Exhibit 99.2
 AETERNA ZENTARIS INC.
  At Market Issuance Sales Agreement
  st
  Company Canada Business
Corporations Act CBCA Agreement MLV
 Issuance and Sale of Shares
 Placement Shares Common Shares provided, however Shelf Distributions NI 44-102 Maximum Amount Section
1 Commission




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Short Form Prospectus. Autorité des
marchés financiers AMF Canadian
Commissions Canadian Base
Prospectus Canadian Base Prospectus Canadian Securities Laws Short Form Prospectus Distributions Shelf Procedures Final Receipt
 U.S. Base Prospectus Commission MJDS Securities Act Rules and Regulations U.S. Base Prospectus Base Prospectuses
 Prospectus Supplements. Canadian Prospectus Supplement U.S.
Prospectus Supplement Shelf Information Prospectus Supplements
 Registration Statement. Registration Statement
 2




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Canadian Prospectus U.S. Prospectus Supplementary Material Prospectuses Incorporated Documents EDGAR
  Placements Placement Placement Notice Schedule 1 Schedule 3 Schedule
3
 3




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Schedule 2
  Exchanges Section 2 Section 5(b) Trading Day
  Suspension of Sales Schedule 3 Schedule 3 Section 4 Schedule 3
 4




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Sale and Delivery to MLV; Settlement
 Sale of Placement Shares .
 Settlement of Placement Shares . rd Settlement Date Net Proceeds Section 2
 Delivery of Placement Shares Company Account
 5




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Section 11(a)
 Limitations on Offering Size .
 Representations and Warranties of the Company
 Registration Statement and Prospectuses
 6




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No Misstatement or Omission
 Conformity with Securities Act and Exchange Act
 7




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Financial Information
 Conformity with EDGAR Filing
 Organization
 8




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Material Adverse Effect
 Subsidiaries Schedule 4 Subsidiaries
 No Violation or Default
 No Material Adverse Change
 9




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Capitalization
 Authorization; Enforceability Section 11
 Authorization of Placement Shares
 No Consents Required
 10




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FINRA
 No Preferential Rights Person
 Independent Public Accountant Accountant
 No Litigation
 11




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Licenses and Permits Permits
 Market Capitalization Non-Affiliate Shares
 No Material Defaults
 Certain Market Activities
 Broker/Dealer Relationships
 12




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No Reliance
 Taxes
 Title to Real and Personal Property
 Intellectual Property Intellectual Property
 13




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Environmental Laws Environmental Laws
 Disclosure Controls Evaluation Date
 Sarbanes-Oxley
 14




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Finders Fees
 Labor Disputes
 Investment Company Act Investment Company Act
 Operations Money Laundering Laws
 Off-Balance Sheet Arrangements Off Balance Sheet Transaction
 Underwriter Agreements
 ERISA
 15




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ERISA Code
 Insurance
 No Improper Practices
 Status Under the Securities Act
 No Conflicting Statements in an Issuer Free Writing Prospectus
 16




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Section 24
 No Conflicts
 Clinical Studies
 Compliance Program
 OFAC Entity
 17




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Person
 OFAC EU Sanctions
      Stock Transfer Taxes
 Foreign Private Issuer
 AMF inter alia Securities Act
 Filed All Documents
 18




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Covenants of the Company
 Registration Statement Amendments Prospectus Delivery Period
 19




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Section 7(a)
 Notice of Commission Stop Orders
 Delivery of Prospectus; Subsequent Changes
 Listing of Placement Shares
 Delivery of Registration Statement and Prospectus
 20




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Earnings Statement
 Use of Proceeds
 Notice of Other Sales th th
 Change of Circumstances
 21




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Due Diligence Cooperation
 Required Filings Relating to Placement of Placement Shares
 Representation Dates; Certificate
   Representation
Date
  Legal Opinions
 22




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Company Counsel Reliance Letter
 Comfort Letter Comfort
Letters Section 7(n) Initial Comfort Letter
 Market Activities
 Investment Company Act
 No Offer to Sell
 23




