned
  time lines. 

In addition, IVN hereby agrees to commit to a marketing plan
  with a budget of at least $800,000 during the first year after the Listing.

If a Listing is not obtainable, no Equity Fee is due and
DeBondo shall only charge for time and material and return the balance of any
Cash Fee paid. Consequently DeBondo agrees that should a Listing not be
obtainable, any shares and options issued to DeBondo would be returned for
cancellation to IVN’s treasury.

All fees and expenses incurred by DeBondo and its professional
advisors to complete the Listing will be payable by DeBondo to a maximum amount
equal to the aggregate amount of the Cash Fee paid.

This letter agreement is governed and construed in accordance
with the laws of England and Wales.

The parties acknowledge and agree that the terms and conditions
of the proposal constitute a binding contract between the parties upon execution
of this offer letter and supersede all prior oral and written agreements between
the parties hereto including but not limited to the letter agreement between
InVisioN GmbH and Debondo Capital Limited dated June 12, 2006.

Yours sincerely,

DeBondo Capital Limited

Per

/s/ Ulrik
DeBo
________________________________
Authorized signatory

 

Agreed and Accepted by ImVisioN Therapeutics, Inc. as a binding
contract effective the 30th day of June, 2006.

ImVisioN Therapeutics, Inc.

Per

/s/ Martin
Steiner
________________________________
Authorized signatory

- 3 -

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