SOURCE: Cadus

March 30, 2010 10:31 ET

Cadus Reports 2009 Results

NEW YORK, NY--(Marketwire - March 30, 2010) -  Cadus Corporation (OTCBB: KDUS) announced today financial results for the full year ended December 31, 2009.

Revenues for the full year 2009 were $100,000, compared to $100,000 for the full year 2008. Net loss for the full year 2009 was $276,081, compared to net loss of $1,268,898 for the full year 2008. Basic and diluted net loss per share for the full year 2009 was $0.02, compared to basic and diluted net loss per share for the full year 2008 of $0.10. The decrease in net loss is attributable to a decrease in general and administrative expenses of $28,661, a decrease in loss on redemption and reduction to net asset value of securities of $1,606,842, and a decrease in the provision for franchise and income taxes of $6,679, offset by a decrease in interest income of $642,974 and income from equity in other ventures of $6,391.

As of December 31, 2009, 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, 2009. 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.

(Tables Follow)

Cadus Corporation and Subsidiary
 
Consolidated Balance Sheets
 
ASSETS
    December 31, 2009   December 31, 2008
                 
Current assets:                
  Cash and cash equivalents   $ 24,098,443     $ 19,236,212  
  Short term investments     --       5,048,775  
  Interest receivable     1,454       13,116  
  Prepaid and other current assets     7,890       14,090  
    Total current assets     24,107,787       24,312,193  
                 
Investment in other ventures     194,255       193,718  
Patents, net     377,968       464,401  
    Total assets   $ 24,680,010     $ 24,970,312  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities:                
  Accrued expenses and other current liabilities   $ 834     $ 15,055  
    Total current liabilities     834       15,055  
Commitments and contingencies                
Stockholders' equity:                
  Common stock     132,857       132,857  
  Additional paid-in capital     59,847,443       59,847,443  
  Accumulated deficit     (35,001,049 )     (34,724,968 )
  Treasury stock, at cost     (300,075 )     (300,075 )
      Total stockholders' equity     24,679,176       26,955,257  
      Total liabilities and stockholders' equity   $ 24,680,010     $ 24,970,312  
                       
                       
                       
                       
Cadus Corporation and Subsidiary
 
Condensed Consolidated Statements of Operations
     
    For the Years Ended December 31,
    2009   2008
                 
License and maintenance fees   $ 100,000     $ 100,000  
    Total revenues     100,000       100,000  
Costs and expenses:                
  General and administrative     529,083       557,744  
  Amortization of patent costs     86,433       86,433  
  Income from equity in other ventures     (537 )     (6,928 )
    Total costs and expenses     614,979       637,249  
Operating (loss)     (514,979 )     (537,249 )
Other income (expense):                
  Interest income     71,696       714,670  
  Gain (loss) on sale and redemption of securities     209,781       (222,305 )
  Investment reduction to net asset value     --       (1,174,756 )
    Total other income (expense)     281,477       (682,391 )
(Loss) before income tax provision     (233,502 )     (1,219,640 )
Provision for franchise and income taxes     42,579       49,258  
    Net (loss)   $ (276,081 )   $ (1,268,898 )
Basic and diluted net (loss) per share   $ (0.02 )   $ (0.10 )
Weighted average shares of common stock outstanding - basic and diluted     13,144,040       13,144,040  

Contact Information

  • Contact:
    David Blitz
    (212) 575-7800