QUEBEC, Feb. 22 /PRNewswire-FirstCall/ - AEterna Zentaris Inc. today announced that, as of the fourth quarter of fiscal year 2005, it will report its financial results and financial position in U.S. dollars. Accordingly, all of the Company’s assets and liabilities outside the United States will be translated into U.S. dollars using the exchange rate in effect at the balance sheet date. Revenues and expenses will be translated at the average rate in effect during the period. Gains and losses will be included in cumulative translation adjustments account in the shareholders’ equity. Finally, the functional currencies of the Company and each of its subsidiaries remain unchanged.
“Our Board of Directors has approved the change in reporting currency in U.S. dollars since most of our consolidated activities are conducted in U.S. dollars, which better reflects the Company’s true operating results and financial position,” stated Gilles Gagnon, President and Chief Executive Officer at AEterna Zentaris.”
About AEterna Zentaris Inc.
AEterna Zentaris Inc. is a growing global biopharmaceutical company engaged in the discovery, development and marketing of therapies for cancer and endocrine disorders.
AEterna Zentaris also owns 48.4% of the equity of Atrium Biotechnologies Inc. and 64.8% of its voting rights. Atrium is a developer, manufacturer and marketer of science-based products for the cosmetics, pharmaceutical, chemical and nutritional industries.
News releases and additional information are available at www.aeternazentaris.com.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the U.S. Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which could cause the Company’s actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of the Company to take advantage of business opportunities in the pharmaceutical industry, uncertainties related to the regulatory process and general changes in economic conditions. Investors should consult the Company’s quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to the forward-looking statements. Investors are cautioned not to rely on these forward-looking statements. The Company does not undertake to update these forward-looking statements.
AETERNA ZENTARIS INC. (FORMERLY/ANCIENNEMENT - LES LABORATOIRES AETERNA
CONTACT: Media Relations: Paul Burroughs, (418) 652-8525 ext. 406,paul.burroughs@aeternazentaris.com; Investor Relations: Jenene Thomas,(418) 655-6420, (908) 996-3154, jenene.thomas@aeternazentaris.com; Torequest a free copy of this organization’s annual report, please go tohttp://www.newswire.ca and click on reports@cnw.
