HOW A POTENTIAL MIRACLE DRUG IS BORN

NEW YORK, N.Y.,(PRWEB) Sept. 5, 2003 – Dr. Kenneth C. Anderson, nationally-acclaimed director of the prestigious Jerome Lipper Multiple Myeloma Center of the Dana-Farber Cancer Institute in Boston, MA, and Professor of Medicine at Harvard Medical School, has joined the Scientific Advisory Board of Callisto Pharmaceuticals, Inc., which is developing the drug, Atiprimod, for the treatment of multiple myeloma.

The announcement was made today by Gary S, Jacob, Phd., acting CEO and Chief Scientific Officer of Manhattan-based Callisto (OTCBB: CLSP). Dr. Jacob also announced the biopharmaceutical company is preparing to begin human clinical trials of Atiprimod, probably in the next month.

Callisto, which maintains offices at 420 Lexington Avenue, New York, and at 2 Executive Drive, Somerset, N.J., has two operating subsidiaries, Callisto Research Labs, LLC and Synergy Pharmaceuticals, Inc.

Said Dr. Anderson: "I am happy to join the Scientific Advisory Board and excited to see Callisto's drug candidate for multiple myeloma, Atiprimod, moving forward into clinical development."

Dr. Jacob hailed the addition of Dr. Anderson as a huge step forward in the development of the drug to treat multiple myeloma, a devastating cancer of the bone marrow.

Dana-Farber Cancer Institute is a principal teaching affiliate of the Harvard Medical School and is among the leading cancer research and care centers in the United States.

Dr. Anderson joins the advisory board after his recent success in helping to develop Velcade, which received speedy approval from the federal Food and Drug Administration (FDA) in May, 2003, for the treatment of multiple myeloma. He was the lead investigator in the preclinical development and clinical trials of Velcade.

Dr. Jacob previously was associated with the Monsanto Company as Director of Glycosciences and Science Fellow. He said of Dr. Anderson:
"He is excited to see this drug (Atiprimod) enter clinical trials for evaluation in multiple myeloma patients. He believes it has an opportunity to help patients who have not responded to other drugs. He has said there is clearly a need for more drugs to treat multiple myeloma."

Prominent cancer researchers believe that success in combating the disease may be in the development of a number of drugs to cover all the typical genetic combinations at work in cancer, and that major inroads could be made with the right mix of three or four drugs for any individual – rather than just one drug.

Dr. Jacob said this is the role that Atiprimod may play.
"Our drug may turn out to be a valuable part of the physician's arsenal to treat multiple myeloma, and keep patients alive for longer periods of time," he said.

Atiprimod is a small-molecule, orally available drug with antiproliferative and antiangiogenic activity. Atiprimod successfully completed Phase I clinical trials in rheumatoid arthritis patients and Callisto is now planning to begin a safety and proof-of-principle clinical trial in multiple myeloma patients. The drug is also being explored as an agent to treat osteolytic bone disease.

In other recent developments boosting Atiprimod:
– The National Cancer Institute (NCI), notified Callisto that its research groups found Atiprimod highly potent in NCI anti-cancer and anti-angiogenic screening assays and will work with Callisto on further evaluation of Atiprimod. Under a Screening Agreement, NCI will further examine Atiprimod in animal models of colorectal metastasis and other solid tumor models.

– Global Partners Securities, Inc., 546 Fifth Avenue, New York, in an analyst report on Callisto on August 5, 2003, placed a 12-month price target of $6.00 to $6.50 on the stock, which is currently trading at $3.25.

Global Partners Director of Research, Peter Cardillo, said in the report:
"Callisto recently became public with a merger with Synergy Pharmaceuticals. It is our belief that the stock is undervalued and clearly does not reflect the company's market potential. Callisto was notified in June 2003 by the National Cancer Institute (NCI) that its research groups found the Callisto's drug candidate Atiprimod highly potent in NCI's anti-cancer and anti-angiogenic screening assays and will further examine Atiprimod in animal models of colorectal metastasis and other solid tumor models. This very important second step is being funded completely by NCI.

"Atiprimod and its analogs have extensive worldwide patents and patent filings for multiple myeloma, osteolytic bone diseases, autoimmune and inflammatory diseases. Recent filings have also broadened Atiprimod's coverage to include broad use against a variety of cancers. The market size for pharmaceuticals such as Atiprimod to target multiple myeloma is estimated at $150 million to $200 million.

"The company is fortunate to have Dr. Ken Anderson, the Director of the Jerome Lipper Multiple Myeloma Center of the Dana Farber Cancer Institute, a well-recognized leader in multiple myeloma drug clinical development, as a member of its Scientific Advisory Board."