AEterna Zentaris Reports First Quarter 2008 Financial and Operati...(patient dosing in our second similar eff...)

Date:5/7/2008

patient dosing in our second similar efficacy trial in Europe. We also achieved an important milestone with our lead oncology compound AEZS-108, as we started patient dosing for our Phase 2 trial in endometrial and ovarian cancer. Subsequent to quarter end, we had to make important changes to our management team in order not to stray from our corporate strategy which is based on the following priorities: concentrate on the advancement of our lead value-drivers cetrorelix in BPH and AEZS-108 in oncology, pursue strategic partnership opportunities for cetrorelix and other compounds from our rich pipeline, continue monetizing our non-core assets to provide additional sources of non-dilutive funding and apply strict control of our burn-rate. We believe that by staying the course with our strategy, we will be able to meet our mid and long-term goals for the benefit of both patients and shareholders."

CONSOLIDATED RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2008

Consolidated revenues were $9.7 million for the three-month period ended March 31, 2008 compared to $9.2 million for the same period in 2007. The increase in revenues is primarily related to additional sales of Cetrotide(R) to Merck Sereno, mainly offset by decreased sales activities of Impavido(R) and Cetrotide(R) in Japan, as well as a reduction in license fees revenues related to services rendered through our collaborations with Spectrum Pharmaceuticals, Inc. and Keryx Biopharmaceuticals, Inc.

Consolidated selling, general and administrative (SG&A) expenses were $4.4 million for the three-month period ended March 31, 2008 compared to $4.9 million for the same period in 2007. The decrease in SG&A expenses for the three-month period ended March 31, 2008, compared to the same period in 2007, is primarily due to non-recurring corporate expenses related to organizational changes that were implemented in the first quarter of 2007. A decrease in selling expenses was further impacted by lower roy
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SOURCE AETERNA ZENTARIS INC. Copyright©2008 PR Newswire. All rights reserved

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