Callisto Pharmaceuticals, Inc. Receives Notice From AMEX
22 Junio 2007 - 4:05PM
PR Newswire (US)
NEW YORK, June 22 /PRNewswire-FirstCall/ -- Callisto
Pharmaceuticals, Inc. (AMEX:KAL), a biopharmaceutical company
primarily focused on the development of new drugs to treat cancer
and inflammatory diseases, announced today that on June 18, 2007 it
received notice from the American Stock Exchange (AMEX) indicating
that the Company is below certain of the Exchange's continued
listing standards, as set forth in Section 1003 (a) (ii) of the
AMEX Company Guide, in that the Company, as of March 31, 2007, had
Stockholders' Equity of less than $4,000,000 and also had sustained
losses from continuing operations and/or net losses in three of its
four most recent fiscal years. In accordance with AMEX rules, by
July 18, 2007 the Company will submit a plan for review by the
Exchange to demonstrate the Company's ability to regain compliance
by April 3, 2008. If the plan is accepted, the Company may be able
to continue its listing during the plan period subject to periodic
review to determine that progress is consistent with the plan. If
the Company's plan is not accepted by the Exchange, the Company
will be subject to delisting procedures as set forth in the AMEX
Company Guide. The Company previously submitted a plan to the AMEX
on November 3, 2006 to demonstrate the Company's ability to regain
compliance with Section 1003(a)(iv) and Section 1003(a)(i) of the
AMEX Company Guide, which plan was accepted by the AMEX on January
24, 2007. Pending a decision by the AMEX listing qualifications
staff, the Company will remain listed on AMEX. 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 other significant health care
markets, including ulcerative colitis. One of the Company's lead
drug candidates, Atiprimod, is in development to treat advanced
carcinoid cancer, a neuroendocrine tumor, and in relapsed or
refractory multiple myeloma, a blood cancer. Atiprimod is currently
in a Phase II clinical trial in advanced carcinoid cancer patients,
and in Phase I/IIa human clinical trials in relapsed or refractory
multiple myeloma patients, respectively. A second anti- cancer
drug, L-Annamycin, is being developed as a treatment for forms of
relapsed or refractory acute leukemia, a currently incurable blood
cancer. 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. Callisto also has drugs in
preclinical development for gastro-intestinal inflammation, and
cancer. Guanilib is the lead candidate of our Guanylate Cyclase
Receptor Agonist (GCRA) platform. Callisto owns worldwide patent
coverage for therapeutic applications of Guanilib in cancer and GI
inflammatory diseases. Guanilib is expected to enter clinical trial
in inflammatory bowel disease in 2008. 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. Callisto is also listed on the Frankfurt
Stock Exchange under the ticker symbol CA4, more information at
http://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 for the year ended
December 31, 2006, 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. DATASOURCE: Callisto Pharmaceuticals, Inc.
CONTACT: Dan D'Agostino, Callisto Pharmaceuticals, Inc.,
+1-917-596-9870 Web site: http://www.callistopharma.com/
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