Callisto Pharmaceuticals, Inc. opened a phase I clinical trial testing L-Annamycin in children and young adults on February 22nd and announced dosing on March 8th. The trial will test the drug in pediatric patiens with refractory or relapsed acute lymphocytic leukemiaterm (ALL) or acute myelogenous leukemia (AML). Patients with relapsed or refractory acute leukemia who have prior treatment with approved chemotherapeutics generally have a poor prognosis at this point in the disease and are in need of new agents.