Black Point Capital Inc.

Mistral Pharma Inc.

Mistral Pharma Inc.

February 15, 2005 10:02 ET

Black Point Capital and Mistral Pharma Announce that Mistral has Signed a Manufacturing Agreement With Confab


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BLACK POINT CAPITAL INC.

TSX VENTURE SYMBOL: BPL.P

FEBRUARY 15, 2005 - 10:02 ET

Black Point Capital and Mistral Pharma Announce that
Mistral has Signed a Manufacturing Agreement With
Confab

MONTREAL, QUEBEC--(CCNMatthews - Feb. 15, 2005) -

FDA-approved Confab to act as CMO for Mistral's first
controlled-delivery product

Black Point Capital Inc. ("Black Point") (TSX VENTURE:BPL.P) and Mistral
Pharma Inc. ("Mistral") announced today that Mistral has signed a
manufacturing agreement with Confab Laboratories for the commercial
manufacturing of its first controlled-delivery product which is
partnered with the ratiopharm group. The terms of the agreement were not
disclosed.

Through Confab, Mistral will supply ratiopharm with finished product
when the product is approved for sale by the regulatory authorities.
Mistral will closely work with Confab in order to transfer its
PROCISE™ technology know-how to Confab. PROCISE™, an oral drug
delivery system which is based on geometry surface area technology, can
be used to develop generic or branded controlled-delivery products and
show unsurpassed flexibility, competitive cost of goods and only uses
excipients that are generally recognized as safe.

"We are delighted to have been selected by Mistral Pharma and ratiopharm
to be the commercial manufacturing partner for their first product" said
Mr. Guy Lamarre, Confab's Chairman and CEO.

"We know that we can count on Confab's expertise to manufacture our
products", said Bertrand Bolduc, Mistral's President and CEO. "We are
looking forward to work with Confab who can provide us with a reliable
and competitive cGMP manufacturing capacity" he added.

On January 18, 2005, the shareholders of Black Point and the
shareholders of Mistral have 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.

Confab Laboratories is a leading pharmaceutical contract manufacturing
organization in Canada. Confab is cGMP compliant with the US FDA and
Canada's Therapeutic Health Directorate. Confab manufactures all
non-sterile pharmaceutical forms and serves customers from 15 countries
on the five continents from its 100,000 sq. ft facility in St-Hubert,
Quebec.

ratiopharm Group, ratiopharm Inc.'s parent company, was founded in
Germany in 1974, and is active in 24 countries, primarily in Europe and
now in North America with approximately 2,200 employees and total annual
sales of euro 1.1 billion. The ratiopharm Group is one of Europe's
largest producers of pharmaceutical products and one of the largest
generic pharmaceutical companies in the world.

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

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