MIP Mistral Pharma

Mistral Pharma Inc. (TSX VENTURE:MIP) (the "Corporation"), announces that
earlier today, it filed a notice of intention to make a proposal to its
creditors under the Bankruptcy and Insolvency Act.  The Corporation filed the
notice in order to facilitate ongoing negotiations concerning the terms and
conditions of purchase offers for its business and assets it has received from
potential acquirors.


If agreed upon, it is intended that the purchase offers will be part of the
Corporation's proposal and will be subject to a vote at a meeting of its
creditors to be held at a date to be determined.  The Corporation has retained
the firm of Demers Beaulne to act as trustee in bankruptcy.


In the meantime, the Corporation will benefit from a complete stay with regards
to debt payments and to any possible creditor's proceedings.


In order to be accepted, the Corporation's proposal will need to be approved by
creditors representing the majority in number and at least 66.66% in value of
the Corporation's debt.


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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