DR. JUERGEN BECK WILL LEAVE THE PAION AG MANAGEMENT BOARD ON 31 DECEMBER 2020 AS PLANNED

Aachen (Germany), 01 December 2020 - The Specialty Pharma Company PAION AG (ISIN DE000A0B65S3; Frankfurt Stock Exchange Prime Standard: PA8) today announces that Dr. Juergen Beck will leave the Management Board of the company as planned at the end of his term of office on 31 December 2020.

As Chief Development Officer, Dr. Beck was responsible, among other things, for product development, in particular for the remimazolam development program in procedural sedation in the U.S. and the EU Phase III program in general anesthesia. After successfully completing the development programs in the U.S. and Europe, PAION will be more focused on product commercialisation going forward. Dr. Jim Phillips, CEO of PAION AG, will take over the responsibilities from Dr. Beck, while existing Senior Vice Presidents Dr. Shaw Sorooshian (Medical Affairs) and Dr. Thomas Stoehr (Development) will lead all market-focused Medical Affairs activities, and the rump of the development organisation in the future. Dr. Beck will continue to be available to the company in an advisory role in the future.

"On behalf of the Supervisory Board and the Management Board, I would like to thank Dr. Beck for his commitment and important contributions in recent years. Dr. Beck was responsible for the decisive steps leading up to U.S. approval and further development of remimazolam in Europe and triggered significant progress on PAION's successful path," commented Dr. Jörg Spiekerkötter, Chairman of the Supervisory Board of PAION AG. "We wish Dr. Beck the very best for the future."

"As Chairman of the research and development committee, I thank Dr. Beck for the goal-oriented management of the development of remimazolam in Europe and his active support in the U.S. market application. I wish Dr. Beck continued success", said Dr. Dr. Irina Antonijevic, member of the Supervisory Board of PAION AG.

###

About remimazolam
Remimazolam is an ultra-short-acting intravenous benzodiazepine sedative/anesthetic. In the human body, remimazolam is rapidly metabolized to an inactive metabolite by tissue esterases and is not metabolized by cytochrome-dependent hepatic pathways. Like other benzodiazepines, remimazolam can be reversed with flumazenil to rapidly terminate sedation or anesthesia if necessary. Data so far indicate that remimazolam has a rapid onset and offset of action combined with a favorable cardio-respiratory safety profile.

In Japan, licensee Mundipharma received market approval in general anesthesia in January 2020. In the U.S., former licensee Cosmo Pharmaceuticals received market approval in procedural sedation in July 2020. In China, licensee Yichang Humanwell received market approval in procedural sedation in July 2020. In South Korea, licensee Hana Pharm filed for market approval in general anesthesia in December 2019. In Europe, PAION submitted a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) in procedural sedation in November 2019.

In addition to procedural sedation and general anesthesia, based on positive Phase II study results, ICU sedation is another possible indication for remimazolam.

Remimazolam is partnered in the U.S. (brand name BYFAVO^TM) with Acacia Pharma, in Japan (brand name Anerem^(R)) with Mundipharma, in China (brand name Ruima^(R)) with Yichang Humanwell, in Canada with Pharmascience, in Russia/CIS, Turkey and the MENA region with R-Pharm, and in South Korea and Southeast Asia with Hana Pharm. For all other markets including parts of the EU, remimazolam is available for licensing.

About PAION
PAION AG is a publicly listed specialty pharmaceutical company focused on developing and commercializing innovative drugs for 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. Remimazolam is partnered in multiple territories outside of Europe. Remimazolam was approved in the U.S. and China for procedural sedation in July 2020 and in Japan for general anesthesia in January 2020. In South Korea, a market application for remimazolam in general anesthesia was filed in December 2019.

In Europe, PAION is seeking approval of remimazolam for general anesthesia and for procedural sedation. PAION submitted a Marketing Authorization Application (MAA) for procedural sedation in November 2019.

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 & other stakeholders in healthcare.

PAION is headquartered in Aachen (Germany) with an additional site in Cambridge (United Kingdom).

PAION Contact
Ralf Penner
Vice President 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.