Aeterna Zentaris' registered direct offering of common shares and warrants

June 24, 2009 Client: Aeterna Zentaris Inc.

On June 24, 2009, Aeterna Zentaris, a global biopharmaceutical company focused on endocrine therapy and oncology with its head office in Quebec City, completed an equity issuance, by way of registered direct offering under a prospectus supplement in the United States, of units comprised of common shares and common share purchase warrants for gross proceeds of US$10 million. Aeterna Zentaris intends to use the net proceeds of this transaction for general corporate purposes, including clinical development of Aeterna Zentaris' leading oncology and endocrinology compounds. The placement agent in the context of this transaction was Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc.

Ogilvy Renault LLP acted as lead counsel to Aeterna Zentaris with a team that included Steve Malas, Elliot Shapiro, Christine Dubé, Marie-Claude Mailloux and Mathieu Deschamps (corporate and securities) and Derek Chiasson (tax).

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