PAION AG ANNOUNCES CHANGE IN MANAGEMENT BOARD

- Sebastian Werner to succeed Abdelghani Omari as Chief Financial Officer

- New CFO of PAION AG with many years of experience at international pharmaceutical companies

Aachen (Germany), 30 March 2022 - The specialty pharmaceutical company PAION AG (ISIN DE000A0B65S3; Frankfurt Stock Exchange, Prime Standard: PA8) today announces that Sebastian Werner has been appointed by the Supervisory Board as a new member of the Management Board in the position as Chief Financial Officer ("CFO") of PAION AG with effect from 1 June 2022. Sebastian Werner will succeed Abdelghani Omari, who, at his own request and by mutual agreement, will resign from his Management Board mandate, which expires on 31 December 2022 ahead of schedule on 31 August 2022, and will leave the Company's Management Board to pursue new management opportunities in the future.

Sebastian Werner has extensive experience in finance and has held senior positions in the pharmaceutical and life science industry for over 20 years. He started this international career at Hoffmann La Roche where, among other things, he worked for 6 years as CFO for the Corporate Operations division group and then for Zimmer Biomet Deutschland GmbH, where he was CFO and Managing Director for Central Europe for 9 years. Sebastian Werner studied human medicine at the University of Erlangen and business administration at the Duale Hochschule Lörrach and successfully completed his studies as MBA, Finance and Controlling (BA).

"With his many years of international expertise in the pharmaceutical industry, Sebastian Werner is an excellent addition to the Management Board of PAION AG. His appointment supports our path to align the management for the future challenges of a specialty pharma company. I wish him every success in his new role," said Dr. Jörg Spiekerkötter, Chairman of the Supervisory Board of PAION AG. "My special and sincere thanks also go to Mr. Omari for his successful work and great commitment to PAION over the past 14 years," commented Dr. Jörg Spiekerkötter, Chairman of the Supervisory Board of PAION AG. "We wish Mr. Omari all the best for the future."

"His extensive experience in leading a commercial pharmaceutical company makes Mr. Werner our preferred candidate to succeed Mr. Omari. Sebastian Werner will support the company on its path to becoming a leading specialty pharma company," commented Dr. Jim Phillips, CEO of PAION AG.

A picture as well as the curriculum vitae of Sebastian Werner can be found at https://www.paion.com/unternehmen/ueber-paion/management/.

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About PAION
PAION AG is a publicly listed specialty pharmaceutical company with innovative drugs to be used in hospital-based sedation, anesthesia and critical care services. PAION's lead compound is remimazolam, an intravenous, ultra-short-acting and controllable benzodiazepine sedative/anesthetic. PAION has started to launch remimazolam (Byfavo^(R)) in selected European markets. Remimazolam is partnered in multiple territories outside of Europe. Remimazolam is approved in the U.S., the EU/EEA/UK, China and South Korea for procedural sedation and in Japan and South Korea for general anesthesia.

In addition, PAION markets two intensive care products in selected European countries: Angiotensin II (GIAPREZA^(R)), a vasoconstrictor indicated for the treatment of refractory hypotension in adults with septic or other distributive shock, and eravacycline (XERAVA^(R)), a novel fluorocycline type of antibiotic indicated for the treatment of complicated intra-abdominal infections in adults.

PAION's mission is to be a leading specialty pharmaceutical company in the fields of anesthesia and critical care by bringing novel products to market to benefit patients, doctors and other stakeholders in healthcare.

PAION is headquartered in Aachen (Germany).

Contact
Ralf Penner
Vice President Investor Relations/Public Relations
PAION AG
Heussstrasse 25
52078 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.