CALLISTO PHARMACEUTICALS ANNOUNCES COMPLETION OF $1.8 MILLION PRIVATE PLACEMENT FINANCING

Callisto Pharmaceuticals, Inc. (AMEX:KAL), a developer of novel drug therapies in the fight against hematologic cancers and related diseases, announced today completion of a private placement financing of approximately 1.87 million shares of common stock at a per-share price of $0.97 for aggregate gross proceeds of approximately $1.8 million. The proceeds of the financing, which closed yesterday at 5:00 p.m. EST, will be dedicated to funding the ongoing costs of the Company's R&D operations.

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