AEterna Zentaris Receives US$10 Million from Institutional Investors

    QUEBEC CITY, June 24 /CNW Telbec/ - AEterna Zentaris Inc. (NASDAQ:   AEZS;
TSX: AEZ), a global biopharmaceutical company focused on endocrine therapy and
oncology, announced today that it has completed its previously announced
registered direct offering of US$10 million of units comprised of common
shares and common share purchase warrants to certain institutional investors.
AEterna Zentaris received net proceeds of approximately US$9.25 million after
deducting placement agent fees and other offering expenses. All of the common
shares and warrants were offered pursuant to an effective shelf registration
statement. Proceeds from the transaction will be used for general corporate
purposes, including clinical development of the Company's leading oncology and
endocrinology compounds.
    Dr. Juergen Engel, Ph. D., President and CEO of AEterna Zentaris stated,
"We are very pleased with this vote of confidence from targeted specialized
institutional investors. In addition, completing this financing provides us
with additional funds that will help us to further strengthen our promising
oncology pipeline."
    As of June 24, 2009 and after issuing 5,319,149 common shares at the
closing of the offering, the Company had 58,506,619 common shares issued and
    A shelf registration statement relating to the common shares and warrants
issued in the offering (and the common shares issuable upon exercise of the
warrants) has been filed with the Securities and Exchange Commission (the
"SEC") and has been declared effective. A prospectus supplement relating to
the offering was filed with the SEC. Copies of the prospectus supplement and
accompanying prospectus may be obtained directly from AEterna Zentaris Inc.,
1405 du Parc-Technologique Boulevard, Quebec City, Canada G1P 4P5. This
announcement is neither an offer to sell nor a solicitation of an offer to buy
any of AEterna Zentaris' common shares or warrants. No offer, solicitation or
sale will be made in any jurisdiction in which such offer, solicitation or
sale is unlawful.
    Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group,
Inc., (Nasdaq:   RODM), acted as the exclusive placement agent for the

    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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