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           Callisto Pharmaceuticals, Inc.



AMEX : KAL

Randall D. Lewis, CFA - Analyst
November 30, 2005
Stock Price $1.19

We are initiating a Buy rating for Callisto Pharmaceuticals, Inc. (AMEX: KAL). Callisto is an emerging biopharmaceutical company whose primary focus is the clinical development of drugs to treat cancer and gastrointestinal inflammation.


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