SOURCE: Cadus

March 30, 2011 09:42 ET

Cadus Reports 2010 Results

NEW YORK, NY--(Marketwire - March 30, 2011) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the full year ended December 31, 2010.

Revenues for the full year 2010 were $100,000, compared to $100,000 for the full year 2009. Net loss for the full year 2010 was $400,812, compared to net loss of $276,081 for the full year 2009. Basic and diluted net loss per share for the full year 2010 was $0.03, compared to basic and diluted net loss per share for the full year 2009 of $0.02. The increase in net loss is attributable to a decrease in interest income of $52,563, a decrease in gain on redemption of securities of $209,781, a decrease in income from equity in other ventures of $560, offset by a decrease in general and administrative expenses of $133,857, provision for franchise and income taxes of $564, and sundry other income of $3,752 in 2010.

As of December 31, 2010, 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, 2010. 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,  December 31,
                                                    2010          2009
                                                ------------  ------------
Current assets:
  Cash and cash equivalents                     $ 23,789,400  $ 24,098,443
  Interest receivable                                    885         1,454
  Prepaid and other current assets                     7,090         7,890
                                                ------------  ------------

     Total current assets                         23,797,375    24,107,787

Investment in other ventures                         194,232       194,255
Patents, net                                         291,535       377,968
                                                ------------  ------------
     Total assets                               $ 24,283,142  $ 24,680,010
                                                ============  ============


          LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accrued expenses and other current
   liabilities                                  $      4,778  $        834
                                                ------------  ------------

     Total current liabilities                         4,778           834
                                                ------------  ------------

Commitments and contingencies

Stockholders' equity:

  Common stock                                       132,857       132,857
  Additional paid-in capital                      59,847,443    59,847,443
  Accumulated deficit                            (35,401,861)  (35,001,049)
  Treasury stock - at cost                          (300,075)     (300,075)
                                                ------------  ------------
     Total stockholders' equity                   24,278,364    24,679,176
                                                ------------  ------------
     Total liabilities and stockholders'
      equity                                    $ 24,283,142  $ 24,680,010
                                                ============  ============




                     Cadus Corporation and Subsidiary

              Condensed Consolidated Statements of Operations



                                                    For the Years Ended
                                                        December 31,
                                                    2010          2009
                                                ------------  ------------

License and maintenance fees                    $    100,000  $    100,000
                                                ------------  ------------
     Total revenues                                  100,000       100,000
                                                ------------  ------------
Costs and expenses:
  General and administrative                         395,226       529,083
  Amortization of patent costs                        86,433        86,433
  (Loss) income from equity in other ventures             23          (537)
                                                ------------  ------------
     Total costs and expenses                        481,682       614,979
                                                ------------  ------------
Operating (loss)                                    (381,682)     (514,979)
                                                ------------  ------------
Other income:
  Interest income                                     19,133        71,696
  Gain on sale and redemption of securities               --       209,781
  Miscellaneous                                        3,752            --
                                                ------------  ------------
     Total other income                               22,885       281,477
                                                ------------  ------------
(Loss) before income tax provision                  (358,797)     (233,502)
Provision for franchise and income taxes              42,015        42,579
                                                ------------  ------------
     Net (loss)                                 ($   400,812) ($   276,081)
                                                ============  ============
Basic and diluted net (loss) per share          ($      0.03) ($      0.02)
                                                ============  ============
Weighted average shares of common stock
 outstanding - basic and diluted                  13,144,040    13,144,040
                                                ============  ============

Contact Information

  • Contact:
    David Blitz
    (212) 575-7800