Mistral Pharma Inc.: The Court Approves the Proposal Filed Under the Bankruptcy and Insolvency Act

Mistral Pharma Inc. (TSX VENTURE:MIP) (the "Corporation") announced that on
September 15, 2008, the Quebec Superior Court approved the proposal filed by the
Corporation under the Bankruptcy and Insolvency Act (Canada). The proposal shall
effect a compromise of the Corporation's debts existing at June 13, 2008, and
effect a reorganization under Section 191 of the Canada Business Corporations
Act.


The judgment rendered by the Court approves the Proposal of the Corporation and
declares valid and sufficient the notice of hearing of the motion given to the
holders of securities of the Corporation. In addition, the Court authorizes the
reorganization of the Corporation in accordance with the terms of the proposal
and in accordance with section 191 of the Canada Business Corporations Act and
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, and the issuance of new shares in favor of the purchaser.
The reorganization shall become effective on the date shown on the certificate
to be issued by the Director under section 262 of the Canada Business
Corporations Act.


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.