Aeterna Zentaris Announces Expiration of Remaining Series B Warrants

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CHARLESTON, S.C.–(BUSINESS WIRE)–Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZ) (the “Company”) today
announced that the remaining 8,064 Series B Common Share Purchase
Warrants (the “Series B Warrants”) issued in connection with the
Company’s March 2015 financing expired on September 12, 2016 without
being exercised. The Company had 9,939,863 Common Shares issued and
outstanding as of the close of business on September 13, 2016.

David A. Dodd, President and Chief Executive Officer of the Company,
explained, “All Series B Warrants issued in connection with our March
2015 financing have now been extinguished. Therefore, there will be no
further dilution of our shareholders as a result of the Series B
Warrants. I am pleased that we can report that the repair of our capital
structure is now complete. We are looking forward to the impending
completion of the pivotal, Phase III trials for Macrilen™ and Zoptrex™
and to the submission of NDAs for the products, if the results of the
trials warrant doing so.”

About Aeterna Zentaris Inc.

Aeterna Zentaris is a specialty biopharmaceutical company engaged in
developing and commercializing novel treatments in oncology,
endocrinology and women’s health. We are engaged in drug development
activities and in the promotion of products for others. We are now
conducting Phase 3 studies of two internally developed compounds:
Macrilen™ and Zoptrex™. The focus of our business development efforts is
the acquisition of licenses to products that are relevant to our
therapeutic areas of focus. We also intend to license out certain
commercial rights of internally developed products to licensees in
territories where such out-licensing would enable us to ensure
development, registration and launch of our product candidates. Our goal
is to become a growth-oriented specialty biopharmaceutical company by
pursuing successful development and commercialization of our product
portfolio, achieving successful commercial presence and growth, while
consistently delivering value to our shareholders, employees and the
medical providers and patients who will benefit from our products. For
more information, visit www.aezsinc.com.

Contacts

Aeterna Zentaris Inc.
Philip A. Theodore, 843-900-3223
Senior
Vice President
ir@aezsinc.com