Mistral Pharma Inc.

Mistral Pharma Inc.

October 30, 2007 08:17 ET

Mistral Pharma Signs an In-Licensing Deal With CliniMed (UK)

MONTREAL, QUEBEC--(Marketwire - Oct. 30, 2007) - Mistral Pharma Inc. (TSX VENTURE:MIP) ("Mistral") today announced that it has signed a licensing agreement with CliniMed, for the marketing and distribution of INSTILLAQUILL® for the Canadian market. Mistral intends to file a medical device submission for INSTILLAQUILL® with Health Canada in the first half of 2008. INSTILLAQUILL® is a single use extension tube for use with Farco Pharma's lubricants in sterile pre-filled syringes. INSTILLAQUILL® is used to assist with Gynecological investigations and procedures.

"We are very happy to add INSTILLAQUILL® to our product portfolio" said Dalal Manoli, Mistral's Vice President, Sales & Marketing. "We look forward to filing the product with Canadian health authorities, and launch it in 2008" she added.

About CliniMed

Based in Loudwater, High Wycombe, UK, CliniMed Limited is a privately owned British company that was established in 1982. CliniMed distributes a wide range of high quality medical products throughout the UK. CliniMed is a market leader in Stoma Care, Urology, Blood and Vaccine transportation and Wound Care.

About Mistral Pharma Inc.

Mistral Pharma Inc. is an innovative pharmaceutical company that is active in the reformulation and the commercialization of already-marketed drugs. Its branded drug delivery products, MIST-B01, MIST-B02 & MIST-B03, showed positive results at their respective first pilot clinical trials. Mistral also has the Canadian rights to INSTILLAGEL®, a local anesthetic and antiseptic combination product used for urology procedures which is expected to be launched in Canada in Q4 2007. Mistral also has in-licensed TAMALIS™ (Rupatadine) a new antihistamine which should be filed with Health Canada in 2008. Mistral positions itself as a development and marketing partner for pharmaceutical companies. Additional information about Mistral Pharma can be obtained on Mistral Pharma's website at www.mistralpharma.com.

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, results from clinical studies and regulatory approval process as well as general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

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