MIP Mistral Pharma

Mistral Pharma Inc. (TSX VENTURE:MIP) (the "Corporation") announced that it has
filed a proposal under the Bankruptcy and Insolvency Act (Canada) (the "BIA").
If ratified, the proposal shall effect a compromise of the Corporation's debts
existing at June 13, 2008, and effect an arrangement under Section 191 of the
Canada Business Corporation's Act. Demers Beaulne Inc. has agreed to act as
trustee to Mistral's proposal.


The proposal contemplates the investment of fresh funds by a third-party in the
Corporation in exchange for the cancellation of all of the Corporation's issued
and outstanding shares, options and warrants (the "Existing Shares"), and the
issuance of new shares in favour of the investor. The sums to be received from
the investor will serve to fund the payments provided for under the
Corporation's proposal, and provide the Corporation with the working capital it
needs to meet its current operating requirements. A meeting of the Corporation's
creditors will be held on September 4, 2008 to vote on the proposal. Should the
creditors approve the proposal in the required percentages, a hearing will be
held on September 15, 2008 and the Superior Court of Quebec will be asked to
ratify the proposal and authorize the arrangement, which will cancel the
Existing Shares.


In order to be accepted by its creditors, the Corporation's proposal needs to be
approved by a majority in number of the creditors voting on the proposal,
representing 66.66% in value of those creditors' claims.


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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