Callisto closes financing to fund clinical development

New York, USA-based Callisto Pharmaceuticals, a developer of new drug treatments in the fight against cancer and other major health threats, says that it has closed a private placement of 105,000 shares of series A convertible preferred stock and 1,400,000 warrants to certain investors for aggregate gross proceeds of just over $1.0 million. The warrants are immediately exercisable at $0.75 per share and at any time within five years from the date of issuance.

The proceeds will be used to continue to fund Callisto's strategic initiatives, including ongoing clinical development activities. The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended. Accordingly, these may not be offered or sold in the USA, except pursuant to the effectiveness of a registration statement or an applicable exemption from the registration requirements of the Securities Act, for which Callisto has agreed to file.