An anonymous director reports

AETERNA ZENTARIS ANNOUNCES EFFECTIVE DATE OF SHARE CONSOLIDATION

Aeterna Zentaris Inc. has filed articles of amendment to effect the previously announced share consolidation (or reverse stock split) of its issued and outstanding common shares on the basis of one postconsolidation common share for every four preconsolidation common shares.

The consolidation was approved by shareholders of Aeterna at the company's special meeting of shareholders held on March 12, 2024, along with other matters related to the merger of equals transaction with Ceapro Inc. pursuant to a plan of arrangement.

The consolidation will reduce the number of common shares issued and outstanding from approximately 4,855,876 common shares to approximately 1,213,969 common shares, subject to the elimination of fractional common shares. The common shares are expected to commence trading on the Toronto Stock Exchange (the TSX) and on the Nasdaq Capital Market on a postconsolidation basis on or about the opening of trading on May 3, 2024.

The company's transfer agent, Computershare Trust Company of Canada, or its affiliates, will be sending a letter of transmittal to the registered holders of common shares. The letter of transmittal will contain instructions on how to surrender common share certificate(s) representing preconsolidation common shares to the transfer agent. Shareholders may also obtain a copy of the letter of transmittal by accessing the company's SEDAR+ profile or the company's EDGAR profile. Until surrendered, each certificate representing preconsolidation common shares will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the consolidation as of and from the effective time. If shareholders hold their common shares through an intermediary and they have questions in this regard, they are encouraged to contact their intermediaries.

The new Cusip for the common shares following the consolidation is 007975600 and the new ISIN is CA00079756007.

Common shares to be issued to Ceapro shareholders under the transaction will be postconsolidation common shares, and the exchange ratio to be used in connection with such issuance will be adjusted accordingly. Subject to obtaining all required approvals and satisfying all required conditions, the transaction is expected to close in the second quarter of 2024.

For additional information regarding the consolidation and the transaction, please refer to the company's registration statement and the management information circular dated Feb. 9, 2024, which is available on SEDAR+ or EDGAR.

About Aeterna Zentaris Inc.

Aeterna is a specialty biopharmaceutical company developing and commercializing a diversified portfolio of pharmaceutical and diagnostic products focused on areas of significant unmet medical need. Aeterna's lead product, macimorelin (Macrilen; Ghryvelin), is the first and only U.S. Food and Drug Administration- and European Commission-approved oral test indicated for the diagnosis of adult growth hormone deficiency (AGHD). Aeterna is leveraging the clinical success and compelling safety profile of macimorelin to develop it for the diagnosis of childhood-onset growth hormone deficiency (CGHD), an area of significant unmet need.

Aeterna is also dedicated to the development of its therapeutic assets and has established a preclinical development pipeline to potentially address unmet medical needs across a number of indications, including neuromyelitis optica spectrum disorder (NMOSD), Parkinson's disease (PD), hypoparathyroidism and amyotrophic lateral sclerosis (ALS; Lou Gehrig's disease).

We seek Safe Harbor.