An anonymous director reports

AETERNA ZENTARIS ANNOUNCES CLOSING OF $4.5 MILLION REGISTERED DIRECT OFFERING PRICED AT-THE-MARKET

Aeterna Zentaris Inc. has closed its previously announced registered direct offering with several institutional investors in the United States for 3,478,261 common shares, at a purchase price of $1.29375 per share, priced at the market under Nasdaq Stock Market rules. Additionally, the company issued to the investors unregistered warrants to purchase up to an aggregate of 2,608,696 common shares in a concurrent private placement. The warrants have an exercise price of $1.20 per common share, are exercisable immediately and will expire 5.5 years following the date of issuance. The gross proceeds to the company from the offering totaled approximately $4.5-million, before deducting placement agent fees and offering expenses.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. Aeterna Zentaris intends to use the net proceeds from the offering for general corporate purposes, which includes, among other purposes, the financing of a pediatric clinical trial in the European Union and United States for Macrilen (macimorelin).

The common shares described above (but not the warrants or the common shares underlying the warrants) were offered by Aeterna Zentaris pursuant to a shelf registration statement on Form F-3 (file No. 333-232935), which was previously declared effective by the United States Securities and Exchange Commission on Aug. 15, 2019. Such common shares were offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.

A final prospectus supplement and the accompanying prospectus relating to the common shares was filed by Aeterna Zentaris with the SEC and may be obtained at the SEC's website.

In approving the offering and listing the common shares issued and issuable thereunder, the company relied on the exemption set forth in Section 602.1 of the Toronto Stock Exchange company manual available to eligible interlisted issuers, since the company's common shares are also listed on the Nasdaq Stock Market and had less than 25 per cent of the overall trading volume of its listed securities occurring on all Canadian marketplaces in the 12 months immediately preceding the date on which application was made to TSX to approve the offering.

About Aeterna Zentaris Inc.

Aeterna Zentaris is a specialty biopharmaceutical company commercializing and developing therapeutics and diagnostic tests. The company's lead product, Macrilen, is the first and only U.S. Food and Drug Administration-approved and European Commission-approved oral test indicated for the diagnosis of adult growth hormone deficiency (AGHD).

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