SOURCE: Cadus

March 30, 2012 10:02 ET

Cadus Reports 2011 Results

NEW YORK, NY--(Marketwire - Mar 30, 2012) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the full year ended December 31, 2011.

Revenues for the full year 2011 were $0, compared to $100,000 for the full year 2010. Net loss for the full year 2011 was $503,391, compared to net loss of $400,812 for the full year 2010. Basic and diluted net loss per share for the full year 2011 was $0.04, compared to basic and diluted net loss per share for the full year 2010 of $0.03. The increase in net loss is attributable to no license fees received in 2011 as compared to a license fee in 2010 of $100,000, a decrease in interest income of $15,534, an increase in loss from equity in other ventures of $184, costs in connection with an abandoned potential acquisition of $59,177, a decrease in miscellaneous income of $3,752, an increase in franchise tax of $3,340, offset by a decrease in general and administrative expenses of $79,408.

As of December 31, 2011, 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, 2011. 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,
2011
December 31,
2010
Current assets:
Cash and cash equivalents $ 23,376,400 $ 23,789,400
Interest receivable 190 885
Prepaid and other current assets 7,090 7,090
Total current assets 23,383,680 23,797,375
Investment in other ventures 194,025 194,232
Patents, net 205,102 291,535
Total assets $ 23,782,807 $ 24,283,142
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued expenses and other current liabilities $ 7,834 $ 4,778
Total current liabilities 7,834 4,778
Commitments and contingencies
Stockholders' equity:
Common stock 132,857 132,857
Additional paid-in capital 59,847,443 59,847,443
Accumulated deficit (35,905,252 ) (35,401,861 )
Treasury stock - at cost ( 300,075 ) ( 300,075 )
Total stockholders' equity 24,774,973 24,278,364
Total liabilities and stockholders' equity $ 23,782,807 $ 24,283,142
Cadus Corporation and Subsidiary
Condensed Consolidated Statements of Operations
For the Years Ended December 31,
2011 2010
License and maintenance fees $ -- $ 100,000
Total revenues -- 100,000
Costs and expenses:
General and administrative 315,818 395,226
Amortization of patent costs 86,433 86,433
Abandoned acquisition costs 59,177 --
Loss from equity in other ventures 207 23
Total costs and expenses 461,635 481,682
Operating (loss) ( 461,635 ) ( 381,682 )
Other income:
Interest income 3,599 19,133
Miscellaneous -- 3,752
Total other income 3,599 22,885
(Loss) before income tax provision ( 458,036 ) ( 358,797 )
Provision for franchise and income taxes 45,355 42,015
Net (loss) $ ( 503,391 ) $ ( 400,812 )
Basic and diluted net (loss) per share $ ( 0.04 ) $ ( 0.03 )
Weighted average shares of common stock outstanding - basic and diluted 13,144,040 13,144,040

Contact Information

  • Contact:
    David Blitz
    (212) 575-7800