DGAP-News

DR. MARIOLA SÖHNGEN WILL LEAVE MANAGEMENT BOARD OF PAION AG AS OF 31 OCTOBER 2015 AND PAION PLANS NEW COMPOSITION OF EXECUTIVE MANAGEMENT - Seite 2

will remain invested as a shareholder in PAION for which I have worked for
many exciting years."

In connection with the step-down of Mrs. Söhngen, the Supervisory Board
decided to extend the appointment and contract of Mr. Söhngen as CEO of the
Company by another year until end of 2018. In the interim, Mr. Söhngen will
take over certain of Mrs. Söhngen's functions until the appointment of a
new CMO and thus will ensure a smooth transition.

"I am determined to lead the story of Remimazolam successfully through the
next phase and will make every effort to achieve the marketing
authorization and subsequently the sale of Remimazolam for the benefit of
patients and our shareholders," co-founder and CEO Dr. Wolfgang Söhngen
says and added: "Mariola deserves our special thanks for her excellent work
and passionate engagement over the last 15 years. We all will miss Mariola
and wish her all the best for her new endeavors, knowing that she will
continue to be a trusted and competent advisor for the Company if
required."

Following the incorporation of PAION Inc. in the U.S. in 2014, the
appointment of Mr. Greg Papaz as CEO and David Bernstein, M.D., as Medical
Advisor, PAION intends to fill the position of a new CMO with a qualified
medical and regulatory expert who also has operational management
experience in the U.S. The CMO should also serve as the direct contact
person for the U.S. study centers, contract research organizations, U.S.
physicians and the U.S. Food and Drug Administration (FDA), to promote the
further establishment of PAION Inc. as a U.S. based Specialty Pharma
Company.

Furthermore, PAION AG plans to complete its Management Board by appointing
a Chief Operating Officer ("COO") with commercial expertise for Europe. The
COO will be responsible for the establishment of an optimal commercial
structure and to increase PAION's interaction with anesthesia thought
leaders.

Dr. Jörg Spiekerkötter, chairman of the supervisory board commented: "We
would like to sincerely thank Mrs. Söhngen for the successful work and
great commitment. However, Dr. Wolfgang Söhngen and CFO Abdelghani Omari
ensure the necessary continuity; they have the profound knowledge that is
required for the transition of PAION from a development company to a
Specialty Pharma Company leading PAION to a prosperous future. The