Aeterna Zentaris Announces Details and Implementation of Share Consolidation to Regain NASDAQ Compliance

Common shares to begin trading on a consolidated and reverse-split-adjusted basis on November 20, 2015

QUÉBEC CITY, Nov. 18, 2015 /PRNewswire/ - Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZ) (the "Company") today announced that the consolidation (the "Consolidation") of its issued and outstanding common shares (the "Common Shares") approved by shareholders at a special meeting held on November 16, 2015, occurred at the Consolidation ratio of 100-to-1 and became legally effective on November 17 2015 (the "Share Consolidation Effective Date").

The Company has received conditional approval from the Toronto Stock Exchange ("TSX") to effect the Consolidation and has provided notification of the Consolidation to The NASDAQ Stock Market ("NASDAQ"). Subject to final confirmation by each of TSX and NASDAQ, it is expected that the post-Consolidation Common Shares will begin trading on each of NASDAQ and TSX at the opening of markets on November 20, 2015 under the current NASDAQ and TSX trading symbols, "AEZS" and "AEZ", respectively, under the new post-Consolidation CUSIP and ISIN numbers of 007975402 and ISIN CA0079754028, respectively.

The Consolidation will reduce the number of outstanding Common Shares from approximately 656.0 million to approximately 6.6 million. Proportionate adjustments will be made to the Company's outstanding warrants and stock options. No fractional Common Shares have been issued pursuant to the Consolidation and any fractional shares that would have otherwise been issued have been rounded down to the nearest whole number. Any and all such fractional shares will be aggregated and sold by the Company's transfer agent and registrar on the market, with the net proceeds being proportionately distributed to shareholders. In addition, as of the close of business on November 16, 2015 and immediately prior to the Share Consolidation Effective Date, there remained approximately 1.9 million Series B Common Share Purchase Warrants (the "Series B Warrants") representing approximately 19 thousand Series B Warrants on a post-Consolidation basis, of which approximately 1.1 million, or approximately 11 thousand on a post-Consolidation basis, are subject to our previously announced agreement with certain holders of Series B Warrants and will be exercisable for approximately 365.5 thousand post-Consolidation Common Shares.

Letters of transmittal with respect to the Consolidation have been mailed to the Company's registered shareholders. All registered shareholders will be required to send their share certificates representing pre-Consolidation Common Shares, along with a properly executed letter of transmittal, to the Company's registrar and transfer agent, Computershare Investor Services Inc., in accordance with the instructions provided in the letter of transmittal. All registered shareholders who submit to Computershare a completed letter of transmittal, along with their respective certificates representing pre-Consolidation Common Shares, will receive in exchange new certificates representing their post-Consolidation Common Shares. Shareholders who hold their Common Shares through a broker, investment dealer, bank, trust company or other nominee or intermediary should contact that nominee or intermediary for assistance in depositing their Common Shares in connection with the Consolidation.

About Aeterna Zentaris

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.

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http://www.aezsinc.com