March 29, 2013 11:53 ET
NEW YORK, NY--(Marketwire - Mar 29, 2013) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the full year ended December 31, 2012.
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.
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