PAION AG ANNOUNCES CHANGE IN SUPERVISORY BOARD

Michael Schlenk to succeed Dr. Dr. Irina Antonijevic and to become candidate for the chairmanship of the Supervisory Board

Aachen (Germany), 27 January 2022 - The specialty pharmaceutical company PAION AG (ISIN DE000A0B65S3; Frankfurt Stock Exchange, Prime Standard: PA8) today announces that the Supervisory Board and the Management Board of PAION AG have unanimously proposed the appointment of Michael Schlenk as member of the Supervisory Board to the district court of Aachen. Michael Schlenk is thus to succeed Dr. Dr. Irina Antonijevic, who is resigning her mandate in order to allow for the appointment of Mr. Schlenk as a candidate for the succession of the chairmanship of the Supervisory Board at an early stage. The long-standing Chairman of the Supervisory Board, Dr. Jörg Spiekerkötter, will retire from the Supervisory Board at the next Annual General Meeting in May 2022 after 15 years with expiry of his mandate.

Michael Schlenk has extensive experience in marketing, sales, finance and general management and has held senior positions in the pharmaceutical and life science industry for over 30 years. He started his international career at Sandoz/Novartis and then worked for Abbott, where he inter alia spent 15 years as Country and General Manager for Asia, Austria and Brazil. After that, Michael Schlenk held CEO positions for almost 16 years at the biotechnology companies ProBioGen, Centogene, Curasan and as co-founder of Arcensus in Germany. Since the early 2000s, being a business graduate and holding an MBA (UK), he has been active as a strategic management consultant, investing as a business angel in young IT and life science companies and, in some cases, actively participating in their development as CEO. Mr. Schlenk is a member of various supervisory boards.

"We are pleased to welcome Michael Schlenk, a recognized expert in the life science industry, as a candidate of the Supervisory Board," said Dr. Jörg Spiekerkötter, Chairman of the Supervisory Board of PAION AG. "Our thanks go to Dr. Dr. Irina Antonijevic, who, in her role as Chair of the R&D Committee, has made a valuable and significant contribution to the successful development of remimazolam and most recently to the transformation of PAION AG into a commercially successful specialty pharma company with her extensive experience. On behalf of the Supervisory Board, I would like to express my sincere thanks to Dr. Dr. Antonijevic for her willingness to step down from her mandate already now, prior to its expiry in May this year, in order to facilitate a smooth transition for the Chairmanship."

Dr. Dr. Irina Antonijevic commented: "I am pleased to have contributed to the realignment of PAION - from a pure development company to a specialized pharmaceutical company. Critical care is a very attractive market, and I am convinced that PAION will be successful with its products. I wish PAION and Mr. Schlenk every success in this endeavor."

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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.