Aeterna Zentaris Announces Final Settlement of Class-Action Lawsuit

Aeterna Zentaris Inc., a specialty biopharmaceutical company developing and commercializing a diversified portfolio of pharmaceutical and diagnostic products, announced the U.S. District Court for the District of New Jersey has given final approval of the settlement from the class-action lawsuit against the Company. The settlement payment will be funded entirely by the Company’s insurers. Pending no action taken during the 30-day appeal period, this matter will be considered fully and finally settled.

The class-action lawsuit alleged that the Company and certain of its current and former officers and directors violated the Securities Exchange Act of 1934 in connection with certain public statements made between August 30, 2011, and November 6, 2014, regarding the safety and efficacy of Macrilen™ (macimorelin) and the prospects for the approval of the Company's New Drug Application for the product by the FDA. 

Although Aeterna denies all of the alleged claims and all liability, it agrees that the settlement is appropriate to resolve the disputes, avoid further costs of litigation and avoid further distractions to management.