Mistral Pharma Inc. Announces Implementation of its Proposal

    MONTREAL, Sept. 29 /CNW Telbec/ - Mistral Pharma Inc. (TSX-V: MIP) (the
"Corporation") announced that on September 26, 2008, it has emerged from its
Court-supervised restructuring.
    The Corporation satisfied the conditions for implementation of the
proposal filed by the Corporation on August 19, 2008 under the Bankruptcy and
Insolvency Act (Canada) ("BIA") and the reorganization under Section 191 of
the Canada Business Corporation Act included therein (the "Proposal"). The
transactions contemplated under the Proposal have been completed. The
Corporation obtained creditor approval of the Proposal on September 4, 2008
and a final order of the Quebec Superior Court of Justice (the "Court") under
the BIA on September 15, 2008.
    Pursuant to the Proposal, all affected creditors of the Corporation will
receive a distribution under the Proposal in compromise and settlement of
their affected claims. Pharmascience Inc. has funded the distributions that
the Court-appointed trustee will provide to affected creditors and in return
has received new common shares in the capital of the Corporation, becoming the
Corporation's sole shareholder.
    All common shares and other securities in the capital of the Corporation
outstanding prior to the implementation of the Proposal have been
automatically cancelled. All warrants, rights, options, agreements and
instruments to purchase shares of the Corporation existing prior to the
Proposal implementation are of no further force or effect.

    The common shares of the Corporation will be de-listed from the TSX
Venture Exchange at the close of business on September 30, 2008.

    The Corporation will voluntarily surrender its reporting issuer status in
the Province of British Columbia and has applied to cease to be a reporting
issuer in the Provinces of Quebec, Ontario and Alberta.

For further information:

For further information: Caroline McNicoll, Secretary, Mistral Pharma
Inc., (514) 340-9800

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