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PAION AG REPORTS RESULTS FOR THE FIRST HALF-YEAR 2016

DGAP-News: PAION AG / Key word(s): Half Year Results
PAION AG REPORTS RESULTS FOR THE FIRST HALF-YEAR 2016

10.08.2016 / 07:30
The issuer is solely responsible for the content of this announcement.

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PAION AG REPORTS RESULTS FOR THE FIRST HALF-YEAR 2016

- Positive remimazolam headline data in pivotal U.S. Phase III study for
procedural sedation during colonoscopy

- License agreement with Cosmo Pharmaceuticals (Cosmo) for development
and commercialization of remimazolam in the U.S.

- Cash and cash equivalents of EUR 32.1 million as of 30 June 2016 and
Cosmo upfront payment of EUR 10 million received in July 2016:
Sufficient to complete ongoing U.S. Phase III development of
remimazolam; if all activities progress as planned, no additional
funding is needed to bring remimazolam to the U.S. market

- Conference call (in English) today at 2:00 pm CEST (1:00 pm BST/8:00 am
EDT)

Aachen (Germany), 10 August 2016 - The specialty pharmaceutical company
PAION AG (ISIN DE000A0B65S3; Frankfurt Stock Exchange, Prime Standard: PA8)
today reports its consolidated financial results according to International
Financial Reporting Standards (IFRS) for the six months ended 30 June 2016.

In the first half of 2016, revenues were EUR 0.2 million, mainly resulting
from the U.S. license agreement for remimazolam entered into with Cosmo.
Research and development expenses amounted to EUR 12.2 million, a slight
increase compared to the first half of 2015, mainly related to the U.S.
Phase III program for remimazolam. General administrative and selling
expenses increased to EUR 3.3 million compared to the prior-year period
(EUR 2.7 million) mainly due to financing activities. Net loss was EUR 13.2
million for the first half-year 2016 compared to EUR 11.3 million for the
prior-year period.

Cash and cash equivalents were EUR 32.1 million as of 30 June 2016,
compared to EUR 32.7 million as of 31 December 2015. Based on current
planning, PAION believes that cash and cash equivalents together with the
EUR 10 million upfront payment received from Cosmo in July 2016 will enable
PAION to complete the ongoing U.S. Phase III development for remimazolam
including the preparation of filing. Should development, filing and
approval go according to plan, PAION will not need additional funding to
bring remimazolam to the U.S. market including bearing all the costs for
development and preparation of filing.

Dr. Wolfgang Söhngen, CEO of PAION AG, commented: "We have had significant