AETERNA ZENTARIS ANNOUNCES CLOSING OF $12 MILLION PUBLIC OFFERING

CHARLESTON, S.C., July 07, 2020 (GLOBE NEWSWIRE) -- Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZS) ( the “Company”), a specialty biopharmaceutical company commercializing and developing therapeutics and diagnostic tests, today announced the closing of its previously announced public offering of 17,544,516 units at a price to the public of $0.45 per unit and 9,122,150 pre-funded units at a price to the public of $0.4499 per pre-funded unit. Each unit sold in this offering contains one common share and one common warrant to purchase one common share. Each pre-funded unit sold in this offering contains one pre-funded warrant to purchase one common share at an exercise price of $0.0001 per share and one common warrant to purchase one common share. The gross proceeds to the Company from the offering totaled approximately $12 million, before deducting placement agent fees and offering expenses.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

Each common share warrant has an exercise price of $0.45 per share, is exercisable immediately and will expire five years from the date of issuance. Each pre-funded warrant is exercisable immediately until all other pre-funded warrants have been exercised.

The Company intends to use the net proceeds of this offering for general corporate purposes, which includes, among other purposes, the funding of a pediatric clinical trial in the E.U. and U.S. for Macrilen (macimorelin), the investigation of further therapeutic uses of macimorelin and the expansion of pipeline development activities.

The securities described above were offered by Aeterna Zentaris pursuant to an effective registration statement on Form F-1 (File No. 333-232935) which was previously declared effective by the U.S. Securities and Exchange Commission (“SEC”) on July 1, 2020.

The offering was made only by means of a prospectus forming part of the effective registration statement. The terms of the offering were disclosed in a final prospectusfiled by Aeterna Zentaris with the SEC and may be obtained at the SEC's website at www.sec.gov. Electronic copies of the final prospectus may also be obtained by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at [phone] or by email at [e-mail].