TSX approves Aeterna Zentaris' Series B Warrant amendment

All amounts are in US dollars

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.