Callisto Pharmaceuticals, Inc. Receives Notice of Delisting From Amex - Subject to Appeal -
11 Abril 2008 - 3:07PM
Business Wire
Callisto Pharmaceuticals, Inc. (AMEX: KAL), announced today that on
April 7, 2008, it received notice from the American Stock Exchange
indicating that AMEX intends to strike the Company�s common stock
from listing on AMEX by filing a delisting application with the
Securities and Exchange Commission. In its letter, AMEX stated that
it has determined that the Company has failed to comply with
continued listing standards set forth in Sections 1003(a)(i),
1003(a)(ii) and 1003(a)(iii) of the AMEX Company Guide,
respectively, which state, in relevant part, that AMEX will
normally consider suspending dealings in, or removing from the
list, securities of a company which (a) has stockholders' equity of
less than $2,000,000 if such company has sustained losses from
continuing operations and/or net losses in two of its three most
recent fiscal years; (b) has stockholders' equity of less than
$4,000,000 if such company has sustained losses from continuing
operations and/or net losses in three of its four most recent
fiscal years; or (c) has stockholders' equity of less than
$6,000,000 if such company has sustained losses from continuing
operations and/or net losses in its five most recent fiscal years,
respectively. The AMEX rules provide for an appeal of the above
decision which the Company has made by requesting a hearing in
accordance with appropriate procedures as outlined by the AMEX
Company Guide. The Company�s common stock will continue to trade on
the AMEX during the appeal process. If unsuccessful on appeal, the
Company intends to continue to trade on the Over-the-Counter
Bulletin Board. Callisto also announced today that the audit report
of BDO Seidman, LLP, contained in its December 31, 2007 financial
statements included in Callisto's Form 10-K filed on March 28,
2008, contained a going-concern qualification. American Stock
Exchange rules require Amex-listed companies to publicly announce
whenever a Form 10-K includes an audit report containing a
going-concern qualification. About Callisto Pharmaceuticals, Inc.
Callisto is a biopharmaceutical company focused on the development
of new drugs to treat various forms of gastrointestinal diseases
and cancer. Callisto's drug candidates include SP-304, a
proprietary drug for gastrointestinal disorders that is currently
being developed by its wholly-owned subsidiary, Synergy
Pharmaceuticals, as well as two anti-cancer agents. Synergy's
proprietary drug SP-304 (Guanilib) is planned to begin clinical
development in 2Q2008 for gastro-intestinal disorders. SP-304 is a
synthetic analog of the human gastrointestinal hormone uroguanylin,
and acts by activating the guanylate cyclase C (GC-C) receptor on
epithelial cells of the colon. The Company's lead drug in the
clinic, Atiprimod, is presently in a Phase II clinical trial in
advanced carcinoid cancer, a neuroendocrine tumor, and in a Phase
II extension trial in advanced carcinoid cancer patients.
Callisto's second cancer drug in the clinic, L-Annamycin, is
currently in a Phase I/II clinical trial in adult relapsed or
refractory acute lymphocytic leukemia, and in a Phase I clinical
trial in children and young adults with refractory or relapsed
acute lymphocytic leukemia or acute myelogenous leukemia. Callisto
has exclusive worldwide licenses from Genzyme 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 is available at http://www.callistopharma.com. Web
site: http://www.callistopharma.com
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