PAION AG SIGNS STRATEGIC COOPERATION AGREEMENT WITH YICHANG HUMANWELL

Aachen, Germany, 21 November 2023 - The Specialty Pharma Company PAION AG (ISIN DE000A3E5EG5; Frankfurt Stock Exchange: PA8) announces the signing of a Memorandum of Understanding ("MOU") on a strategic cooperation with Yichang Humanwell at the China Innovation Conference. The cooperation, which was sealed on 17 November 2023 in Yichang, Hubei Province, during a special session to promote cooperation between Germany and Yichang, aims to evaluate future areas of cooperation. The MOU is intended to promote cooperation between PAION and Yichang Humanwell on a non-binding basis for both sides.

Yichang Humanwell, a subsidiary of Humanwell, and PAION have had an exclusive remimazolam license agreement for the Chinese market since 2012. An agreement on the assignment of patent rights was concluded with Humanwell at the beginning of 2022. Under the agreement, PAION had transferred all of its Chinese remimazolam patents and sold the associated future royalties for sales in China from the license agreement with Yichang Humanwell to Humanwell.

About Humanwell

Humanwell Healthcare (Group) Co. Ltd. is a leading Chinese publically listed pharmaceutical company, which principally engages in the development, manufacturing, and distribution of drugs in the fields of anesthesia & analgesics, gynecological diseases, central nervous system, dermatology, and respiratory diseases as well as other medications used in hospitals. Humanwell owns more than 520 approved drug products globally, with 350 drug candidates in pipeline. In 2022, Humanwell achieved revenue of USD 3.4 billion and net profit a of USD 0.38 billion. Humanwell distributes its products mainly in China, Africa and US markets and exports its products to more than 50 countries.

Contact:

Ralf Penner

SVP Investor Relations & Corporate Communications

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 PAION AG'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.