Callisto Announces Bryan, Garnier & Co. Initiates Independent Equity Research Coverage with Target Share Price of $3.40; Respected UK Equity Analyst Cites Promising Marketplace and Medical Potential for Callisto Drug Development Programs.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Callisto Pharmaceuticals, Inc. (AMEX AMEX See: American Stock Exchange :KAL) (FWB (Fixed Wireless Broadband) See fixed wireless. :CA4), a developer of new drug treatments in the fight against cancer and other major health threats, announced today that independent European equity analyst and investment bank, Bryan Garnier & Co., has initiated research coverage of Callisto with an extensive research report that targets the Company's potential share price at $3.40. The 35-page Bryan Garnier report based its valuation on several Callisto drug development programs, including the Company's drug candidates L-Annamycin, Atiprimod and Guanilib. "If we take into consideration the market opportunity that the Company is addressing, it is obvious that, by any standards, Callisto's current market value does not reflect its true potential," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Bryan Garnier report, authored by Dr. Kris Motmans. "The potential of Callisto's early stage clinical pipeline is clearly not recognized by the investment community." Callisto's L-Annamycin is in phase I/IIa clinical development for treatment of acute lymphocytic leukemia acute lymphocytic leukemia n. See acute lymphoblastic leukemia. acute lymphocytic leukemia Acute lymphoblastic leukemia, ALL A malignant lymphoproliferative process that commonly affects children and young adults (ALL). Atiprimod is currently being evaluated in multiple myeloma multiple myeloma A malignant proliferation of abnormal plasma cells that populate the marrow-containing bones of the body. The affected plasma cells produce myeloma protein, a monoclonal antibody that replaces normal antibodies in the blood, thereby increasing susceptibility and advanced cancer patients. Callisto also recently announced that Atiprimod may hold additional substantial therapeutic potential for cancer patients stricken with difficult-to-treat carcinoid carcinoid /car·ci·noid/ (kahr´si-noid) a yellow circumscribed tumor arising from enterochromaffin cells, usually in the gastrointestinal tract; the term is sometimes used to refer specifically to the gastrointestinal tumor tumors. In light of recent clinical data, Callisto recently announced it intends to initiate a Phase I/II trial specifically in patients with advanced carcinoid tumors. The Bryan Garnier report reflects fully independent third party research that was not commissioned by Callisto, and represents the latest of several major equity research endorsements of the Company's growth valuation. "Measured by a conservative risk adjusted net present value method, we believe the Company's current fair value to approximate US$131m or US$3.40 per share, compared to a market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of US$50m," the report states. "At the current share price, investors therefore have the opportunity to buy the stock at a significant discount to its net present value. With news on the clinical development and financing streaming in, we believe the Company will increasingly enjoy recognition among industry peers and investors, resulting in an appreciation of the share price." The report was prepared and published by Bryan, Garnier & Co., a leading UK-based investment bank that specializes in emerging growth companies. "Should Callisto be able to successfully mature its portfolio according to plan, the upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar at a two-year horizon stands in a 250% to 300% range to its current fair value," the report states. "The Bryan Garnier report demonstrates a detailed and balanced independent view of the promise of Callisto's drug pipeline," said Dr. Gary S. Jacob, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Callisto. "We're very pleased to see this independent validation of the Company's value, and remain firmly committed to further executing our mission to treat devastating dev·as·tate tr.v. dev·as·tat·ed, dev·as·tat·ing, dev·as·tates 1. To lay waste; destroy. 2. To overwhelm; confound; stun: was devastated by the rude remark. cancers and other diseases with innovative new drugs for the worldwide pharmaceutical marketplace." The full text of the report can be found at http://www.callistopharma.com or http://www.bryangarnier.com/brokerage/publication.php or http://www.trilogy-capital.com/tcp/callisto/emerging.html. About Bryan Garnier & Co. Ltd. Bryan, Garnier & Co (Bryan Garnier) is a European Investment Bank European Investment Bank, nonprofit bank created in 1958 by the six founding countries of the European Economic Community (now part of the European Union [EU]). that aims to bridge the gap between life sciences and finance. Bryan Garnier has a healthcare practice that specializes in serving the complex and broad biotech sector through in depth industry knowledge combined with finance expertise. The healthcare practice comprises medical professionals with investment banking experience who can advise biotech companies as well as their investors. Bryan Garnier's corporate research program provides a service to small and mid-cap companies that would otherwise lack quality research coverage. It provides high quality, objective institutional quality sponsored research. Bryan Garnier research is based entirely on publicly available information and the experience and expertise of the analysts. Analysts are free to develop an opinion independently of the sponsor by ensuring that agreements are based on fixed fee amounts that are not in any way tied to valuation outcome, order volumes, trading volumes, brokerage activity, or investment banking business. 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 other significant health care markets, including ulcerative colitis ulcerative colitis Inflammation of the colon, especially of its mucous membranes. The inflamed membranes develop patches of tiny ulcers, and the diarrhea contains blood and mucus. and biodefense. One of the Company's lead drug candidates, L-Annamycin, is being developed as a treatment for forms of relapsed acute leukemia acute leukemia Hematology A rapidly progressive malignancy of sudden onset, characterized by an uncontrolled 'clonal' proliferation of immature WBCs which replace BM and spill into the peripheral circulation; untreated AL may be fatal in wks to months. , a currently incurable blood cancer. Callisto initiated a clinical trial of L-Annamycin in adult relapsed acute lymphocytic 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, and advanced carcinoid cancer. Atiprimod is presently in Phase I/IIa human clinical trials in relapsed multiple myeloma patients, and advanced cancer patients, respectively. Callisto also has drugs in preclinical development for gastrointestinal inflammation, and a program focused on the development of a drug to protect against Staphylococcus staphylococcus (stăf'ələkŏk`əs), any of the pathogenic bacteria, parasitic to humans, that belong to the genus Staphylococcus. The spherical bacterial cells (cocci) typically occur in irregular clusters [Gr. and Streptococcus streptococcus (strĕp'təkŏk`əs), any of a group of gram-positive bacteria, genus Streptococcus, some of which cause disease. 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 Frankfurt Stock Exchange The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors 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, 2005, 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. |
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