MIP Mistral Pharma

Mistral Pharma Inc. (TSX VENTURE:MIP) ("Mistral") today announced that it will
not pursue the proposed combination with a private US-based specialty
pharmaceutical company ("US Pharma Co.") announced on February 27, 2008 and has
terminated the non-binding letter of intent to that effect. This decision is
based on the Mistral's inability to meet different conditions including a
concurrent financing round in the form of a private placement of equity
securities due to current market conditions. As a result, the bridge financing
announced on March 20th, 2008 has also been cancelled and the remaining funds
have been returned to the secured bridge investors.


Mistral has initiated cash preservation measures which includes some temporary
lay-offs and is presently seeking strategic alternatives for the company.
Mistral continues to market Instillagel(R) in Canada and the product remains
available to all its Canadian customers.


The following directors of Mistral have resigned from their position: Yves
Rosconi, Jacques Gagne, Daniel Pharand. Mark Busgang, remains chairman of the
board and Tom Kaneb, Robert Boisjoli, Peter Blaney and Bertrand Bolduc,
President and CEO remain as directors of Mistral.


At the request of Mistral, trading on the common shares of Mistral will resume
shortly.


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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