Aeterna Zentaris and Ceapro Merger Approved by Securityholders at Special Meetings TORONTO and EDMONTON

Zentaris and Ceapro Merger Approved by Securityholders at Special Meetings

and EDMONTON, March 12, 2024 - Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZS) ("Aeterna") and Ceapro Inc.

(TSX-V: CZO; OTCQX: CRPOF) ("Ceapro") are pleased to announce that securityholders of both biopharmaceutical development

companies approved the all-stock merger of equals transaction (the "Transaction") at their respective special meetings

held today. The specific voting results were as follows:

shareholders approved the Transaction with the following voting results:

securityholders approved the Transaction with the following voting results:

thank our shareholders for their backing of this transaction," said Carolyn Egbert, Chair of Aeterna. "This is an excellent

outcome that supports the creation of what we believe will be a long-term sustainable business,

optimally positioned to deliver value to the biopharma sector, and to Aeterna and Ceapro shareholders."

are thrilled by the support for this transaction displayed by our valued securityholders at today's meeting," echoed Ronnie

Miller, Chairman of Ceapro. "This is an integral step on the path to completing the Transaction with Aeterna."

Transaction is subject to customary closing conditions for transactions of this nature, including Alberta court approval and

applicable stock exchange approvals. Subject to obtaining all required approvals and satisfying all required conditions, the

Transaction is expected to close in the second quarter of 2024. Following closing, a new name for the combined company will be

announced for shareholders of the combined company to consider and approve at the first annual meeting of the combined company. The

combined company is expected to be listed on the Nasdaq and the TSX, subject to the receipt of all necessary approvals.

disclosure on the Transaction can be found in the respective management information circulars filed by Aeterna and Ceapro which are available

under each company's profile on SEDAR+ at www.sedarplus.ca or, as regards Aeterna, on EDGAR at www.sec.gov.

Aeterna Zentaris Inc.

is a specialty biopharmaceutical company developing and commercializing a diversified portfolio of pharmaceutical and diagnostic products

focused on areas of significant unmet medical need. Aeterna's lead product, macimorelin (Macrilen; Ghryvelin), is the first and

only U.S. FDA and European Commission approved oral test indicated for the diagnosis of adult growth hormone deficiency (AGHD). Aeterna

is leveraging the clinical success and compelling safety profile of macimorelin to develop it for the diagnosis of childhood-onset growth

hormone deficiency (CGHD), an area of significant unmet need.

is also dedicated to the development of its therapeutic assets and has established a pre-clinical development pipeline to potentially

address unmet medical needs across a number of indications, including neuromyelitis optica spectrum disorder (NMOSD), Parkinson's

disease (PD), hypoparathyroidism and amyotrophic lateral sclerosis (ALS; Lou Gehrig's disease). For more information, please visit

www.zentaris.com and connect with Aeterna on LinkedIn and Facebook.

is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology

to the production of extracts and "active ingredients" from oats and other renewable plant resources.

adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical and therapeutics products for humans and animals.

Ceapro has a broad range of expertise in natural product chemistry, microbiology, biochemistry, immunology and process engineering. These

skills merge in the fields of active ingredients, biopharmaceuticals and drug-delivery solutions. For more information on Ceapro, please

visit Ceapro's website at www.ceapro.com.

information in this news release has been prepared as at March 12, 2024. Certain statements in this news release, referred to herein

as "forward-looking statements", constitute "forward-looking statements" within the meaning of the United States

Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian securities

laws. All statements, other than statements of historical fact, that address circumstances, events, activities, or developments that

could or may or will occur are forward-looking statements. When used in this press release, words such as "anticipate", "assume",

"believe", "continue", "could", "expect", "forecast", "future",

"goal", "guidance", "indicate", "intend", "likely", "maintain",

"may", "objective", "outlook", "plan", "potential", "project",

"seek", "strategy", "synergies", "view", "will", "would" or the

negative or comparable terminology as well as terms usually used in the future and the conditional are generally intended to identify

forward-looking statements, although not all forward-looking statements include such words.

statements in this news release include, but are not limited to statements and comments relating to: the expected outcomes and benefits

of the Transaction; the ability of Aeterna and Ceapro to complete the Transaction on the terms described herein, or at all; the anticipated

timeline for the completion of the Transaction; and receipt of regulatory and stock exchange approvals (including approval of the continued

listing of Aeterna's common shares on the Nasdaq and the TSX).

statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Aeterna and Ceapro as

of the date of such statements, are inherently subject to significant business, economic, operational and other risks, uncertainties,

contingencies and other factors, including those described below, which could cause actual results, performance or achievements of Aeterna

and Ceapro to be materially different from results, performance or achievements expressed or implied by such forward-looking statements

and, as such, undue reliance must not be placed on them. Forward-looking statements are also based on numerous material factors and assumptions,

including as described in this news release, with respect to, among other matters: Aeterna's and Ceapro's present and future

business strategies; operations performance within expected ranges; anticipated future cash flows; local and global economic conditions

and the environment in which the combined operations will operate in the future; anticipated capital and operating costs; and the availability

and timing of required stock exchange, regulatory and other approvals for the completion of the Transaction.

factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking

statements. Such risks include, but are not limited to: the ability to consummate the Transaction; the satisfaction of other conditions

to the consummation of the Transaction on the proposed terms in the time assumed; the ability to obtain necessary stock exchange, regulatory

or other approvals in the time assumed; the ability to realize the anticipated benefits of the Transaction or to implement the business

plan for the combined company, including as a result of a delay in completing the Transaction or difficulty in integrating the businesses

of the companies involved; significant Transaction costs or unknown liabilities; directors and officers of Aeterna and Ceapro may have interests in the Transaction

that may be different from those of Aeterna and Ceapro shareholders generally; the focus of both management's time and attention

on the Transaction may detract from other aspects of their respective businesses; the tax treatment of the Transaction may be subject

to uncertainties; risks relating to the retention of key personnel during the interim period; the ability to realize synergies and cost

savings at the times, and to the extent anticipated; the potential impact on research and development activities; the potential impact

of the announcement or consummation of the Transaction on relationships, including with regulatory bodies, employees, suppliers, customers,

competitors and other key stakeholders; Aeterna's and Ceapro's economic model and liquidity risks; technology risks; changes

in or enforcement of national and local government legislation, taxation, controls or regulations and/or changes in the administration

of laws, policies and practices; legal or regulatory developments and changes; the impact of foreign exchange rates; pricing pressures;

and local and global political and economic conditions.

contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making

a forecast or projection, including Aeterna's and Ceapro's respective management perceptions of historical trends, current

conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances.

Aeterna and Ceapro consider these assumptions to be reasonable based on all currently available information but caution the reader that

these assumptions regarding future events, many of which are beyond their control, may ultimately prove to be incorrect since they are

subject to risks and uncertainties that affect Aeterna and Ceapro and their businesses.

are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. For a more detailed

discussion of such risks and other factors that may affect Aeterna's and Ceapro's ability to achieve the expectations set

forth in the forward-looking statements contained in this news release, see Aeterna's Annual Report on Form 20-F and MD&A filed

under Aeterna's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov and Ceapro's MD&A filed

under Ceapro's profile on SEDAR+ at www.sedarplus.ca, as well as Aeterna's and Ceapro's other filings with the

Canadian securities regulators and the Securities and Exchange Commission. Other than as required by law, Aeterna and Ceapro do not intend,

and do not assume any obligation to, update these forward-looking statements.

Concerning the Registration Statement

filed a Registration Statement on Form F-1 (including a prospectus) (File No. 333-277115) (the "Registration Statement")

with the U.S. Securities and Exchange Commission (the "SEC") on February 15, 2024 for the issuance of common share

purchase warrants and common shares issuable upon exercise thereof in connection with the Transaction discussed in this communication,

but it has not yet become effective. The common share purchase warrants and common shares issuable upon exercise thereof may not be sold

nor may offers to buy them be accepted prior to the time the Registration Statement becomes effective. Before you invest in any Aeterna

common shares, you should read the prospectus in the Registration Statement and the other documents incorporated by reference therein

for more complete information about Aeterna, Ceapro, the Transaction and the common share purchase warrant offering.

may get copies of the Registration Statement for free by visiting EDGAR on the SEC website at www.sec.gov or at SEDAR+ at www.sedarplus.ca.

Alternatively, you may obtain copies of them by contacting Aeterna's proxy solicitor at the details provided below.

than as noted above, none of the securities to be issued pursuant to or in connection with the Transaction have been or will be registered