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June 1, 2010 Stock Pick: AEterna Zentaris, Inc. (AEZS)

Stock Price: $1.69

AEterna Zentaris, Inc. operates as a late-stage drug development company specialized in oncology and endocrinology. Its lead oncology compounds include perifosine, an orally active PI3K/Akt pathway inhibitor that is in Phase III registration trial for multiple myeloma; and AEZS-108, a doxorubicin-targeted conjugate in Phase II for the treatment of advanced ovarian and endometrial cancer. The company’s lead endocrinology compound, AEZS-130, is an oral ghrelin antagonist in Phase III trial as a diagnostic test for Adult Growth Hormone Deficiency.

AEZS has a drug known as Perifosine in Phase 3 trials for multiple myeloma and advanced colorectal cancer. The drug is under Fast Track designation granted by the FDA. AEZS is partnered with Keryx Biopharmaceuticals, Inc. as lincensee for Perifosine in the US, Canada and Mexico.

Perifosine appears to improve survival and slow cancer progression in patients that had already failed two courses of therapy involving colorectal cancer.

AEZS-108 is currently in a Phase 2 trial in advanced ovarian and endometrial cancer for which final results are expected before year-end.

AEZS has cash, cash equivalents and short-term investments of $49.71 million and little long-term debt on the balance sheet.

AEZS appears to be attractive at its current level around $1.69. AEZS recently corrected after reaching $2.19 on 5/12. We believe we could see AEZS take its next step higher soon.

Speculative Score: 3

1 Being the Least Speculative and Most Confident

10 Being the Most Speculative and Possibly the Most Risky

AEZS, AEterna Zentaris, Inc.

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