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      Current Report
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      DC 20549</strong></font></div>
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      8-K</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><strong>CURRENT
      REPORT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Date
      of Report (Date of earliest event reported): February 3, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 22pt; FONT-FAMILY: Times New Roman"><strong>Callisto
      Pharmaceuticals, Inc.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(Exact
      name of registrant as specified in its charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            </td>
            <td align="left" valign="top" width="34%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">001-32325
                </font></div>
            </td>
            <td align="left" valign="top" width="33%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">13-3894575</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                or other jurisdiction</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                File Number)</font></div>
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                Employer Identification No.)</font></div>
            </td>
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            <td align="left" valign="top" width="33%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
                incorporation or organization)</font></div>
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            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">420
                Lexington Avenue, Suite 1609</font></div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">New
                York, New York&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                10170</font></div>
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              <div>&#160;</div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                of principal executive offices)</font></div>
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      telephone number, including area code: (212) 297-0010</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">(Former
      name or former address, if changed since last report)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Check
      the appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Written
                  communication pursuant to Rule 425 under the Securities Act (17
                  CFR
                  230.425)</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font></font></div>
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                  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                  240.14a-12)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font></font></div>
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                  communications pursuant to Rule 14d-2(b) under the Exchange Act
                  (17 CFR
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              </td>
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              <td width="5%">&#160;</td>
              <td align="left" valign="top" width="3%">&#160;</td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left">
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                  communications pursuant to Rule 13e-4(c) under the Exchange Act
                  (17 CFR
                  240.13e-4(c))</font></div>
              </td>
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              <td width="10%"><strong>Item 1.01</strong></td>
              <td width="90%"><strong>Entry into a Material Definitive
                Agreement.</strong></td>
            </tr>

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    </div>
    <div>&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
      information required to be disclosed in this Item 1.01 is incorporated herein
      by
      reference from Item 3.02.</font></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div>
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                <td width="10%"><strong>Item 3.02</strong></td>
                <td width="90%"><strong>Unregistered Sales of Equity
                  Securities.</strong></td>
              </tr>

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      </div>
      <div>&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
        February 3, 2006, Callisto Pharmaceuticals, Inc. (the &#8220;Company&#8221;) closed a
        private placement of 4,283,668 shares of common stock and 1,070,917 common
        stock
        purchase warrants to certain accredited investors (the &#8220;Investors&#8221;). The
        warrants are exercisable for 18 months from closing at an exercise price
        of
        $1.60 per share. The securities were sold pursuant to a Securities Purchase
        Agreement dated as of February 3, 2006 between the Company and the Investors
        (the &#8220;Securities Purchase Agreement&#8221;). The securities were sold at a price of
        $1.20 per share for aggregate proceeds of approximately $5.14 million. The
        Company paid an aggregate $468,340 and issued an
        aggregate&#160;390,284&#160;warrants to certain selling agents. The selling
        agent warrants are exercisable at $1.25 per share and will expire three years
        after closing.</font></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
        connection with the offer and sale of securities to the Investors, the Company
        relied on the exemption from registration provided by Section 4(2) of the
        Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and Rule 506
        promulgated thereunder. The Company believes that the Investors are &#8220;accredited
        investors&#8221;, as such term is defined in Rule 501(a) promulgated under the
        Securities Act.</font></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Pursuant
        to the Securities Purchase Agreement, the Company has agreed to file, within
        60
        days after the closing, a registration statement covering the resale of the
        shares of common stock and the shares underlying the warrants sold to the
        Investors. In addition, the Company has agreed to use its commercially
        reasonable efforts to cause the registration statement to be declared effective
        within 120 days after closing.</font></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">A
        copy of the Securities Purchase Agreement filed herewith as Exhibit 10.1
        is
        incorporated herein by reference.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
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          <tr bgcolor="white">
            <td width="10%"><strong>Item 9.01</strong></td>
            <td colspan="3" width="90%"><strong>Financial Statements and
              Exhibits.</strong></td>
          </tr>
          <tr bgcolor="white">
            <td width="10%">&#160;</td>
            <td width="5%">&#160;</td>
            <td colspan="2" width="85%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td width="10%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">(c)&#160;&#160;&#160;
</div>
            </td>
            <td colspan="3" width="90%">Exhibits</td>
          </tr>
          <tr bgcolor="white">
            <td width="10%">&#160;</td>
            <td width="5%">&#160;</td>
            <td colspan="2" width="85%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td width="10%">&#160;</td>
            <td valign="top" width="5%">4.1</td>
            <td colspan="2" width="85%">Form of Warrant to purchase Common Stock
              issued
              in connection with the sale of Common Stock.</td>
          </tr>
          <tr bgcolor="white">
            <td width="10%">&#160;</td>
            <td width="5%">&#160;</td>
            <td colspan="2" width="85%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td width="10%">&#160;</td>
            <td valign="top" width="5%">4.2<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font></td>
            <td colspan="2" width="85%">Form of Warrant to purchase Common Stock
              issued
              to certain selling agents in connection with the sale of Common
              Stock.</td>
          </tr>
          <tr bgcolor="white">
            <td width="10%">&#160;</td>
            <td width="5%">&#160;</td>
            <td colspan="2" width="85%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td width="10%">&#160;</td>
            <td valign="top" width="5%">10.1</td>
            <td colspan="2" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Securities
                Purchase Agreement dated February 3, 2006 between Callisto
                Pharmaceuticals, Inc. and the investors listed on Exhibit A
                thereto.</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="10%">&#160;</td>
            <td width="5%">&#160;</td>
            <td colspan="2" width="85%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td width="10%">&#160;</td>
            <td valign="top" width="5%">99.1</td>
            <td colspan="2" width="85%">Press Release dated February 3,
              2006.</td>
          </tr>