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Sarbanes-Oxley Act
 Representations and Covenants of MLV
    Payment of Expenses.
  Conditions to MLVs Obligations
 24




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Registration Statement Effective
 No Material Notices
 No Misstatement or Material Omission
 Material Changes
 Legal Opinions Section 7(m) Section 7(m)
 Comfort Letter Section 7(n) Section 7(n)
 25




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Representation Certificate Section 7(l) Section 7(l)
 No Suspension
 Other Materials Section 7(l)
 Securities Act Filings Made
 Approval for Listing
 No Termination Event
 Indemnification and Contribution.
 Company Indemnification provided however
 26




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MLV Indemnification Section 11(c)
 Procedure Section 11 Section 11 Section 11 Section 11
 27




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Section
11
 Contribution Section 11 Section
11(d)
 28




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Section 11(d) Section 11(d) Section 11(d) Section 11(d) Section 11(d) Section 11(d) Section
11(c) Section 11(c)
 Representations and Agreements to Survive Delivery Section 11
 Termination.
  29




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Section 9 Section 11 Section 12 Section 18 Section 19
   Section 9 Section 11 Section 12 Section 18 Section 19
  Section 13 Section 9 Section 11 Section 12 Section 18 Section
19
 Sections 13(a) (b) (c) (d) Section 9 Section 11 Section 12 Section 18 Section 19
 30




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Notices
 
  
  
  
 31




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Business Day
 Electronic Notice Section 14 Nonelectronic Notic
 Successors and Assigns Section
11
 Adjustments for Stock Splits
 32




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Entire Agreement; Amendment; Severability Confidentiality Agreement
 18. GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL . THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES
OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. EACH PARTY HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.
 19. CONSENT TO JURISDICTION . EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH
OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION
CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR
PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT
SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT,
ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS
AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY
THEREOF (CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN
EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD
AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING
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CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER
PERMITTED BY LAW.
 Use of Information
 Counterparts
 Effect of Headings.
  Permitted Free Writing Prospectuses.
  34




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Absence of Fiduciary Relationship.
      Definitions.
  Applicable Time
 Issuer Free Writing Prospectus
 Rule 163 Rule 164 Rule 172 Rule 405 Rule
433
  35




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Signature Page Follows
 36




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Very truly yours,AETERNA ZENTARIS INC.By:
    
    /s/ Dennis TurpinName: Dennis TurpinTitle: Senior Vice-President and Chief Financial 
         
OfficerACCEPTED as of the date first-above written:MCNICOLL, LEWIS & VLAK LLCBy:
    
    /s/ Patrice McNicollName: Patrice McNicollTitle: Chief Executive Officer




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SCHEDULE 1
 
 FORM OF PLACEMENT NOTICE
 
 From:
    
    Aeterna Zentaris Inc.To:
    
    McNicoll, Lewis & Vlak LLCAttention: Patrice McNicollSubject:
    
    At Market IssuancePlacement Notice
  Company Canada Business Corporations Act MLV




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SCHEDULE 2
 
 Compensation




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SCHEDULE 3
 
 Notice Parties
 
 The Company
    MLV




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SCHEDULE 4
 
 Subsidiaries




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SCHEDULE 5
 
 Agreements Subject to a Confidential Treatment Order
 
 1.
    
    License Agreement for Perifosine, by and among Aeterna Zentaris GmbH and Yakult Honsha
Co, Ltd., dated as of March 8, 2011.
 2.
    
    Purchase Agreement, by and among Aeterna Zentaris IVF GmbH, Aeterna Zentaris GmbH,
Aeterna Zentaris Inc. and Cowen Healthcare Royalty Partners, L.P., dated as of November 11,
2008.
 3.
    
    License and Cooperation Agreement for Perifosine, by and among Zentaris AG and AOI
Pharma Inc., dated as of September 18, 2002.




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EXHIBIT 7(l)
 Form of Representation Date Certificate
 Certificate Agreement Company
     AETERNA ZENTARIS INC.By:Name:Title: