PREHEAT oven to 325º F. Grease baking sheet.
MICROWAVE 2/3 cup morsels in small, uncovered, microwave-safe bowl on HIGH (100%) power for 45 seconds; STIR. The morsels may retain some of their original shape. If necessary, microwave at additional 10- to 15-second intervals, stirring just until morsels are melted.
COMBINE flour, cocoa, baking powder and salt in small bowl. Beat sugar and butter in large bowl until light and fluffy. Add eggs and vanilla extract; beat until combined. Stir in melted chocolate. Gradually stir in flour mixture. Stir in cherries and 1 cup morsels.
SHAPE dough with floured hands on prepared baking sheet into two 9 x 2 1/2-inch logs.
BAKE for 40 minutes or until slightly firm to the touch and cracked on top. Cool on baking sheet for 10 minutes. Slide log onto cutting board and cut each log into 12, 3/4-inch slices. Return to baking sheet cut side down. Bake, turning once, for 20 minutes or until firm. Remove to wire rack to cool completely.
PLACE remaining 1/3 cup chocolate morsels in small, heavy-duty plastic bag. Microwave on HIGH (100%) power for 30 to 45 seconds; knead. Cut a tiny corner from bag and drizzle over cooled biscotti. Let stand until drizzle is set. Store in tightly covered container at room temperature.
• NESTLÉ® TOLL HOUSE® Semi-Sweet Chocolate Morsels can be substituted for the Semi-Sweet Chocolate Mini Morsels.