PAION AG: ANNUAL GENERAL MEETING APPROVES ALL AGENDA ITEMS AND ELECTS MICHAEL SCHLENK AND GREGOR SIEBERT TO THE SUPERVISORY BOARD

- Agenda items approved with a large majority

- Michael Schlenk and Gregor Siebert elected as successors to Dr Dr Antonijevic and Dr Jörg Spiekerkötter; Dr Hans Christoph Tanner re-elected

Aachen (Germany), 25 May 2022 – PAION AG, a specialty pharma company (ISIN DE000A0B65S3; Frankfurt Stock Exchange Prime Standard: PA8), today announces that the Annual General Meeting of the company on 25 May 2022 approved the proposed resolutions submitted by the Management Board and the Supervisory Board with a large majority. The results are available on the company's website www.paion.com/medien-investoren/hauptversammlung.

In addition, Michael Schlenk and Gregor Siebert were elected to the Supervisory Board, replacing Dr Dr Irina Antonijevic and Dr Jörg Spiekerkötter. Mr Schlenk will take over the chairmanship of the Supervisory Board from Dr Spiekerkötter. In addition, Dr Hans Christoph Tanner was re-elected as a member of the Supervisory Board.

"We are delighted to have gained two recognised experts from the pharmaceutical industry as members of PAION AG's Supervisory Board. With their expertise, they will be able to make important contributions to PAION's future development," said Dr. Jörg Spiekerkötter, outgoing Chairman of the Supervisory Board of PAION AG. "For me, this was the last Annual General Meeting of PAION AG after 15 years. I would like to express my heartfelt thanks to all employees and partners who have contributed to the company's development. I am convinced that PAION will be successful with its products and wish the company and its employees every success. "

Michael Schlenk, designated Chairman of the Supervisory Board of PAION AG, commented: "I am delighted about the election to the Supervisory Board by the Annual General Meeting. I would like to thank Dr. Spiekerkötter for his early and trusting involvement in my new task. He has accompanied the company through various phases. He was instrumental in the decision to acquire CeNeS and thus the early project Remimazolam in 2008 and supported PAION in bringing this innovative product to patients worldwide. I am convinced of PAION's corporate strategy and look forward to accompanying the company on its way to becoming a commercially successful specialty pharma company and to supporting it with my expertise."

###

About Michael Schlenk
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 35 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 20 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.

About Gregor Siebert
Gregor Siebert started his career in the pharmaceutical industry in 1985 with a strong focus on commercialisation and marketing in the hospital and injectables business. For more than 30 years he held sales and marketing management positions at Abbott, Hikma, Pfizer, GL-Pharma and Curasan. In his almost 20 years with Abbott, he launched several important pharmaceutical products for anaesthesia and sedation in Germany and other European markets. His expertise lies in the development and implementation of targeted marketing and sales strategies for the hospital and injectable markets. Gregor Siebert studied agricultural science (Dipl. Ing. agr.) at the University of Bonn.

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 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
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 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.