NEW YORK, NY--(Marketwire - Mar 29, 2013) - Cadus Corporation (
There were no revenues for the years 2012 and 2011. Net loss for the year 2012 was $870,471, compared to net loss of $503,391 for the year 2011. Basic and diluted net loss per share for the year 2012 was $0.07, compared to basic and diluted net loss per share for the year 2011 of $0.04. The increase in net loss is attributable to an increase in general and administrative expenses of $42,357, an increase in costs in connection with abandoned acquisitions of $329,929, an increase in loss from equity in other ventures of $6, a decrease in interest income of $550 offset by a decrease in franchise tax of $5,762.
As of December 31, 2012, Cadus had 13,144,040 shares outstanding.
This press release may contain forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in the company's annual report on Form 10-K for the year ended December 31, 2012. These include risks and uncertainties relating to the company's ability to license its technologies to third parties, the company's capital needs and uncertainty of future funding, the company's history of operating losses, the unpredictability of patent protection and the risk of obsolescence of the company's technologies.
| Cadus Corporation and Subsidiary | |||||||||||
| Consolidated Balance Sheets | |||||||||||
| ASSETS | |||||||||||
| December 31, 2012 | December 31, 2011 |
||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 22,676,668 | $ | 23,376,400 | |||||||
| Interest receivable | 330 | 190 | |||||||||
| Prepaid and other current assets | 6,040 | 7,090 | |||||||||
| Total current assets | 22,683,038 | 23,383,680 | |||||||||
| Investment in other ventures | 193,812 | 194,025 | |||||||||
| Patents, net | 118,669 | 205,102 | |||||||||
| Total assets | $ | 22,995,519 | $ | 23,782,807 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accrued expenses and other current liabilities | $ | 91,017 | $ | 7,834 | |||||||
| Total current liabilities | 91,017 | 7,834 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders' equity: | |||||||||||
| Common stock | 132,857 | 132,857 | |||||||||
| Additional paid-in capital | 59,847,443 | 59,847,443 | |||||||||
| Accumulated deficit | (36,775,723 | ) | (35,905,252 | ) | |||||||
| Treasury stock - at cost | (300,075 | ) | (300,075 | ) | |||||||
| Total stockholders' equity | 22,904,502 | 23,774,973 | |||||||||
| Total liabilities and stockholders' equity | $ | 22,995,519 | $ | 23,782,807 | |||||||
| Cadus Corporation and Subsidiary | ||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||
| For the Years Ended December 31, | ||||||||||
| 2012 | 2011 | |||||||||
| License and maintenance fees | $ | -- | $ | -- | ||||||
| Total revenues | -- | -- | ||||||||
| Costs and expenses: | ||||||||||
| General and administrative | 358,175 | 315,818 | ||||||||
| Amortization of patent costs | 86,433 | 86,433 | ||||||||
| Abandoned asset acquisition costs | 389,106 | 59,177 | ||||||||
| Loss from equity in other ventures | 213 | 207 | ||||||||
| Total costs and expenses | 833,927 | 461,635 | ||||||||
| Operating (loss) | (833,927 | ) | (461,635 | ) | ||||||
| Other income: | ||||||||||
| Interest income | 3,049 | 3,599 | ||||||||
| Total other income | 3,049 | 3,599 | ||||||||
| (Loss) before income tax provision | (830,878 | ) | (458,036 | ) | ||||||
| Provision for franchise and income taxes | 39,593 | 45,355 | ||||||||
| Net (loss) | $ | (870,471 | ) | $ | (503,391 | ) | ||||
| Basic and diluted net (loss) per share | $ | (0.07 | ) | $ | (0.04 | ) | ||||
| Weighted average shares of common stock outstanding - basic and diluted | 13,144,040 | 13,144,040 | ||||||||
Contact Information:
David Blitz
212-575-7800