MIP Mistral Pharma

Mistral Pharma Inc. (TSX VENTURE:MIP) ("Mistral") announced today that it has
licensed a method of use patent application from La Societe Therapprouve Inc.,
related to a new gastroenterology therapeutic indication for the drug included
in Mistral's MIST-B02.  As part of this licensing agreement, La Societe
Therapprouve Inc. was granted 150,000 options to acquire common share of Mistral
at a price of $0.10 per share, subject to vesting provisions. This grant was
made pursuant to the stock options plan of Mistral.


"This licensing deal further increases the value of our MIST-B02 product to
potential pharmaceutical partners" said Bertrand Bolduc, Mistral's President &
CEO. "With a formulation and a patent application, MIST-B02 represents a very
interesting product, especially for the US market where it would be a new
chemical entity" he added. Mistral's second product, MIST-B02, is a
controlled-delivery branded product in the gastroenterology field. MIST-B02 is
targeting a brand product with more than US$ 100 M in worldwide annual sales.


About Mistral Pharma Inc.

Mistral Pharma is an innovative pharmaceutical product development and drug
delivery company. Its first two branded drug delivery products, MIST-B01 & B02,
showed positive results at their respective first pilot clinical trials. Mistral
also has the Canadian rights to Instillagel(R), a local anesthetic and
antiseptic combination product used for urology procedures which is expected to
be launched in Canada during Q4 2007. Mistral positions itself as a development
and marketing partner for pharmaceutical companies. Additional information about
Mistral Pharma can be obtained on Mistral Pharma's website at
www.mistralpharma.com.


Forward-looking Statements

Except for historical information provided herein, this press release may
contain information and statements of a forward-looking nature concerning the
future performance of Mistral Pharma. These statements are based on suppositions
and uncertainties as well as on management's best possible evaluation of future
events. Such factors may include, without excluding other considerations,
fluctuations in quarterly results, evolution in customer demand for Mistral
Pharma's products, the impact of price pressures exerted by competitors, and
general market trends or economic changes. As a result, readers are advised that
actual results may differ from expected results.

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