Mr. David Dodd reports

AETERNA ZENTARIS REGAINS COMPLIANCE WITH NASDAQ $1.00 MINIMUM BID PRICE RULE AND ANNOUNCES 2016 CORPORATE OBJECTIVES

On Dec. 7, 2015, Nasdaq notified Aeterna Zentaris Inc. that it has regained compliance with Rule 5450(a)(1), which requires a minimum bid price of $1.00 for continued listing on the Nasdaq Capital Market.

Commenting on the announcement, David A. Dodd, chairman, president and chief executive officer of the company, stated, "We are pleased that we have been able to regain compliance with Nasdaq's minimum bid price rule, because our Nasdaq listing is important in maintaining liquidity in the trading of our common shares."

The company also disclosed that at its annual end-of-year meeting, its board of directors recently adopted the following objectives for the company in 2016:

• Zoptrex: completion of the pivotal ZoptEC phase 3 clinical trial -- The objective is to complete the ZoptEC phase 3 study of Zoptrex during the third quarter of 2016 and to report top-line results of the study shortly thereafter. In adopting this objective, the board noted that the company disclosed, on Oct. 13, 2015, that the independent data and safety monitoring board recommended that the company continue the ZoptEC phase 3 clinical study to its conclusion following a comprehensive review of efficacy and safety data at 192 events. The board viewed this as a very encouraging development.
• Macrilen: completion of the confirmatory phase 3 clinical trial -- The objective is to complete the confirmatory phase 3 clinical trial of Macrilen during the fourth quarter of 2016 and to report top-line results within eight weeks of completion.
• Commercial operations: addition of another product to the company's commercial portfolio -- The objective is to acquire or in license at least one product during 2016 and to increase revenues from existing co-promotion arrangements.
• Financial condition: capital structuring and strengthening -- The objective is to further strengthen the cash balance, while continuing to reduce burn rate. The board noted that over the past two years, the company has reduced its staff by over 50 per cent, while significantly reducing its operating burn rate, successfully progressing its commercial focus and running two pivotal phase 3 programs.

We seek Safe Harbor.