SOURCE: Cadus

March 29, 2013 11:53 ET

Cadus Reports 2012 Results

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.

   
   
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