MIP Mistral Pharma

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES NOR FOR
DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR
THE SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN.


Mistral Pharma Inc. (TSX VENTURE:MIP) ("Mistral") today announced that it has
secured the $1,000,000 interim financing with private investors announced on
February 27, 2008.


The financing is in the form of debentures, repayable on demand. The debentures
are secured by a pledge on the amount of the loan and bear an 8% annual
interest. A tranche of $200,000 has been retained by Mistral and the balance has
been put in an escrow account and will be released by the escrow agent in
accordance with certain conditions. The proceeds of the loan will be used for
working capital. The loan is convertible into units upon completion of the unit
offering announced on February 27, 2008. The debentures, the underlying shares
and the underlying warrants are subject to resale restrictions until July 21,
2008. Mistral paid a cash commission and issued broker warrants to Loewen
Ondaatje McCutcheon Limited in connection with its services in selling the
debentures. The TSX Venture Exchange has conditionally approved the placement of
convertible debentures, subject to usual conditions.


At the request of Mistral, trading on the common shares of Mistral will remain
halted.


About Mistral Pharma Inc.

Mistral Pharma Inc. is an innovative pharmaceutical company that is active in
the reformulation and the commercialization of already-marketed drugs. Its
branded drug delivery products, MIST-B01, MIST-B02, MIST-B03 & MIST-B04, showed
positive results at their respective first pilot clinical trials. Mistral also
markets INSTILLAGEL(R) in Canada, a local anesthetic and antiseptic combination
product used for urology procedures. Mistral has also in-licensed TAMALIS(TM)
(Rupatadine) a new antihistamine, INSTILLAQUILL(R), a single use extension tube
used in gynecology as well as 6 generic injectable products which should be
filed with Health Canada in 2008. Mistral positions itself as a specialty
pharmaceutical company with a focus on hospital products. More information is
available on Mistral'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 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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