Ms. Carolyn Egbert reports

AETERNA ZENTARIS FORMS STRATEGIC REVIEW COMMITTEE AND APPOINTS MICHAEL WARD AS CEO

Aeterna Zentaris Inc. has formed a special committee of independent directors to consider and evaluate various strategic and financing alternatives available to the company to maximize shareholder value, including continuing to execute on its existing business plan and/or considering and recommending changes to the company's management and governance. The strategic review committee will be chaired by Carolyn Egbert and includes Michael Cardiff. The strategic review committee is in the course of engaging a financial adviser to assist with this process. On July 18, the company announced that it has been notified by the U.S. Food and Drug Administration that the company's new drug application (NDA) seeking approval of Macrilen (macimorelin) for the evaluation of growth hormone deficiency in adults (AGHD) has been accepted as a complete response to the FDA's Nov. 5, 2014, complete response letter and granted a PDUFA date of Dec. 30, 2017. The company has reached an important point in its evolution and wishes to conduct a strategic review of its plans, resources and opportunities, to best position itself to maximize stakeholder value.

David A. Dodd has ceased to be the company's president and chief executive officer with immediate effect. The board of directors of the company has appointed Michael Ward as the company's chief executive officer.

Mr. Ward has over 30 years of executive and legal experience in the health care, pharmaceutical and technology industries. Most recently, Mr. Ward served as chief compliance and legal officer and corporate secretary for Sagent Pharmaceuticals, a global specialty generic pharmaceutical company, and led its sale to Nichi-Iko Pharmaceutical Co. Ltd. for $736-million. Mr. Ward has served as strategic adviser to Benevolent Capital Partners for the last five years and is currently a partner with Outside GC LLC. Prior to Sagent Pharmaceuticals, Mr. Ward was vice-president, assistant general counsel of global compliance, ethics and litigation, and chief privacy officer at CDK Global. Mr. Ward has served in several executive roles and was responsible for business development, compliance, legal and operational matters in the health care, pharmaceutical and technology industries during his career. Mr. Ward graduated from Albion College and Case Western Reserve University law school.

There can be no assurance that evaluation of strategic alternatives will result in any transaction being pursued, entered into or consummated. The company does not intend to make further comment in regard to this process except as required by applicable securities laws or the policies of the Nasdaq Stock Market and the Toronto Stock Exchange.

Advisers

The strategic review committee has engaged Bennett Jones LLP as its legal adviser and Bayfield Strategy Inc. as its strategic and communications adviser.

About Aeterna Zentaris Inc.

Aeterna Zentaris is a specialty biopharmaceutical company engaged in developing and commercializing novel pharmaceutical therapies. It is engaged in drug development activities and in the promotion of products for others. Its goal is to become a growth-oriented specialty biopharmaceutical company by pursuing successful development and commercialization of the company's product portfolio, achieving successful commercial presence and growth, while consistently delivering value to the company's shareholders, employees, and the medical providers and patients who will benefit from the company's products.

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