Mr. Philip Theodore reports

AETERNA ZENTARIS ANNOUNCES AT THE MARKET ISSUANCE PROGRAM

Aeterna Zentaris Inc. has commenced a new at-the-market offering pursuant to its existing at-market-issuance (ATM) sales agreement, dated April 1, 2016, with H.C. Wainwright & Co. LLC (the sales agent), under which the company may, at its discretion, from time to time during the term of the ATM sales agreement, sell up to a maximum of three million common shares through ATM issuances on the Nasdaq Stock Market, up to an aggregate amount of $9.0-million. Any sales made under this ATM program will be made through the sales agent. The common shares will be sold at market prices prevailing at the time of the sale of the common shares, and, as a result, sale prices may vary.

The common shares will be offered under a new prospectus supplement No. 3 filed with the U.S. Securities and Exchange Commission under the company's shelf registration statement on Form F-3 (333-194547) filed with the SEC on March 14, 2014, which was declared effective by the SEC on March 28, 2014.

The shelf registration statement on Form F-3 and the prospectus supplement for this offering are available on the SEC's website. Alternatively, the sales agent will provide copies of these documents upon request by contacting H.C. Wainwright & Co., 430 Park Ave., fourth floor, New York, N.Y., 10022, or at placements@hcwco.com.

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. It is engaged in drug development activities and in the promotion of products for others. The focus of its business development efforts is the acquisition of licences to products that are relevant to its therapeutic areas of focus. It also intends to license out certain commercial rights of internally developed products to licensees in non-U.S. territories, where such outlicensing would enable the company to ensure development, registration and launch of its product candidates.