DGAP-News: DR. MARIOLA SÖHNGEN WILL LEAVE MANAGEMENT BOARD OF PAION AG AS OF 31 OCTOBER 2015 AND PAION PLANS NEW COMPOSITION OF EXECUTIVE MANAGEMENT


DGAP-News: PAION AG / Key word(s): Change of Personnel
DR. MARIOLA SÖHNGEN WILL LEAVE MANAGEMENT BOARD OF PAION AG AS OF 31
OCTOBER 2015 AND PAION PLANS NEW COMPOSITION OF EXECUTIVE MANAGEMENT

07.07.2015 / 20:25

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DR. MARIOLA SÖHNGEN WILL LEAVE MANAGEMENT BOARD OF PAION AG AS OF 31
OCTOBER 2015 AND PAION PLANS NEW COMPOSITION OF EXECUTIVE MANAGEMENT

  - Dr. Mariola Söhngen, CMO of PAION AG, will resign from her office as of
    31 October 2015 to pursue a new challenge

  - In the future, Dr. Mariola Söhngen will provide her expertise to the
    Company as a consultant. The position of a CMO will be filled with
    focus on the U.S. market

  - It is planned to establish the position of a COO in Europe 

  - Supervisory Board extends appointment of Dr. Wolfgang Söhngen as CEO
    until end of December 2018

Aachen, 07 July 2015 - PAION AG, a Specialty Pharma Company (ISIN
DE000A0B65S3; Frankfurt Stock Exchange Prime Standard: PA8) today announces
that Dr. Mariola Söhngen, Chief Medical Officer ("CMO") and co-founder of
the Company, has informed the Chairman of the Supervisory Board that she
wants to leave the Management Board of the Company‎ prior to the end of her
current appointment until 31 December 2016 to pursue a new management
opportunity at another company that is not competing with PIAON. Today the
Supervisory Board has basically agreed with Mrs. Söhngen that she will
resign from office as of 31 October 2015. The details of the termination
agreement will be agreed between the Supervisory Board and Mrs Söhngen.
Mrs. Söhngen will continue to provide her expertise as a consultant on
request after her departure.

"With Remimazolam being destined for two potential filings in 2016 and
2017, the regulatory framework with the U.S. and European agencies has been
successfully set up including the resulting trials. This allows me to
transfer the responsibility for the execution of the program to our great
team at PAION", CMO Dr. Mariola Söhngen commented and added: "Especially
the operational support of Remimazolam in the U.S. with regard to the
potential self-commercialization will require more high-level management on
site, while I would like to have broader management responsibilities. I am
looking to the future commercialization of Remimazolam with optimism and
will remain invested as a shareholder in PAION for which I have worked for
many exciting years."

In connection with the step-down of Mrs. Söhngen, the Supervisory Board
decided to extend the appointment and contract of Mr. Söhngen as CEO of the
Company by another year until end of 2018. In the interim, Mr. Söhngen will
take over certain of Mrs. Söhngen's functions until the appointment of a
new CMO and thus will ensure a smooth transition.

"I am determined to lead the story of Remimazolam successfully through the
next phase and will make every effort to achieve the marketing
authorization and subsequently the sale of Remimazolam for the benefit of
patients and our shareholders," co-founder and CEO Dr. Wolfgang Söhngen
says and added: "Mariola deserves our special thanks for her excellent work
and passionate engagement over the last 15 years. We all will miss Mariola
and wish her all the best for her new endeavors, knowing that she will
continue to be a trusted and competent advisor for the Company if
required."

Following the incorporation of PAION Inc. in the U.S. in 2014, the
appointment of Mr. Greg Papaz as CEO and David Bernstein, M.D., as Medical
Advisor, PAION intends to fill the position of a new CMO with a qualified
medical and regulatory expert who also has operational management
experience in the U.S. The CMO should also serve as the direct contact
person for the U.S. study centers, contract research organizations, U.S.
physicians and the U.S. Food and Drug Administration (FDA), to promote the
further establishment of PAION Inc. as a U.S. based Specialty Pharma
Company.

Furthermore, PAION AG plans to complete its Management Board by appointing
a Chief Operating Officer ("COO") with commercial expertise for Europe. The
COO will be responsible for the establishment of an optimal commercial
structure and to increase PAION's interaction with anesthesia thought
leaders.

Dr. Jörg Spiekerkötter, chairman of the supervisory board commented: "We
would like to sincerely thank Mrs. Söhngen for the successful work and
great commitment. However, Dr. Wolfgang Söhngen and CFO Abdelghani Omari
ensure the necessary continuity; they have the profound knowledge that is
required for the transition of PAION from a development company to a
Specialty Pharma Company leading PAION to a prosperous future. The
appointment of a COO for Europe with expertise in supply chain and sales is
to strengthen the team as soon as possible. It is time to line-up the
executive management of PAION for the future challenges."

###

About Remimazolam
Remimazolam is an innovative ultra-short-acting general
sedative/anesthetic. As a result of its short duration of action and good
controllability, it has a preferable efficacy and safety profile relative
to other currently marketed anesthesia compounds. Remimazolam's rapid
offset is a consequence of its metabolism by tissue esterase enzymes that
are widely distributed throughout the body. Remimazolam has potential in
three indications:

  - Procedural sedation (Lead indication US)

  - General anesthesia (Lead indication EU, Japan)

  - ICU sedation (Phase II Japan)

Remimazolam is available for licensing outside China, Russia (CIS) Turkey,
MENA Region, South Korea and Canada, where the compound is partnered with
Yichang Humanwell, R-Pharm, TR-Pharm, Hana Pharm and Pendopharm.

About PAION
PAION AG is a publicly-listed Specialty Pharma Company headquartered in
Aachen, Germany with further sites in Cambridge, UK and New Jersey, US. The
company has a track record of developing hospital-based treatments for
which there is substantial unmet medical need. PAION's strategy is to
participate in the commercialization of Remimazolam and extend its business
with a focus on anesthesia/critical care products. Remimazolam is the
building block for its future marketing activities.

For more information please visit www.paion.com 

PAION Contact
Ralf Penner
Director 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.



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07.07.2015 Dissemination of a Corporate News, transmitted by DGAP - a
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Language:    English                                                    
Company:     PAION AG                                                   
             Martinstr. 10-12                                           
             52062 Aachen                                               
             Germany                                                    
Phone:       +49 (0)241-4453-0                                          
Fax:         +49 (0)241-4453-100                                        
E-mail:      info@paion.com                                             
Internet:    www.paion.com                                              
ISIN:        DE000A0B65S3                                               
WKN:         A0B65S                                                     
Listed:      Regulated Market in Frankfurt (Prime Standard); Regulated  
             Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,  
             Stuttgart                                                  
 
 
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