Callisto Pharmaceuticals amends terms of $5.16 million stock placement

By Sheri Kasprzak

New York, Sept. 14 - Callisto Pharmaceuticals, Inc. said investors in a $5.16 million private placement closed earlier this year have agreed to delete the mandatory registration rights connected to the original agreement.

In addition to the deletion, the investors have waived all liquidated damages incurred when the company did not register the shares according to the original provisions.

Connected to the agreement, the investors received 755,067 shares and warrants for 1,774,407 shares, exercisable at 1.00 each for five years.

Also connected to the deal, the company extended the expiry on the warrants originally issued in the offering to five years from 18 months.

In the placement, which closed Feb. 7, Callisto issued 4.3 million shares at $1.20 each and issued warrants for 1.07 million shares, exercisable at $1.60 each.

New York-based Callisto develops treatments for cancer.

Callisto's stock lost a penny on Thursday to close at $0.87 (Amex: KAL).

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