PAION AG SUCCESSFULLY HOLDS ITS ANNUAL GENERAL MEETING 2023

• At the AGM presence of the share capital at around 16%
• Dr. Karin Louise Dorrepaal appointed as member of the Supervisory Board for a further term of office
• Attorney-at-law Dr. Mirko Sickinger newly elected to the Supervisory Board

Aachen, 12 July 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, successfully held its Annual General Meeting in virtual form today. All items on the agenda were passed with a large majority. Around 16% of the share capital was represented at the Annual General Meeting.

With regard to the elections to the Supervisory Board, Dr. Karin Louise Dorrepaal was appointed by the General Meeting as a member of the Company's Supervisory Board for a further term of office. Furthermore, the meeting elected Dr. Mirko Jean Sickinger, lawyer and partner at the law firm Heuking Kühn Lüer Wojtek, as a new member of the company's Supervisory Board. The background to this is that due to his activity on the Management Board, Mr. Gregor Siebert's membership of the Supervisory Board was suspended and his term of office as a member of the Supervisory Board ended at the end of the Annual General Meeting. With Mr. Siebert's departure from the Supervisory Board, a position on the Supervisory Board therefore became vacant.

At the Annual General Meeting, the Management Board of PAION AG gave the shareholders an overview of the progress made in the commercialization of the product portfolio and the further implementation of the corporate strategy. Gregor Siebert, CEO of PAION AG, commented: "We would like to thank all our shareholders for the trust they have placed in us in the past fiscal year. In the current year 2023, we will continue to drive forward the implementation of our strategy with great motivation in order to lead PAION onto a sustainably profitable growth path in the coming years with innovative products such as Byfavo^®. With the approval of Byfavo^® for general anesthesia, which we are currently preparing to launch, we will be able to tap into another growth market that is essential for us."

Baker Tilly Holding GmbH & Co. KG Wirtschaftsprüfungsgesellschaft, Head Office Düsseldorf, Branch Office Munich was appointed as auditor and group auditor for the financial year 2023.

All voting results of the Annual General Meeting will be available soon on the company's website at https://www.paion.com/media-and-investors/annual-general-meeting.

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 Byfavo^® (remimazolam), an intravenous, ultra-short-acting and controllable benzodiazepine sedative/anesthetic. PAION is rolling out Byfavo^® in selected European markets. Byfavo^® is partnered in multiple territories outside of Europe. Byfavo^® 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).

IR contact:

Ralf Penner

SVP 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.