Aeterna Zentaris Announces TSX Approval of Series B Warrant Amendment

All amounts are in US dollars

QUEBEC CITY, Sept. 25, 2015 /CNW Telbec/ - Aeterna Zentaris Inc. (NASDAQ: AEZS; TSX: AEZ) (the "Company") announced today that The Toronto Stock Exchange ("TSX") has approved its previously announced amendment (the "Series B Warrant Amendment") to its outstanding Series B Common Share Purchase Warrants (the "Series B Warrants") agreed to with the holders of approximately 90% of the holders of the Series B Warrants intended to reduce the dilutive effect of the exercise of the Series B Warrants by establishing a cap on the number of shares issuable upon alternate net cashless exercise ("Net Cashless Exercise") of the Series B Warrants until the close of business on November 17, 2015 and by limiting the number of shares that the Consenting Holders may sell until the close of business on October 9, 2015.  In approving the Series B Warrant Amendment, TSX relied on the exemption set forth in Section 602.1 of the TSX Company Manual available to "Eligible Interlisted Issuers", since the Company's Common Shares are also listed on the NASDAQ Capital Market and had less than 25% of the overall trading volume of its listed securities occurring on all Canadian marketplaces in the twelve months immediately preceding the date on which application was made to TSX to approve the Series B Warrant Amendment.

As of September 25, 2015, approximately 8.2 million Series B Warrants remained outstanding, representing approximately 27.6 % of the number originally issued.  In addition, as of the close business on September 25, 2015, there were approximately 447.7 million issued and outstanding Common Shares.

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.  For more information, visit www.aezsinc.com.

Forward Looking Statements

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the US Securities Litigation Reform Act of 1995.  Forward-looking statements involve known and unknown risks and uncertainties that could cause actual events to differ materially from those in the forward-looking statements.  Such risks and uncertainties include, among others, the effectiveness of the above-described amendment of the Series B Warrants to temporarily reduce the selling pressure on our stock by limiting the additional dilution from the Net Cashless Exercise of Series B Warrants.  Investors should consult the Company's quarterly and annual filings with the Canadian and US securities commissions for additional information on risks and uncertainties relating to forward-looking statements.  Investors are cautioned not to place undue reliance on these forward-looking statements.  The Company does not undertake to update these forward-looking statements.  We disclaim any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, unless required to do so by a governmental authority or by applicable law.

SOURCE Aeterna Zentaris Inc.

Paul Burroughs, Director of Communications, [phone] ext. 406, [email protected]