AEterna Zentaris Sells Quebec City Building for $7.1 million

    All amounts are in U.S. dollars

    QUEBEC CITY, June 27 /CNW Telbec/ - AEterna Zentaris Inc. (NASDAQ:   AEZS;
TSX: AEZ;), a global biopharmaceutical company focused on endocrine therapy
and oncology, today announced it has completed the sale of its Quebec City
property for a purchase price of $7.1 million, payable in cash. AEterna
Zentaris also entered into a long-term lease agreement enabling the Company to
continue occupying its current space for its Quebec City operations.
    Juergen Ernst, Chairman and Interim President and CEO of AEterna Zentaris
stated, "We are very pleased to have completed the sale of our Quebec City
property. This is in line with our corporate strategy which includes divesting
non-core assets to provide additional non-dilutive financing. The funds will
be dedicated to our ongoing Phase 3 program with cetrorelix in benign
prostatic hyperplasia."

    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: Dennis Turpin, CA, Senior Vice President and
Chief Financial Officer, (908) 626-5503,; Media Relations:
Paul Burroughs, Director of Communications, (418) 652-8525 ext. 406,

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