Callisto to Present Lead Anti-Cancer Drug Candidates in Live Webcast Today from Equities Magazine Investor Conference; CEO Dr. Gary S. Jacob to Outline Programs and Strategic Growth Initiatives in Online Simulcast Presentation.

NEW YORK -- Callisto Pharmaceuticals, Inc. (AMEX:KAL) (FWB:CA4), a developer of new drug treatments in the fight against cancer and other major health threats, has announced the availability of a live Webcast today, featuring CEO and CSO Dr. Gary S. Jacob giving a corporate presentation to investment professionals today at the national Equities 55th Anniversary Conference in New York City.

The live simulcast presentation will spotlight Callisto's robust drug development pipeline and the key results of recent clinical and research studies involving several medically needed and promising anti-cancer drug candidates. In addition, Dr. Jacob will discuss the Company's new proprietary compound Guanilib, a first-in-class drug candidate invented by Callisto scientists, currently being developed in pre-clinical animal models of gastrointestinal diseases.

All interested investors can view and listen to Callisto's dynamic simulcast presentation over the Web today and it will subsequently be archived for access via streaming audio at the same web link. To access the Webcast please visit, www.equitiesmagazine.com and click on the "EQUITIES Conference Webcast Login & Archives" at the left. Then click on the Red Button at the right to access the LIVE Webcasts and archives by company. Registration is free.

About Equities Magazine

Now entering its 55th year, Equities magazine is the foremost business and financial news magazine of emerging public companies. Covering the most exciting companies in the small and mid-cap markets, our readers include some of the financial community's most savvy and respected investment professionals -- including corporate executives, market makers, traders, fund managers, institutional investors, portfolio managers, stockbrokers, analysts and sophisticated individual investors.

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 and biodefense. One of the Company's lead drug candidates, L-Annamycin, is being developed as a treatment for forms of relapsed acute leukemia, 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 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 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.