Paion AG. (3/9/17). "Press Release: Change in the Management Board". Aachen.

	Organisation	Paion AG
	Group	Paion (Group)
	Organisation 2	Cosmo Pharmaceuticals S.p.A. (SWX: COPN)
	Today	Cosmo Pharmaceuticals S.A.
	Product	remimazolam (CNS 7056)
	Index term 2	Cosmo Pharmaceuticals–Paion: remimazolam, 201606– license excl €10m upfront + €42.5m milestones + royalties for developm + commercialisation in US
	Person	Raths, Jürgen (Paion 201509–201703 COO before Executive Insight + Correvio Intl + Arpida + Lilly LEFT 3/17)
	Person 2	Söhngen, Wolfgang (Paion 200603 CEO)

The specialty pharmaceutical company PAION AG (ISIN DE000A0B65S3; Frankfurt Stock Exchange, Prime Standard: PA8) today announces that the company and Dr. Jürgen Raths have agreed that Dr. Raths will resign from office prior to the end of his current appointment expiring on 31 August 2017 and leave the Management Board of the company in March 2017. As Chief Operating Officer, Dr. Raths was inter alia responsible for the preparation of the commercial structures of remimazolam. After partnering remimazolam with Cosmo Pharmaceuticals (Cosmo) in the U.S. in the last year, who are thus responsible for all approval activities and subsequent commercialization in the U.S., this task now resides with Cosmo. Dr. Wolfgang Söhngen, CEO of PAION AG, will take over the remaining responsibilities of Dr. Raths.

"On behalf of the Supervisory Board and the Management Board, I would like to thank Dr. Raths for his important contributions over the last two years. This particularly includes the creation of a network of leading clinical experts in Europe to further develop PAIONs clinical plans and the development of global market potentials and business plans for remimazolam which were instrumental to help achieving the partnership with Cosmo, Dr. Jörg Spiekerkötter, Chairman of the Supervisory Board of PAION AG, commented. "We wish Dr. Raths the very best for the future."

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About PAION

PAION AG is a publicly listed specialty pharmaceutical company developing and aiming to commercialize innovative drugs to be used in out-patient and hospital-based sedation, anesthesia and critical care services. PAION's lead compound is remimazolam, an intravenous, ultra-short-acting and controllable benzodiazepine sedative/anesthetic drug candidate. Currently, remimazolam is in active Phase III clinical development for use in procedural sedation in the U.S., where PAION is focusing all its business and financial resources on successfully completing its ongoing clinical development program in procedural sedation. Outside the U.S., PAION has so far focused on the development of remimazolam in the indication general anesthesia. Development of remimazolam in the indication intensive care unit (ICU) sedation is also part of the longer term life-cycle plan for remimazolam.

PAION is headquartered in Aachen (Germany) with further sites in Cambridge (United Kingdom) and New Jersey (USA).

PAION's vision is to become an acknowledged "PAIONeer" in sedation and anesthesia.

PAION Contact

Ralf Penner
Director Investor Relations / Public Relations
PAION AG
Martinstrasse 10-12
52062 Aachen - Germany
Phone: +49 241 4453-152
E-mail: r.penner@paion.com
www.paion.com

Disclaimer:

This release contains certain forward-looking statements concerning the future business of PAION AG. These forward-looking statements contained herein are based on the current expectations, estimates and projections of PAION AG's management as of the date of this release. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors. Should actual conditions differ from the Company's assumptions, actual results and actions may differ materially from any future results and developments expressed or implied by such forward-looking statements. Considering the risks, uncertainties and other factors involved, recipients should not rely unreasonably upon these forward-looking statements. PAION AG has no obligation to periodically update any such forward-looking statements to reflect future events or developments.

This release does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities of PAION AG in the United States or any other jurisdiction. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. The securities of PAION AG may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The securities of PAION AG have not been, and will not be, registered under the Securities Act.

Record changed: 2023-06-05