AEterna Zentaris Receives Notification from Nasdaq Relating to Minimum Bid Price

    QUEBEC CITY, Oct. 24 /CNW Telbec/ - AEterna Zentaris Inc. (NASDAQ:   AEZS;
TSX: AEZ), a global biopharmaceutical company focused on endocrine therapy and
oncology, today announced that it received a letter from the Nasdaq Stock
Market, notifying AEterna Zentaris that during the 30 consecutive business
days prior to October 16, 2008, the bid price of the Company's common shares
had closed below the US$1.00 minimum bid per share required for continued
inclusion on the Nasdaq Global Market under Marketplace Rule 4450(a)(5).
However, the letter states that given the current extraordinary market
conditions, Nasdaq has determined to suspend enforcement of the bid price and
market value of publicly held shares requirements through Friday, January 16,
2009. In that regard, the letter states that on October 16, 2008, Nasdaq filed
an immediately effective rule change with the Securities and Exchange
Commission to implement the suspension. According to Nasdaq, these rules will
be reinstated on Monday, January 19, 2009 and the first relevant trade date
will be Tuesday, January 20, 2009.
    Therefore, following the reinstatement of these rules, and in accordance
with Marketplace Rule 4450(e)(2), AEterna Zentaris will be provided
180 calendar days from Tuesday, January 20, 2009, or until July 20, 2009, to
regain compliance with the US$1.00 minimum bid per share under Marketplace
Rule 4450(a)(5). If, at any time before July 20, 2009, including during the
suspension period, the bid price of the Company's common shares closes at
US$1.00 per share or more for a minimum of 10 consecutive business days,
Nasdaq will provide written notification that AEterna Zentaris has achieved
compliance with Marketplace Rule 4450(a)(5).
    If the Company is unsuccessful in meeting the minimum bid requirement by
July 20, 2009, Nasdaq will provide notice to AEterna Zentaris that its common
shares will be delisted from the Nasdaq Global Market. If the Company receives
a delisting notification, it may appeal to the Listing Qualifications Panel or
apply to transfer its common shares to the Nasdaq Capital Market if AEterna
Zentaris satisfies all criteria for initial listing on the Nasdaq Capital
Market in accordance with Marketplace Rule 4310(c), other than compliance with
the minimum closing bid price requirement. If the application to the Nasdaq
Capital Market is approved, then the Company will have an additional 180-day
compliance period in order to regain compliance with the minimum bid price
requirement while listed on the Nasdaq Capital Market.

    The Nasdaq letter has no immediate effect on the listing of the Company's
common shares. On October 16, 2008, the closing price of the Company's common
shares was US$0.60 per share.

    About AEterna Zentaris Inc.

    AEterna Zentaris Inc. is a global biopharmaceutical company focused on
endocrine therapy and oncology, with proven expertise in drug discovery,
development and commercialization.

    News releases and additional information are available at

    Forward-Looking Statements

    This press release contains forward-looking statements made pursuant to
the safe harbor provisions of the U.S. Securities Litigation Reform Act of
1995. Forward-looking statements involve known and unknown risks and
uncertainties, which could cause the Company's actual results to differ
materially from those in the forward-looking statements. Such risks and
uncertainties include, among others, the availability of funds and resources
to pursue R&D projects, the successful and timely completion of clinical
studies, the ability of the Company to take advantage of business
opportunities in the pharmaceutical industry, uncertainties related to the
regulatory process and general changes in economic conditions. Investors
should consult the Company's quarterly and annual filings with the Canadian
and U.S. securities commissions for additional information on risks and
uncertainties relating to the forward-looking statements. Investors are
cautioned not to rely 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 except if we are requested by a
governmental authority or applicable law.

For further information:

For further information: Investor Relations: Ginette Vallières, Investor
Relations Coordinator, (418) 652-8525 ext. 265,; Media
Relations: Paul Burroughs, Director of Communications, (418) 652-8525 ext.

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Aeterna Zentaris Inc.

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