MIP Mistral Pharma

Mistral Pharma Inc. (TSX VENTURE:MIP) ("Mistral") today announced that it has
received a notice of default and a notice to enforce security from MMV Financial
Inc. ("MMV"), a senior secured creditor of the company. Pursuant to a credit
agreement announced on October 16, 2006, Mistral obtained a US $ 1.5 M secured
loan from MMV. As per the notice of default received, MMV requests the immediate
payment of US $1.314M, on the basis that Mistral has failed to effect a
principal and interest payment due on May 31, 2008.  As per the notice to
enforce security, MMV advised the Corporation that it reserves its rights to
enforce its security, which can be effected only after the expiry of the 10-day
period following the transmission of MMV's notice.  Mistral's financial position
does not currently allow it to effect the payment of US $1.314 M as requested by
MMV.


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 assumptions
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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