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Aeterna Zentaris Announces Agreement to Exercise Substantially All Remaining Series B Warrants

All references to dollars are to United States dollars

QUEBEC CITY, Nov. 2, 2015 /PRNewswire/ - Aeterna Zentaris Inc. (NASDAQ: AEZS; TSX: AEZ) (the "Company") announced today that the holders (the "Participating Holders") of substantially all of its remaining outstanding Series B Common Share Purchase Warrants (the "Series B Warrants") have agreed to exercise all of the approximately 4.1 million Series B Warrants held by them as promptly as practicable at a maximum exercise ratio of approximately 33.23 Common Shares per Series B Warrant in accordance with the alternate cashless exercise feature in such Series B Warrants. Following the exercise of Series B Warrants by the Participating Holders in accordance with the terms of the agreement, approximately 0.8 million Series B Warrants, with an expiry date of September 12, 2016, will remain outstanding, representing approximately 2.7% of the originally issued number of Series B Warrants.

David A. Dodd, Chairman, President and Chief Executive Officer of the Company remarked regarding this development, "With the uncertainty about future additional dilution from the Series B Warrants now substantially resolved, it is time to focus on the fundamentals of this Company, which I believe are very strong. I am excited about the opportunity to create shareholder value with our internally developed products and our growing externally sourced portfolio. We are making significant progress on both fronts. I am looking forward to providing updates regarding our progress during our quarterly conference call on Friday, November 6, 2015."

In order to accommodate some of the...