Ulcerative Colitis

... Callisto Pharmaceuticals Announces US$5.14 Million Private Placement Financing of Common Stock and Warrants News Release Wednesday 8 February 2006, 8:30 GMT Wednesday 8 February 2006 HEALTH INDUSTRY Callisto Pharmaceuticals, Inc.

Callisto Pharmaceuticals Announces US$5.14 Million Private Placement Financing of Common Stock and Warrants NEW YORK, February 8 /PRNewswire/ - - Proceeds to Fund Acceleration of Clinical Trials of Drug Candidates and Expansion of Key Strategic Initiatives 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 it has completed a financing totaling approximately US$5.14 million through a private placement involving common stock and warrants.

The proceeds from the financing will be used to continue to fund Callisto's strategic initiatives, including substantial clinical development activities in 2006 plus additional pre-clinical development activities.

Callisto currently has two anticancer drug candidates in clinical trials leading its drug development pipeline, and two preclinical programs.

The financing, which included institutional biotechnology investors, was completed on February 3, 2006.

The private placement involved approximately 4.3 million shares of Callisto's common stock and 1.07 million warrants at a per share price of US$1.20, for aggregate gross proceeds of just over US$5.14 million.

The warrants are exercisable at US$1.60 f...

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