Leading Independent Proxy Advisory Firm ISS Recommends Aeterna Zentaris and Ceapro Securityholders Vote FOR the Arrangement Agreement to Approve the Merger of Equals to Create a Diversified Biopharmaceutical Company

• ISS states in its Aeterna Zentaris FOR recommendation that “on balance, the deal has strong strategic merit, third party solicitation was unable to generate any other actionable proposals, and governance conflicts appear to have been reasonably managed.”
• ISS states in its Ceapro FOR recommendation that “The arrangement is the result of arm's length negotiations between the parties and carries sound strategic logic.”
• Aeterna Zentaris and Ceapro securityholders are encouraged to vote well in advance of the proxy voting deadline of 11:00 a.m. (Eastern time) on March 8, 2024
• To obtain current information about voting your Aeterna Zentaris Common Shares and the merger of equals transaction, please visit www.AEZSmerger.com. Need help voting? Aeterna Zentaris shareholders please contact Kingsdale Advisors at 1-866-581-1513 (North America Toll Free) or 1-416-623-2513 (Text or Call outside North America) or by email at [e-mail]
• Ceapro securityholders please contact Morrow Sodali, at 1-800-662-5200 (toll free in North America) or 203-658-9400 (outside of North America) or by email at [e-mail]
  

TORONTO and EDMONTON, Alberta, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZS) (“Aeterna Zentaris”) and Ceapro Inc. (TSXV: CZO) (OTCQX: CRPOF) (“Ceapro”), two innovative biopharmaceutical development companies, are pleased to announce today that leading independent proxy advisor Institutional Shareholder Services Inc. ("ISS") recommended that both companies’ securityholders vote FOR the all-stock merger of equals transaction (the “Transaction”) pursuant to the terms announced on December 14, 2023.

Following its assessment of the Transaction, ISS stated in its Aeterna Zentaris VOTE FOR recommendation, among other things, that:
	“On balance, the deal has strong strategic merit, third party solicitation was unable to generate any other actionable proposals, and governance conflicts appear to have been reasonably managed.”
ISS noted, among other things, in its Ceapro VOTE FOR recommendation:
	“The arrangement is the result of arm's length negotiations between the parties and carries sound strategic logic.”

“Aeterna Zentaris’ board of directors is pleased that ISS came to the same conclusion as the board, that the shareholders should support the transaction with Ceapro,” said Carolyn Egbert, Chair of Aeterna Zentaris. “The combination with Ceapro is the result of a fulsome review of strategic alternatives to maximize value for shareholders and, following extensive discussions, we believe the transaction presents a compelling upside opportunity for investors in both companies.”