Callisto receives going-concern qualification

By Lisa Kerner

Erie, Pa., April 7 - Callisto Pharmaceuticals, Inc. said its independent registered public accountants included an explanatory paragraph on the company's financial statements for the year ended Dec. 31 relating to Callisto's ability to continue as a going concern.

Callisto ended 2005 with $1.4 million in cash and cash equivalents and increased its cash position through a private placement of common stock and warrants totaling $5.14 million in gross proceeds, according to a news release.

The company also closed on an additional $390,000, bringing the year-to-date total gross proceeds to $5.5 million. The company said it continues to actively explore financing alternatives, including equity financings.

Callisto is a New York City-based biopharmaceutical company focused on the development of new drugs to treat cancer and other afflictions.

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