Aeterna Zentaris (AEZS) Announces New At-the-Market Sales Agreement of Up 10.4 Million Shares

Aeterna Zentaris Inc. (NASDAQ: AEZS) announced today that, pursuant to its existing “At-the-Market" Sales Agreement, dated June 29, 2011, with MLV & Co. LLC, formerly McNicoll, Lewis & Vlak LLC, the Company is commencing a new ATM issuance program under which it may, at its discretion, from time to time during the term of the sales agreement, sell up to a maximum of 10,400,000 of its common shares through ATM issuances on the NASDAQ Stock Market up to an aggregate amount of US$16.0 million. MLV will act as sales agent for any sales made under the ATM. The common shares will be sold at market prices prevailing at the time of the sale of common shares, and, as a result, prices may vary.

In connection with the commencement of this ATM issuance program, the Company has filed a prospectus supplement dated January 23, 2012 to its U.S. shelf prospectus, dated July 15, 2010, forming part of its U.S. registration statement on Form F-10 with the United States Securities and Exchange Commission (“SEC”) as well as a prospectus supplement to its Canadian final base shelf prospectus dated July 15, 2010

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