SOURCE: Cadus

May 17, 2010 11:55 ET

Cadus Reports First Quarter 2010 Results

NEW YORK, NY--(Marketwire - May 17, 2010) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the first quarter ended March 31, 2010.

Revenues for the first quarter of 2010 were $100,000, compared to $100,000 for the same period in 2009. Net loss for the first quarter of 2010 decreased to $71,969, compared to a net loss of $72,572 for the same period in 2009. The decrease in net loss can be principally attributed to a decrease in general and administrative expenses of $29,404 offset by a decrease in interest income of $26,430, a decrease in income from equity in other ventures of $297 and a decrease in a gain on redemption of securities of $2,074. Basic net loss per share for the first quarter of 2010 was $0.01, compared to basic net loss per share for the first quarter of 2009 of $0.01.

As of March 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, 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.


                         CADUS CORPORATION
                Condensed Consolidated Balance Sheets

                            ASSETS

                                                 March 31,    December 31,
                                                   2010          2009
                                                ------------  ------------
                                                (Unaudited)     (Audited)
Current assets:
   Cash and cash equivalents                    $ 24,061,621  $ 24,098,443
   Interest receivable                                 1,046         1,454
   Prepaid and other current assets                   17,962         7,890
                                                ------------  ------------

      Total current assets                        24,080,629    24,107,787

Investment in other ventures                         194,286       194,255
Patents, net                                         356,360       377,968
                                                ------------  ------------
        Total assets                            $ 24,631,275  $ 24,680,010
                                                ============  ============

          LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
   Accrued expenses and other current
    liabilities                                 $     24,068  $        834
                                                ------------  ------------
      Total current liabilities                       24,068           834
                                                ------------  ------------
Commitments
Stockholders' equity:
   Common stock                                      132,857       132,857
   Additional paid-in capital                     59,847,443    59,847,443
   Accumulated deficit                           (35,073,018)  (35,001,049)
   Treasury stock - at cost                         (300,075)     (300,075)
                                                ------------  ------------
      Total stockholders' equity                  24,607,207    24,679,176
                                                ------------  ------------
      Total liabilities and stockholders'
       equity                                   $ 24,631,275  $ 24,680,010
                                                ============  ============


                           CADUS CORPORATION
             Condensed Consolidated Statements of Operations

                                                   Three Months Ended
                                                       March 31,
                                                --------------------------
                                                    2010          2009
                                                ------------  ------------
                                                (Unaudited)   (Unaudited)
License and maintenance fees                    $    100,000  $    100,000
                                                ------------  ------------
      Total revenues                                 100,000       100,000
                                                ------------  ------------
Costs and expenses:
   General and administrative expenses               153,063       182,467
   Amortization of patent costs                       21,608        21,608
   (Income) from equity in other ventures                (31)         (328)
                                                ------------  ------------
      Total costs and expenses                       174,640       203,747
                                                ------------  ------------
Operating loss                                       (74,640)     (103,747)
Other income:
   Interest income                                     2,671        29,101
   Gain on redemption of securities                        -         2,074
                                                ------------  ------------
Loss before provision for income taxes               (71,969)      (72,572)
Provision for income taxes                                 -             -
                                                ------------  ------------
      Net loss                                  ($    71,969) ($    72,572)
                                                ============  ============
Basic and diluted (loss) per weighted average
 share of common stock outstanding              ($      0.01) ($      0.01)
                                                ============  ============
Weighted average shares of common stock
 outstanding - basic and diluted                  13,144,040    13,144,040
                                                ============  ============

Contact Information

  • Contact:
    David Blitz
    (212) 575-7800