Callisto's Drug Development Achievements to be Spotlighted at Rodman & Renshaw Techvest Healthcare Investor Conference; Company to Present Latest Clinical and Drug Development Milestones for Institutional Investors and Biotech Community.

NEW YORK -- Callisto Pharmaceuticals, Inc. (AMEX:KAL)(FWB:CA4), a developer of new drug treatments in the fight against hematological cancers and other diseases, will present recent milestones and initiatives at the Rodman & Renshaw Techvest 7th Annual Healthcare Conference in New York City, a high-profile forum for institutional investors and other professionals in the worldwide biotechnology industry.

Dr. Donald Picker, Executive Vice President of R&D, will highlight Callisto's key proprietary technology assets during a session scheduled for Wednesday, November 9, at 10:30 a.m., in the Kennedy II Salon of the New York Palace Hotel. The conference is scheduled for November 7-9.

"We will provide an overview of our Company's drug development programs, including the hematological oncology markets our drug candidates are designed to address," Dr. Picker said. "Callisto's current drug development programs include Atiprimod, a new treatment for the blood cancer multiple myeloma, and L-Annamycin, a drug designed to treat forms of leukemia. We are also developing drugs for gastrointestinal inflammation, and we have an ongoing program to develop drugs to protect against biowarfare agents for use in homeland security applications. In addition, we will review Callisto's strategic goals for 2006."

The Rodman & Renshaw Techvest healthcare conferences are designed to attract institutional investors, venture capitalists, private investors, business development professionals and other investment professionals.

About Rodman & Renshaw

Rodman & Renshaw is a privately-held, full-service investment bank committed to fostering the long-term success of emerging growth companies through capital raising, strategic advice, insightful research and the development of institutional support. During the last two years, Rodman & Renshaw completed over 75 financing transactions, totaling over $1.2 billion. Rodman & Renshaw concentrates on emerging growth companies in the life science and technology sectors. More information is available at www.rodmanandrenshaw.com.

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 a range of other significant health care market segments, including biodefense. One of the Company's lead drug candidates, L-Annamycin, is being developed as a treatment for forms of relapsed leukemia, a currently incurable blood cancer. Callisto intends to initiate a clinical trial of L-Annamycin in relapsed acute lymphoblastic leukemia patients in 4Q 2005. 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. Another anti-cancer drug, Atiprimod, is in development to treat relapsed multiple myeloma, a blood cancer. Atiprimod has entered Phase I/IIa human clinical trials in relapsed multiple myeloma patients. Callisto also has drugs in preclinical development for gastrointestinal inflammation, and a program focused on the development of a drug to protect against staphylococcus and streptococcus biowarfare agents. 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. For investor-specific information about Callisto, including recent news and stock price data, please visit http://www.trilogy-capital.com/tcp/callisto/. For an Investor Fact Sheet about Callisto, please visit http://www.trilogy-capital.com/tcp/callisto/factsheet.html. To view an informational presentation of the Company's development pipeline of drug candidates, visit http://www.trilogy-capital.com/tcp/callisto/powerpoint.html. Callisto is also listed on the Frankfurt Stock Exchange under the ticker symbol CA4. For additional information, visit 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/A for the year ended December 31, 2004, 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.