American Stock Exchange Accepts Callisto Pharamceuticals' Plan of Compliance and Extension to Regain Compliance with Standards

New York (ots/PRNewswire) -

Callisto Pharmaceuticals, Inc. (Amex: KAL; FWB: CA4), a developer
of new drug treatments in the fight against cancer and
gastrointestinal disorders and diseases, today announced that the
staff of the American Stock Exchange ("AMEX") has reviewed the
Company's plan of compliance to meet the AMEX's continued listing
standards and will continue the Company's listing while the Company
seeks to regain compliance with Sections 1003 (a)(i) and 1003 (a)(ii)
during the period ending April 3, 2008. As previously announced, on
October 3, 2006 the Company received notice from the AMEX staff
indicating that the Company was below certain of the Exchange's
continued listing standards due to guidelines set forth in sections
1003(a)(iv) and Section 1003(a)(i) of the AMEX Company Guide. The
Company was further advised on June 18, 2007 that it was not in
compliance with Section 1003 (a)(ii). Based upon a review of
publicly available information, the AMEX staff has determined that
the Company has resolved the continued listing deficiency with
respect to Section 1003 (a)(iv). The Company will be subject to
periodic review by the AMEX Staff during the plan period. Failure to
make progress consistent with the plan or to regain compliance with
the continued listing standards by the end of the extension periods
could result in the Company being delisted from the AMEX.

About Callisto Pharmaceuticals, Inc.

Callisto is a biopharmaceutical company focused on the development
of new drugs to treat various forms of cancer and gastrointestinal
diseases. Callisto's drug candidates in development currently include
anti-cancer agents in clinical development, in addition to drugs in
pre-clinical development for other significant health care markets,
including gastrointestinal disorders. One of the Company's lead drug
candidates, Atiprimod is presently in a Phase II clinical trial in
advanced carcinoid cancer patients, and in a Phase I/IIa human
clinical trial in relapsed or refractory multiple myeloma patients.
Another 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 is currently in a Phase
I 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. L- Annamycin, a member of the
anthracycline family of proven anti-cancer drugs, has a novel
therapeutic profile, including potential activity against multi- drug
resistant tumors and significantly reduced cardiotoxicity, or damage
to the heart, compared to currently available drug alternatives.
Callisto also has a proprietary drug Guanilib in preclinical
development for gastro- intestinal disorders. 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 is available 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.

CONTACT: Gary S. Jacob of Callisto Pharmaceuticals, Inc.,
+1-212-297-0010, jacob@callistopharma.com
Web site: http://www.callistopharma.com/

Web site: http://www.callistopharma.com

ots Originaltext: Callisto Pharmaceuticals. Inc.
Im Internet recherchierbar: http://www.presseportal.de

Contact:
Gary S. Jacob of Callisto Pharmaceuticals, Inc., +1-212-297-0010,
jacob@callistopharma.com