POSTPONEMENT OF PUBLICATION OF THE ANNUAL AND CONSOLIDATED FINANCIAL STATEMENTS 2022

Aachen (Germany), 25 April 2023 - PAION AG (ISIN DE000A3E5EG5; Frankfurt Stock Exchange, Prime Standard: PA8K), a specialty pharmaceutical company with innovative compounds for use in outpatient and in-hospital sedation, anesthesia and intensive care, today announces that the ongoing audit process of the audited annual and consolidated financial statements for the fiscal year ending 31 December 2022 is further delayed.

PAION is still in consultation with the responsible auditor Baker & Tilly GmbH & Co. KG Wirtschaftsprüfungsgesellschaft, Düsseldorf, regarding the completion of the audit procedures for the fiscal year 2022. The audit of the annual financial statements for financial reporting is proving to be extremely complex for the 2022 financial year, among others also through the "European Single Electronic Format" (ESEF). This is an EU requirement for companies in regulated markets. Accordingly, the companies concerned must prepare their annual financial reports in XHTML format from January 1, 2020. These obligations and the resulting scope have been significantly increased again for the 2022 annual financial report.

The audited annual financial statements and the audited consolidated financial statements are now expected to be published by the end of May 2023. PAION had already reported the preliminary consolidated financial results according to International Financial Reporting Standards (IFRS) for the fiscal year 2022 on March 30, 2023. PAION does not expect any material changes to the previously communicated preliminary consolidated financial results.

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 is rolling out remimazolam (Byfavo^®) 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 the EU/EEA, Japan and South Korea for general anesthesia.

In addition, PAION markets two intensive care products in selected European countries: Angiotensin II (GIAPREZA^®), a vasoconstrictor indicated for the treatment of refractory hypotension in adults with septic or other distributive shock, and eravacycline (XERAVA^®), 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

Senior Vice President 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.