Mr. Paul Burroughs reports

AETERNA ZENTARIS ANNOUNCES PRICING OF US$37 MILLION PUBLIC OFFERING OF COMMON SHARES AND WARRANTS

Aeterna Zentaris Inc. has priced its previously announced public offering of 59,677,420 units. Each unit consists of one common share, 0.75 of a Series A warrant to purchase one common share, and 0.50 of a Series B warrant to purchase one common share, at a purchase price of 62 U.S. cents per unit. Investors whose purchase of units in the offering would result in them beneficially owning more than the initial beneficial ownership limitation to be included in the warrants following the consummation of the offering will have the opportunity to acquire units with Series C prefinanced warrants substituted for any common shares they would have otherwise acquired over the initial beneficial ownership limitation, paying the same price of 62 U.S. cents per unit.

The Series A warrants will be exercisable immediately and will expire five years following issuance at an exercise price of 81 U.S. cents per share. The Series B warrants will be exercisable immediately and will expire 18 months following issuance at an exercise price of 81 U.S. cents per share. The prefinanced Series C warrants will be exercisable immediately and will expire five years following issuance.

In connection with the offering, the holders of approximately 21.1 million, or 96.5 per cent, of the 21.9 million outstanding warrants issued by the company in previous public offerings of units in November, 2013, and January, 2014, have each entered into an amendment agreement, conditional upon the company having completed a public offering of securities within a certain time frame, which would result in such warrants terminating concurrently with the closing of the offering, in consideration for the company making to the holders of such warrants a cash payment in the aggregate amount of approximately $5.7-million (U.S.) out of the proceeds of the offering, provided such warrants will not have been exercised.

The offering is expected to close on or about March 11, 2015, subject to customary closing conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approvals of the Nasdaq Capital Market and the Toronto Stock Exchange.

Net proceeds from the offering are expected to be approximately $34.5-million (U.S.), after deducting underwriting commissions and other expenses related to the offering. The company intends to use the net proceeds from the offering to make the $5.7-million (U.S.) payment to the holders of warrants in connection with the warrant amendment agreements described above, to continue to finance continuing drug development activities, for the potential addition of commercialized products to the company's pipeline, and for general corporate purposes, for working capital and to finance negative cash flow.

Canaccord Genuity Inc. is acting as the sole book-running manager for the offering. Maxim Group LLC, H.C. Wainwright & Co. LLC and Roth Capital Partners acted as co-managers for the offering.

The offering is being conducted pursuant to the company's effective shelf registration statement on Form F-10 filed with the U.S. Securities and Exchange Commission, its corresponding Canadian base shelf prospectus, and an exemption from the Autorite des marches financiers permitting the company to offer common shares, warrants and such other securities specified therein in the United States. The proposed offering will be made only by means of a preliminary prospectus supplement, a final prospectus supplement and the accompanying short form base shelf prospectus. When available, copies of the preliminary prospectus supplement, the final prospectus supplement and the accompanying short form base shelf prospectus may be obtained upon request by contacting Canaccord Genuity Inc., attention: syndicate department, 99 High St., 12th floor, Boston, Mass., 02110, or by telephone/e-mail at 800-225-6201/prospectus@canaccordgenuity.com. Electronic copies of the preliminary prospectus supplement, the final prospectus supplement and the accompanying short form base shelf prospectus will also be available free of charge at SEDAR and the SEC website, respectively.

We seek Safe Harbor.