Black Point Capital Inc.

Mistral Pharma Inc.

Mistral Pharma Inc.

February 18, 2005 09:15 ET

Black Point Capital and Mistral Pharma Announce R&D Collaboration with University of Montreal





FEBRUARY 18, 2005 - 09:15 ET

Black Point Capital and Mistral Pharma Announce R&D
Collaboration with University of Montreal

MONTREAL, QUEBEC--(CCNMatthews - Feb. 18, 2005) -

Mistral's to collaborate on the development of a new drug delivery
system with renowned U of M scientist

Black Point Capital Inc. ("Black Point") (TSX VENTURE:BPL.P) and Mistral
Pharma Inc. ("Mistral") announced today that Mistral has signed a
research and development contract with University of Montreal and
Professor Jean-Christophe Leroux from the Faculty of Pharmacy regarding
the development of a new drug delivery system to be branded as
ABSORPEP™. The Natural Sciences and Engineering Research Council of
Canada supports the project by contributing approximately 150,000 $ over
3 years to the laboratory of Pr. Leroux. Mistral will get an exclusive
license for the technology.

The ABSORPEP™ system consists of co-polymers that self-assemble in a
supramolecular structure when dispersed in an organic medium.
ABSORPEP™ is expected to be used for oral delivery of peptidic drugs.
So far the only way of administration for peptides is via injections and
there is an important need for an oral delivery system.

"We are delighted to partner with Professor Leroux who is a renowned
expert in the field of drug delivery and polymer science." said Bertrand
Bolduc, Mistral's President and CEO. "We believe that ABSORPEP™ has
the potential to become a leading drug delivery system for the oral
absorption of peptides, a field that shows tremendous market potential"
he added.

"We are looking forward to work with Mistral in developing this exciting
new drug delivery technology" said Pr. Jean-Christophe Leroux, Professor
at the Faculty of Pharmacy of University of Montreal.

According to Reuters Business Insights, the therapeutic protein market
was over US $ 33 billion in 2002 and is growing at more than 20%
annually. ABSORPEP™ is being developed to be used as an oral
absorption system for peptides and proteins which are currently being
administered using the intravenous, intra-muscular or subcutaneous

On January 18, 2005, the shareholders of Black Point and the
shareholders of Mistral approved the amalgamation of Black Point with
Mistral at the special shareholders meetings held that day. Upon
completion of all the formalities, Black Point and Mistral will proceed
with the amalgamation. The terms and conditions of the amalgamation are
set forth in details in the joint management information circular dated
December 17, 2004 pertaining to the special meetings of shareholders.
The corporation resulting from the amalgamation will be called "Mistral
Pharma Inc." and it will carry on the same activities as those currently
carried on by Mistral. The amalgamation is conditional upon the issuance
of units of Black Point for a minimum amount of $2.5 million and a
maximum of $5 million before February 28, 2005 and is subject to any
necessary approvals from the TSX Venture Exchange. Each unit will be
comprised of one Black Point common share and one Black Point common
share purchase warrant. The details of this offering are set forth in
the press release issued on December 29, 2004. Canaccord Capital
Corporation, Jennings Capital Inc. and First Associates Investments Inc.
have agreed to act as agents for this proposed financing. There can be
no assurance that the transaction will be completed as proposed or at
all. Trading in the securities of a capital pool company should be
considered highly speculative.

Mistral is an emerging oral drug delivery company which develops generic
and branded controlled-delivery products using its PROCISE™,
SAVIT™ and CHRONOP™ geometry surface area technologies. These
technologies offer many competitive advantages including flexible and
fast development, competitive cost of goods and the use of "generally
recognized as safe" excipients.

The TSX Venture Exchange Inc. has in no way passed upon the merits of
the proposed transaction between Black Point and Mistral and it has
neither approved nor disapproved the contents of this press release.


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