PAION AG completes acquisition of CeNeS

Corporate news announcement processed and transmitted by Hugin ASA.
The issuer is solely responsible for the content of this
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Aachen (Germany), Cambridge (United Kingdom), 23 June 2008 - The
management board of PAION AG (Frankfurt Stock Exchange, Prime
Standard: PA8) and the board of directors of CeNeS Pharmaceuticals
plc (London AIM, CEN.L) are pleased to announce that, following the
Court Orders being filed with the Registrar of Companies earlier
today, the Scheme relating to the recommended acquisition of CeNeS by
PAION is now Effective and PAION now owns 100% of CeNeS' share
capital.

In a first move to integrate the two companies, Dr Gavin Kilpatrick
of CeNeS has been appointed to the Management Board of PAION as Chief
Scientific Officer.

After the capital increase at PAION, which is part of the
transaction, has been registered with the Aachen commercial register
today, New PAION Shares are now being issued. The former CeNeS
shareholders will receive 0.3521 New PAION Shares for each CeNeS
Share held. To this end, the share capital of PAION has been
increased by 7,847,367 shares to a new total of 24,602,919 shares.

It is expected that dealings in the New PAION Shares on the Frankfurt
Stock Exchange will commence on 25 June 2008, and dealings in the New
PAION Shares represented by Depositary Interests on AIM will commence
under the new stock exchange symbol of PAI.L on 26 June 2008.

PAION's CEO Dr Wolfgang Söhngen comments: "This is another important
step of PAION's turnaround and we want to use the momentum we have
created. I would like to thank all who have contributed to achieve
this transaction. We are pleased with the new team members and the
progress we have made in the ongoing integration process and the
mutual understanding regarding projects and processes. We would also
like to thank the members of the management team of CeNeS who are
leaving for their support in the process."

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Note
Capitalised terms used in this announcement have the meanings given
thereto in the Scheme Document. A copy of the Scheme Document is also
available on PAION's website at www.paion.de/investors.

Disclaimer
This communication is neither an offer to buy securities nor a
solicitation for an offer to sell securities. Securities may not be
offered or sold in the United States absent registration or an
exemption from registration. There will be no public offer of the
shares of PAION AG in the United States.

Contact
Dr. Peer Nils Schröder, Investor Relations / Public Relations
PAION AG
Martinstrasse 10-12
52062 Aachen - Germany
Phone +49 241 4453-152
E-mail pn.schroeder@paion.de
www.paion.de

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PAION AG
Martinstrasse 10 - 12 Aachen Germany

WKN: A0B65S; ISIN:
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