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    </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Pursuant
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      9, 2006</font></div>
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                PHARMACEUTICALS, INC.</font></div>
            </td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">/<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">s/
              Gary S. Jacob </font></font></td>
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Current Report
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      DC 20549
FORM
      8-K
CURRENT
      REPORT
Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
      of Report (Date of earliest event reported): February 3, 2006
Callisto
      Pharmaceuticals, Inc.
(Exact
      name of registrant as specified in its charter)
Delaware
001-32325
13-3894575
(State
                or other jurisdiction
(Commission
                File Number)
(IRS
                Employer Identification No.)
of
                incorporation or organization)
420
                Lexington Avenue, Suite 1609
New
                York, New York        
                10170
(Address
                of principal executive offices)
Registrant's
      telephone number, including area code: (212) 297-0010
(Former
      name or former address, if changed since last report)
Check
      the appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:
o
Written
                  communication pursuant to Rule 425 under the Securities Act (17
                  CFR
                  230.425)
o
Soliciting
                  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                  240.14a-12)
o
Pre-commencement
                  communications pursuant to Rule 14d-2(b) under the Exchange Act
                  (17 CFR
                  240.14d-2(b))
o
Pre-commencement
                  communications pursuant to Rule 13e-4(c) under the Exchange Act
                  (17 CFR
                  240.13e-4(c))
Item 1.01
Entry into a Material Definitive
                Agreement.
The
      information required to be disclosed in this Item 1.01 is incorporated herein
      by
      reference from Item 3.02.
Item 3.02
Unregistered Sales of Equity
                  Securities.
On
        February 3, 2006, Callisto Pharmaceuticals, Inc. (the "Company") closed a
        private placement of 4,283,668 shares of common stock and 1,070,917 common
        stock
        purchase warrants to certain accredited investors (the "Investors"). The
        warrants are exercisable for 18 months from closing at an exercise price
        of
        $1.60 per share. The securities were sold pursuant to a Securities Purchase
        Agreement dated as of February 3, 2006 between the Company and the Investors
        (the "Securities Purchase Agreement"). The securities were sold at a price of
        $1.20 per share for aggregate proceeds of approximately $5.14 million. The
        Company paid an aggregate $468,340 and issued an
        aggregate 390,284 warrants to certain selling agents. The selling
        agent warrants are exercisable at $1.25 per share and will expire three years
        after closing.
In
        connection with the offer and sale of securities to the Investors, the Company
        relied on the exemption from registration provided by Section 4(2) of the
        Securities Act of 1933, as amended (the "Securities Act"), and Rule 506
        promulgated thereunder. The Company believes that the Investors are "accredited
        investors", as such term is defined in Rule 501(a) promulgated under the
        Securities Act.
Pursuant
        to the Securities Purchase Agreement, the Company has agreed to file, within
        60
        days after the closing, a registration statement covering the resale of the
        shares of common stock and the shares underlying the warrants sold to the
        Investors. In addition, the Company has agreed to use its commercially
        reasonable efforts to cause the registration statement to be declared effective
        within 120 days after closing.
A
        copy of the Securities Purchase Agreement filed herewith as Exhibit 10.1
        is
        incorporated herein by reference.
Item 9.01
Financial Statements and
              Exhibits.
(c)
Exhibits
4.1
Form of Warrant to purchase Common Stock
              issued
              in connection with the sale of Common Stock.
4.2
Form of Warrant to purchase Common Stock
              issued
              to certain selling agents in connection with the sale of Common
              Stock.
10.1
Securities
                Purchase Agreement dated February 3, 2006 between Callisto
                Pharmaceuticals, Inc. and the investors listed on Exhibit A
                thereto.
99.1
Press Release dated February 3,
              2006.
2
SIGNATURE
Pursuant
      to the requirements of the Securities Exchange Act of
1934,
      the
      Registrant
has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.
Dated: February
      9, 2006
CALLISTO
                PHARMACEUTICALS, INC.
By:
/
s/
              Gary S. Jacob
Gary
                S. Jacob, Ph.D.
Chief
                Executive Officer
3