 The offering is expected to result in gross proceeds to Aeterna Zentaris of approximately 4.5 million. Aeterna Zentaris will also issue to the purchasers unregistered warrants to purchase up to an aggregate of 2,608,696 common shares. The warrants will be exercisable for a period of five and one-half years, exercisable immediately following the issuance date and have an exercise price of 1.20 per common share. 