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David Dodd and Philip Theodore Respond to Claim by Aeterna Zentaris

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CHARLESTON, SC, Dec. 21, 2017 /PRNewswire/ – David Dodd, the former CEO of Aeterna Zentaris Inc. (the “Company”) and a director of the Company, and Philip Theodore, the Company’s former General Counsel, have responded to the claim filed against them by the Company in Ontario, delivering their defence and affidavits in support of their position. In addition, Messrs. Dodd and Theodore have brought a counterclaim against the Company and its Chair, Carolyn Egbert, in the amount of $6.0 million, alleging that defamatory statements were made in the press release of the Company dated August 3, 2017 that falsely suggest that Messrs. Dodd and Theodore are guilty of having committed the breaches alleged in the Company’s statement of claim.

Messrs. Dodd and Theodore remain significant shareholders of the Company, together holding more shares than the other directors of Aeterna, being Carolyn Egbert, Michael Cardiff, Juergen Ernst and Gérard Limoges, combined.  Messrs. Dodd and Theodore have not breached either their fiduciary duties to the Company or their obligations to maintain the confidentiality of the Company’s information, and do not have any current intention to initiate or support a proxy contest for the replacement of the directors of the Company.

Messrs. Dodd and Theodore consider the claims of the Company against them to be entirely without merit, and intend to vigorously defend against the Company’s claims, and to seek full reimbursement from the Company for their legal expenses. Mr. Dodd intends to continue to serve as a director of the Company, acting in its best interests.

Mr. Dodd continues to pursue his claim against the Company for payment of his severance entitlement under his employment agreement, which was filed on August 4, 2017 in South Carolina.

SOURCE David Dodd

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