Aeterna Zentaris Announces Exercise of Last Series B Warrants Covered by November 1, 2015 Agreement

QUEBEC CITY, Nov. 24, 2015 Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX:AEZ.TO ) (the "Company") announced today that the remaining 11,000 post-share consolidation (or 1,100,000 pre-share consolidation) Series B Common Share Purchase Warrants (the "Series B Warrants") subject to the previously disclosed November 1, 2015 agreement were exercised on November 23, 2015, which will result in the issuance of 365,518 additional Common Shares.  After giving effect to the issuance of such shares, there will be approximately 6.9 million Common Shares issued and outstanding. 

David A. Dodd, Chairman, President and Chief Executive Officer of the Company explained, "The holders of Series B Warrants who agreed on November 1, 2015 to exercise all of the approximately 41,000 post-consolidation (or approximately 4.1 million pre-consolidation) Series B Warrants then held by them have now exercised all of such Series B Warrants.  Following our recent share consolidation, there now remain outstanding approximately 8,000 Series B Warrants held by a holder who was not a party to the November 1 agreement.  This holder has not exercised any of the Series B Warrants issued to it in connection with our March 2015 offering.  With the exercise of the final Series B Warrants subject to the November 1 agreement, we believe that the dilution of our Common Shares by the Series B Warrants is substantially finished."

About Aeterna Zentaris Inc.

Aeterna Zentaris is a specialty biopharmaceutical company engaged in developing and commercializing novel treatments in oncology, endocrinology and women's health.  For more information, visit www.aezsinc.com.

SOURCE Aeterna Zentaris Inc.