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Mistral Pharma signs an in-licensing deal with URIACH Montreal, Quebec - October 4, 2007 - Mistral Pharma Inc. (TSX Venture Exchange: MIP) ("Mistral") today announced that it has signed a licensing agreement with J. Uriach & CIA, S.A. ("Uriach"), a Grupo Uriach company, for the marketing and distribution of Rupatadine for the Canadian market. Mistral intends to file a new drug submission for TAMALIS™ (Rupatadine) with Health Canada in the first half of 2008. Rupatadine is a new agent for the management of diseases with allergic inflammatory conditions, such as seasonal and perennial rhinitis and idiopathic chronic urticaria. The pharmacological profile of Rupatadine offers particular benefits in terms of a strong antagonist activity towards both histamine H[1] receptors and platelet-activating factor (PAF) receptors. Rupatadine has a rapid onset of action, and its long-lasting effect permits once-daily dosing. Rupatadine is marketed under Rupafin trademark in several european countries, and is expected to be launched in Spring 2008 in most European markets. Mistral estimates that the Canadian market for antihistamines is over CAN $ 85 M. "We are delighted to bring this exciting product to the Canadian market" commented Bertrand Bolduc. "We look forward to filing the product with Canadian health authorities, providing this new treatment alternative to Canadian patients suffering from allergic rhinitis and also Idiopathic Chronic Urticaria" he added. "The licensing of Rupatadine to Mistral Pharma is an important milestone for Uriach. We look forward to working with them to make this product very successful and create a mutually-beneficial long-term relationship" said Mr. Enrique Uriach Torello, Executive President of GRUPO URIACH. About GRUPO URIACH GRUPO URIACH, which is a pharmaceutical group that belongs to the Uriach Family, vertically integrated and with a successful record in the in-company development of medicinal products, and is one of the leading Spanish pharmaceutical companies in new drug development. Grupo Uriach, one of the most important pharmaceutical groups in Spain, continues to maintain the family and entrepreneurial spirit that drove its incorporation in 1838. Grupo Uriach's pharmaceutical activity also includes R&D, the manufacturing of active substances and finished products and the marketing of its own and third-party products through its sales network of prescription products, OTCs and generics. In the 2005 business year, Grupo Uriach's turnover amounted to 130 million euros, and it currently provides employment to some 900 workers. 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 during Q4 2007. Mistral positions itself as a development and marketing partner for pharmaceutical companies. 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. For more information: Bertrand F. Bolduc, B.Pharm., MBA President & Chief Executive Officer Mistral Pharma Inc. [phone] # 2224 [e-mail] Dalal Manoli Vice-president, Sales & Marketing Mistral Pharma Inc. [phone] # 2232 [e-mail]