Æterna Zentaris receives commitments from institutional investors to purchase $15M in registered direct offering

Æterna Zentaris Inc. (NASDAQ: AEZS; TSX: AEZ) (the "Company"), a late-stage drug development company specialized in oncology and endocrinology, announced today that it has received commitments from institutional investors to purchase US$15 million of securities in a registered direct offering.

Under the terms of a Securities Purchase Agreement, the Company will sell to such institutional investors an aggregate of approximately 11.1 million common shares of its capital at a price of US$1.35 per share and issue warrants to acquire an aggregate of approximately 4.4 million common shares at an exercise price of US$1.50 per share.

The warrants to purchase additional common shares of Æterna Zentaris will be exercisable six months following their date of issuance and will expire on the fifth-year anniversary of the date on which they become exercisable. All of the securities were offered pursuant to an effective shelf registration statement filed in the United States. Proceeds from the transaction will be used for general corporate purposes, including clinical development, capital expenditures and for working capital. The offering is expected to be consummated no later than April 20, 2010, subject to customary closing conditions.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc., (NASDAQ: RODM), acted as the exclusive placement agent for the transaction.