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Callisto Announces First Berlin Issues Research Update Following Company's Announcement of New Data on Cancer Drug Efficacy; Independent German Based Equity Research Firm Maintains Buy Rating and Share Price Target of $2.50

Posted on: Thursday, 2 March 2006, 12:00 CST

Callisto Pharmaceuticals, Inc. (AMEX:KAL)(FWB:CA4), a developer of new drug treatments in the fight against cancer and other major health threats, announced that a leading independent research firm, First Berlin Equity Research, has issued an updated research report projecting a $2.50 share price target, a "Buy" rating, and a speculative risk rating.

First Berlin issued the research update following Callisto's announcement that researchers in human clinical trials of its anti-cancer drug candidate Atiprimod found a "clear response" to reduce a class of solid cancer tumors called carcinoids. Treatment of metastatic carcinoid tumors is currently an un-met medical need. Carcinoid tumors can develop in a number of sites throughout the body, predominantly in the liver and gastrointestinal tract. Callisto is also developing Atiprimod as a therapy for the blood cancer multiple myeloma.

In the wake of the carcinoid tumor response, Callisto recently announced plans to launch a clinical development program of Atiprimod to treat metastatic carcinoid tumors. The encouraging data provides an additional development path for Atiprimod that has the potential to give Callisto its first approved drug considerably earlier than the Company previously expected, potentially transforming the Company's development and business outlook.

"As well as the upside to sales, we consider it remarkable that this new indication has the potential to achieve an even faster development registration pathway than currently expected for the lead indication of multiple myeloma," First Berlin wrote in its new research update.

First Berlin is a leading European research firm. Its coverage of Callisto is fully independent.

"We feel the First Berlin report update emphasizes the importance of these new clinical results for Atiprimod, and of the potential for our plans to launch an additional clinical program to develop Atiprimod as a potential treatment for metastatic carcinoid tumors," said Dr. Gary S. Jacob, CEO and Chief Scientific Officer of Callisto. "We believe these new data regarding Atiprimod significantly speeds Callisto's program to receive approval to bring an important drug to the marketplace."

The full text of the First Berlin research report on Callisto can be viewed at http://www.callistopharma.com or http://www.firstberlin.com.

About First Berlin

Established in 1998, First Berlin is an independent equity research company. First Berlin combines decades of experience in the markets of London, New York and Frankfurt, enabling it to offer its clients a standard of service that until now has only been available to larger firms. For more information, visit http://www.firstberlin.com.

About Callisto Pharmaceuticals, Inc.

Callisto is a biopharmaceutical company focused on the development of new drugs to treat various forms of cancer and other serious afflictions. Callisto's drug candidates in development currently include anti-cancer agents in clinical development, in addition to drugs for a range of other significant health care market segments, including biodefense. One of the Company's lead drug candidates, L-Annamycin, is being developed as a treatment for forms of relapsed leukemia, a currently incurable blood cancer. Callisto initiated a clinical trial of L-Annamycin in adult relapsed acute lymphocytic leukemia patients in 4Q 2005. L-Annamycin, a new compound from the anthracycline family of proven anti-cancer drugs, has a novel therapeutic profile, including activity against resistant diseases and significantly reduced cardiotoxicity, or damage to the heart, compared to currently available drug alternatives. Another anti-cancer drug, Atiprimod, is in development to treat relapsed multiple myeloma, a blood cancer. Atiprimod has entered Phase I/IIa human clinical trials in relapsed multiple myeloma patients. Callisto also has drugs in preclinical development for gastro-intestinal inflammation, and a program focused on the development of a drug to protect against Staphylococcus and Streptococcus biowarfare agents. Callisto has exclusive worldwide licenses from AnorMED Inc. and M.D. Anderson Cancer Center to develop, manufacture, use and sell Atiprimod and L-Annamycin, respectively. For investor-specific information about Callisto, including recent news and stock price data, please visit http://www.trilogy-capital.com/tcp/callisto/. For an Investor Fact Sheet about Callisto, please visit http://www.trilogy-capital.com/tcp/callisto/factsheet.html. To view an informational presentation of the Company's development pipeline of drug candidates, visit http://www.trilogy-capital.com/tcp/callisto/powerpoint.html. Callisto is also listed on the Frankfurt Stock Exchange under the ticker symbol CA4. For additional information, visit www.callistopharma.com.

Forward-Looking Statements

Certain statements made in this press release are forward-looking. Such statements are indicated by words such as "expect,""should,""anticipate" and similar words indicating uncertainty in facts and figures. Although Callisto believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to be correct. As discussed in the Callisto Pharmaceuticals Annual Report on Form 10-K/A for the year ended December 31, 2004, and other periodic reports, as filed with the Securities and Exchange Commission, actual results could differ materially from those projected in the forward-looking statements as a result of the following factors, among others: uncertainties associated with product development, the risk that products that appeared promising in early clinical trials do not demonstrate efficacy in larger-scale clinical trials, the risk that Callisto will not obtain approval to market its products, the risks associated with dependence upon key personnel and the need for additional financing.

Source: Business Wire

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